Arky Posted December 22, 2006 Share Posted December 22, 2006 The judges I know get really pissed when reversed...of course i'm usually pickin' at em. Quote Link to comment Share on other sites More sharing options...
tigerwoodKhorns Posted December 23, 2006 Share Posted December 23, 2006 Here's a real world one. Buyer has entered into a contract to buy a house from Seller and has a $5,000 earnest money deposit in esrow. Buyer discovers a Lis Pendens (notice of a lawsuit) on title. Buyer goes to the house and there is someone (not the Seller) living in the house. The contractual price for the house is $15,000 below market value ($425,000 vs $440,000 market value). The Las Vegas real estate market is level and/or declining. They want to move into the house because they like it. What do I advise Buyer? File a notice to vacate on residing party (assumes no legal right to reside). Seller has to provide clear title so must satisfy Lis Pendens. If unwilling or unable buyer must decide whether to satisfy itself & complete transaction, sue seller for specific performance, or walk away. My advice - go to the seller and demand the $5,000 back. Don't get me involved because it would easily cost $5,000 to $10,000 and the spread is only $15,000. Even for me to just review the situation would easily be over $1,000 and the result would be me telling them that it is a mess, which I already knew. We are in a declining market and there are plenty of homes available, pass on this one and save the legal fees. The bottom line, the lawyer needs to pass on a nice payday because in the end the client will not be better off and it will be money wasted. Quote Link to comment Share on other sites More sharing options...
Arky Posted December 23, 2006 Share Posted December 23, 2006 Tiger..that's admirable & I dare say not the norm. If the seller can't/won't perform I would think the return of e/m is absolute. Hey, who is in residence? How/Why? Quote Link to comment Share on other sites More sharing options...
tigerwoodKhorns Posted December 23, 2006 Share Posted December 23, 2006 Tiger..that's admirable & I dare say not the norm. If the seller can't/won't perform I would think the return of e/m is absolute. Hey, who is in residence? How/Why? Don't know, related to the Lis Pendens I suppose. Makes it a difficult situation to fix, a very expensive. Quote Link to comment Share on other sites More sharing options...
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