Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Ben I.

Ben I. has started 6 posts and replied 95 times.

Post: Seller attempting to sue me for not buying property.

Ben I.
Posted
  • Investor
  • Chicago, IL
  • Posts 101
  • Votes 52
Originally posted by @Kees Boer:
Originally posted by @Ben I.:

@Kees Boer I'm not sure what a contiguity clause is. I guess my lawyer will have to look into it if they actually file a lawsuit.

To everyone else, I don't talk to the lawyer except to tell him to look at line 219 of the contract and to tell him that if he sues my lawyer and I will seek any available legal actions.

The lawyer called me and already lied. He said my agent told him to call me but my agent was asked if he can provide my info and then called me to ask permission. A small lie but not the truth nonetheless.

 What I was referring to is that many contracts to buy, at least the ones that I have signed have a clause in them that says that the purchase is dependent or contingent upon the results of the inspection and that the buyer can back out of the deal for whatever reason he/she feels fit, until closing. Afterwards of course they probably can't return it. That would be Walmart... where one can do that. :-)

 My contract had an inspection contingency, but the sellers don't seem to care. 

Post: Seller attempting to sue me for not buying property.

Ben I.
Posted
  • Investor
  • Chicago, IL
  • Posts 101
  • Votes 52

@Ryan Seib very interesting. There was a time in my life when I would have wanted to do that but right now with three kids I'd rather not have to travel from Hawaii to Wisconsin for court dates.

Post: Seller attempting to sue me for not buying property.

Ben I.
Posted
  • Investor
  • Chicago, IL
  • Posts 101
  • Votes 52

@Kees Boer I'm not sure what a contiguity clause is. I guess my lawyer will have to look into it if they actually file a lawsuit.

To everyone else, I don't talk to the lawyer except to tell him to look at line 219 of the contract and to tell him that if he sues my lawyer and I will seek any available legal actions.

The lawyer called me and already lied. He said my agent told him to call me but my agent was asked if he can provide my info and then called me to ask permission. A small lie but not the truth nonetheless.

Post: Seller attempting to sue me for not buying property.

Ben I.
Posted
  • Investor
  • Chicago, IL
  • Posts 101
  • Votes 52

@Jack B. Thankfully I don't have that lol. I got very frustrated that people think it's ok to get upset about losing a buyer and threaten to sue. Just move on.

Post: Seller attempting to sue me for not buying property.

Ben I.
Posted
  • Investor
  • Chicago, IL
  • Posts 101
  • Votes 52

@Brett Cox haha when you put it that way it makes a lot more sense. Let's see how it plays out. The lawyer will start on Monday...

Post: Seller attempting to sue me for not buying property.

Ben I.
Posted
  • Investor
  • Chicago, IL
  • Posts 101
  • Votes 52

@Jay Hinrichs the lawyer called me today but my phone never rang, it went straight to voicemail. In the voicemail he said he has his marching orders to start on this Monday and was giving me a courtesy call to talk it over beforehand. I called him right back but he didn't reply. I highly suspect he wants me to stress about it over the weekend which is exactly what I won't be doing.

Post: Seller attempting to sue me for not buying property.

Ben I.
Posted
  • Investor
  • Chicago, IL
  • Posts 101
  • Votes 52

@Shane H. This is exactly what I will do if I ever decide to go out of state again. I wish I knew this before

Post: Seller attempting to sue me for not buying property.

Ben I.
Posted
  • Investor
  • Chicago, IL
  • Posts 101
  • Votes 52

@Brian Ploszay I guess it doesn't matter what the contract says when it comes to them threatening to sue. It will only matter once we go to court.

Post: Seller attempting to sue me for not buying property.

Ben I.
Posted
  • Investor
  • Chicago, IL
  • Posts 101
  • Votes 52
Originally posted by @Joel Owens:

If work has been done an idea might for the future could include asking for a book of pictures in advance. Some high quality rehabbers will document their work from start to finish to give comfort to the buyer purchasing their remodel. On the commercial real estate side I have a confidentiality component in the Letter of Intent. This way I try to get materials upfront as much as possible before going under purchase and sale.

 I wasn't even sure if I could ask them to pay for a new inspection with the electricity turned on. I don't know who that would fall under. 

Post: Seller attempting to sue me for not buying property.

Ben I.
Posted
  • Investor
  • Chicago, IL
  • Posts 101
  • Votes 52
Originally posted by @Ned J.:

Scare tactics....
I would tell MY agent to send the lawyer the contract and any relevant paperwork on dates and earnest money transactions and NOTHING else.

Otherwise NO CONTACT in any way until some legal lawsuit is filed..... then and only then call an attorney and respond.

This will go nowhere..... they are trying to scare you into shelling out some $$......

 That's exactly what I figured. Honestly, without such good input from you guys and my lawyer, maybe they would have succeeded in scaring me.