Posted by Tim Conde on January 24, 2001 at 14:51:21:
You’d have to ask them since I was not involved. From what I can gather, a L/O was entered into and when it came time to exercise the option, the property had gone up to the point where the owner refused to sell. Breach of Contract suit? Absolutely. But let’s face it, a good lawyer can get you out of most anything. How much money do you have to fight it? My attorney gets a $10,000 retainer. Can you cough up $10K to fight that case? The old owner sits back and says “Sue me.” What do you do? To me (understand that, TO ME) a sale is a cleaner deal. I have title to the house. I have a deed. I have something that gives me the property, not just the right to buy it later. Maybe I am behind the times. But I prefer to have clean deals. Others may have opposing viewpoints and I respect them, but I just don’t like the “what ifs…” hanging over me.