All Forum Posts by: Jacob Rhein

Options: 

(1) Ask a second amendment lawyer for advice about whether you can use "self help" in your jurisdiction. 

(2) Post a notice to vacate at the entrance of this groundhog's burrow, and then proceed to eviction.

(3) Sue him for trespass. 

(4) Get an injunction. 

(5) Build a wall and make the groundhog pay for it.

Incidentally, does anyone know how many lawyers it takes to remove a woodchuck?

Tax shelters are great. A lot depends on your time horizons. 

If you plan to change jobs in a couple years, you can roll your 401k over into an IRA, and then take a $10k penalty-free withdrawal from an IRA for purchase of your first home, as well as for many other important expenses. https://www.irs.gov/retirement-plans/plan-particip...

Also, for Roth IRA contributions, you can withdraw the principal penalty free and tax free after 5 years. It's a great savings vehicle.

Also probably a good idea to let prospective tenants know about the situation and make your lease contingent on a successful closing. 

The property is yours. Just make sure you respect them by giving reasonable notice to vacate. They should understand, especially if they have been renting month to month. 

I don't see how simply buying materials on 10/8 would reset their 90 day clock, especially if they were already fired on 8/8. They haven't "supplied" the new materials to you, have they? The purpose of the lien is to protect their interest in the labor and supplies that they have sunk into your property. But if they haven't given the materials to you, what do they need the lien for?

Not licensed in Maine, and this isn't legal advice.

If you are limited at a 10% interest rate, he could pledge something as security to reduce your downside risk.  What else does he have equity in? For instance, if he has $19k equity in a car, you could give him a reasonable interest rate with the car as collateral. Not sure what is legal in your jurisdiction, but you could consider using all kinds of things as collateral: life insurance policies, future paychecks, artwork, etc. 

Thanks. The key is just to make sure the financing contingency covers you so you don't get accused of fraud. 

If you only have about 10% in cash right now, your contingency clause needs to be about 90% or specifically contingent on the refinance or sale of another property plus contingent on a mortgage for the remainder.  

Second @Thomas S. You could also sweeten the contingent offer by including some nonrefundable earnest money. 

Not familiar with law in Ontario, and this isn't legal advice. 

I would be concerned about "fraud in the inception" if you enter into a contract that you know you can't perform without the help of an end buyer (assuming that's what you mean by "can't afford personally"). 

I think you should be up front with the seller about what you intend to do (i.e., put an assignment/financing contingency into your contract), or else be ready to perform on your own if your end buyer backs out.  

I'm an attorney in Georgia focusing on RE contract litigation. 

I don't post legal advice on BP forums, but from the sounds of it you are probably justified in demanding your earnest money back. Feel free to PM me if you want to discuss further.