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Updated about 7 years ago on . Most recent reply
Investor in need of HELP
ok BP rockstars, I got a good one for you!!!
I recently purchased a property directly from an out-of-state homeowner using a CAR contract. The owner stated to me that he was currently in contract (using a CAR contract) when i first made contact with him but the buyer wasnt moving forward. (by this time 2 months had passed from the COE date, contract was a 15 day escrow) The issue was that there was an old lien (undisclosed) on the title report and the buyer wanted the seller to pay for a bond to get around the lien so he could close. The buyer didn't want to do this so he gave the buyer a NTP and the buyer failed to perform. The seller subsequently accepted my offer after giving the original buyer time to close. I cleared the lien by finding the original lender and getting a "satisfaction of mortgage" signed and closed the deal. 2 weeks later I received a "notice of pendency of action" from the previous buyers attorney. What should I do?
My thoughts on this are that the seller followed the terms of his contract and gave the buyer a NTP. The buyer was tyring to change the terms of the contract and the lien was the buyers issues, not the sellers. Do I have liability in this? The Lis Pendens was filed weeks after I purchased property and am currently in the process of remodeling it. Can a court take the Property from me and give it to the old buyer?
Thank you in advance and if there are any attorneys who think they can get this handled quickly I'd like to speak to you.
Most Popular Reply
@Ryan K. too many times I see questions posed like this on a forum which is really not the place for it. You ABSOLUTELY need a good local real estate attorney.. I dont know the laws in your market place but what you have written doesnt sound very good. There is huge value in getting an attorney who knows the local practices and has a bunch of experience in that arena. Sorry to say but you need to pull out your checkbook and get some good advice and representation. Sounds like it could get ugly if you dont act quickly and correctly.