How much did you pay for your specific performance lawsuit?

Question

A seller backed out of a contract for a property I really wanted and it was an amazing deal.

I am looking at pursuing a specific performance lawsuit and I wanted to talk to others who have been through one.

My questions are; how much did the whole lawsuit cost you, did you win and how soon did you act?

I have let some time lapse since the seller backed out and I’m concerned it will negatively affect my case.

Account Closed · Answer

Mine took about 6 months (we settled) cost was about $4,000 and I got $35,000 at settlement which was collecting my "loss". Keep in mind a few things: I kept accurate records of everything. I was able to produce emails, text messages, signed agreements, and I had an experienced attorney who specializes in real estate contracts.

I've been this route before so I understand the process and the system. I go into all agreements with the question in mind "what if a lawsuit is started by either side". I know what to keep and how to prepare for one. They do actually happen from time to time if you invest in real estate for a living. Now I start my conversation with "I honor all of my agreements and I expect you will too." It puts them on notice that this isn't a game.

Account Closed · Answer

That particular one was in Phoenix, AZ. I met with him for an hour, showed him what I had, told him what I wanted to accomplish. It was a pretty straight forward breach of contract claim. He said I would have gotten more at trial but most of that would have gone to him in legal expenses ;-) and anyway, I had properties to buy, I didn't want to be stuck doing interrogatories and depositions.

Account Closed · Answer

Did you go through with it?

Nat C. · Answer

Amazing advice here, John! You are so correct in your approach and viewpoint. I think that all things in real estate should be viewed from the finish and working back from there. $4000 is extremely low! I am curious about what part of the country this was in. Attorney's in Miami want a 10k upfront retainer before they will even speak to you. The last attorney I had, cost 3k me to write a couple of letters.

Nat C. · Answer

@Michael P.

No, Michael.

Kase Knochenhauer · Answer

@Nat Chan - unless there's an amazing amount of equity in the deal, your made of money, and have tons of time; I would forget it.While I'm sure someone's had success with a specific performance lawsuit, as an investor, you're going to got LOTS of bad media and attention chasing them.I'd keep my name out of the mud and move on.

How much did you pay for your specific performance lawsuit?

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