Posted by Dave on April 25, 2002 at 16:38:32:
Better hire an attorney…NOW
HELP/ LO gone BAD - Posted by Steve from Texas
Posted by Steve from Texas on April 25, 2002 at 15:34:00:
I’m in the middle of getting control of a property on a LO, gave the lady 2k to move out, and made up the payment that was due. She is now saying that she was 2 payments behind, we argued this for about 10 minutes. In the lease option is states that my first payment isn’t due until 5-1-02, but I gave her a payment when we closed for 4-01-02. I should be OK, right??? She is saying she will sue me now, because I tricked her. She is older, and I’m finding out she is lawsuit happy. Is there anyway I can get out of the LO?? If she doesn’t give me the keys on 5-1-02 can I get out because she isn’t living up to her obligation?? NEED HELP, has anyone had to deal with getting out of a LO because the seller was crazy?? PLEASE RESPOND. THX! Also, if she doens’t live up to her end, how can I get my money back??
Re: HELP/ LO gone BAD - Posted by Julius Levai
Posted by Julius Levai on April 25, 2002 at 20:57:51:
Hello ! Looks like, you have found one of the weeknesses of L/O. Youre vulnerable to your sellers moodchanges, change of minds, ectra… I`m studying PACTrust system, and having a third party to arbitrate these kind of problems, would only prevent complications like yours. At this current problem of yours you may have to pay some learning fees. (We all do). Wish you luck ! Julius Levai.
Re: HELP/ LO gone BAD - Posted by Brent_IL
Posted by Brent_IL on April 25, 2002 at 16:49:55:
The cost/benefit ratio makes it advantageous for companies and individuals to make a monetary settlement out of court. Unfortunately, some “lawsuit happy” people use this as a source of supplemental income.
I agree with Dave, if you’re not sure about what to do get a good RE lawyer involved early.
In the future, it’s a good idea to pass monies through escrow, and then only after the parties have done what they agreed to do.
Re: HELP/ LO gone BAD - Posted by Jim FL
Posted by Jim FL on April 25, 2002 at 16:40:30:
Steve,
I know that hindsight is always 20/20, but there are some things you should have done if you did not.
First, when you signed the deal up, did you get a loan authorization form signed?
This is the paper that gives you permission to gather info on the loan.
If you did, call the lender and verify the loan info.
If not, get one and call the lender.
Should the loan really be behind, then the seller lied to you, and the agreement, depending on the language in it very well may be null and void.
As far as getting your money back, you would need to take her to court to get it, IF she will not just return it. (she probably will not.)
And yes, I’ve dealt with sellers who were less than honest or crazy.
The best way to handle them is to remember with EVERY deal to VERIFY all info given you and anything else regarding the house.
Contact the lender and verify the arrears before making any more moves with this one.
Should it actually be behind, you can then determine what to do if anything.
Perhaps try to sell it fast with a L/O or something and collect enough upfront from a buyer to make up any arrears.
Be sure to cover yourself with this one.
Record something to protect the deal, and make sure to send any payments directly to the lender, not your crazy seller.
What ever you do, TAKE CONTROL of your deal and stay in control.
HTH,
Jim FL