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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Specific Performance of binding contract Posted by Rick, the Probate Guy on September 15, 2006 at 8:27 AM In Reply to: Re: Specific Performance of binding contract posted by The Short Sale Realtor on September 14, 2006 at 11:39 PM Heidi - I encourage different opinions from well-trained and experienced investors like yourself. I actually agree with you and if you re-read my prior post, I alluded to the same problem with the gatekeeper Son. It would be interesting to see what the Son's agenda is, however in addition to the money thing, he will likely be trying to protect his elderly deaf Father from people taking advantage of him. For all we know, the Son doesn't even really want the house and is merely trying to bail Dad out financially. What you are really saying is that you'd do you best to convince or bluff the parties that you would stick to you plan to buy the property, including legal action. That could work. I guess it's a matter of personal style. I used to be more heavy handed and say that all kinds of bad legal things would happen if the other party doesn't follow through. Nowadays, I don't spend my time on dialogue with "them." Am I gonna use legal leverage or not? Sometimes an attorney legal will do the trick, but I prefer to find other, better ways to tied up properties besides a flakey seller's signature alone. Protective devises, etc. Let's be practical here. Since you work with short sales, you are going to be infinately more patient with a situation like this than I would. You are probably more skillfull at pulling rabbits out of hats when all I see is an standoff. It really is a combination of skill and persistence. Rick =========================================== : Gom, : For once I disagree with Rick, : I wouldn't just walk away - not yet anyhow. : You might try changing your approach to see if you can recoup a little. : Since the son is apparently calling the shots - give him that acknowledgement - and see if you can set up an informal meeting with JUST HIM at a nearby coffee shop. Tell him you want to meet with him to to discuss a proposed solution to the current impasse. : At the meeting, point out that in your opinion you are still in the right and you (and your attorney-assuming you show it to one) believe the contract is binding. Explain how you could easily tie up the property and perhaps take other measures that would be financially or credit wise unpleasant. : Give him the impression that you, like Rick, have an army of attorneys on retainer. : Don't act like you'e afraid of going that route. Instead, explain that you are a buiness man, and that you could really go either way on this - its really up to him. : You've given the matter some thought and you are willing to release them from the contract if they meet the following conditions: : 1) They reimburse you for your expenses (inspections, appraisals, etc) [Have an estimated invoice prepared] : 2) Return any deposit [Again - have it in writing, with proof if possible] : 3) You get to meet with the father to confirm he wants to do this before you agree to release : [add any additional requirements here - cancellation fee perhaps?] : I would definately try something along these lines first before I just walked away. : BTW: Remember, fear of getting tied up in a lawsuit works two-ways. The son may not have the interest or funds to take you to court and an attorney may not want to take it on contingency when he sees the valid contract. All they want is to sell the house to the son. You shouldn't have much trouble recouping your direct expenses. : Heidi White : The Short Sale Realtor : : P.S. - I'd definately talk to an attorney about this before I did anything. : P.S.S- I know its not cool to talk about pre-paid legal - but I pay $30 month and every time I have a legal concern I just call. I have picked the brains of bonafide Real Estate attorneys for 2 to 3 hours on a single issue. So far the attorneys I've spoken to haven't been stupid at all. They listened and if necessary did research and forwarded me information about the laws on certain issues. : They gave me advice on roughly what to say in letters or advised me on steps to take. Then I call the CAR [California Association of Realtors Board] and have the same chat again. Now, armed with 2 opinions - I almost always feel better. : : My opinions are my own and are subject to change at any moment. : My opinions may even be innaccurate from time to time. : I am not an attorney or an account. Follow Ups: Re: Specific Performance of binding contract The Short Sale Realtor 1:20 PM, 09/15/06 (1) Re: Specific Performance of binding contract Rick, the Probate Guy 3:36 PM, 09/15/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Heidi - I encourage different opinions from well-trained and experienced investors like yourself. I actually agree with you and if you re-read my prior post, I alluded to the same problem with the gatekeeper Son. It would be interesting to see what the Son's agenda is, however in addition to the money thing, he will likely be trying to protect his elderly deaf Father from people taking advantage of him. For all we know, the Son doesn't even really want the house and is merely trying to bail Dad out financially. : What you are really saying is that you'd do you best to convince or bluff the parties that you would stick to you plan to buy the property, including legal action. That could work. I guess it's a matter of personal style. I used to be more heavy handed and say that all kinds of bad legal things would happen if the other party doesn't follow through. Nowadays, I don't spend my time on dialogue with "them." Am I gonna use legal leverage or not? Sometimes an attorney legal will do the trick, but I prefer to find other, better ways to tied up properties besides a flakey seller's signature alone. Protective devises, etc. Let's be practical here. : Since you work with short sales, you are going to be infinately more patient with a situation like this than I would. You are probably more skillfull at pulling rabbits out of hats when all I see is an standoff. It really is a combination of skill and persistence. : Rick : : =========================================== : : Gom, : : For once I disagree with Rick, : : I wouldn't just walk away - not yet anyhow. : : You might try changing your approach to see if you can recoup a little. : : Since the son is apparently calling the shots - give him that acknowledgement - and see if you can set up an informal meeting with JUST HIM at a nearby coffee shop. Tell him you want to meet with him to to discuss a proposed solution to the current impasse. : : At the meeting, point out that in your opinion you are still in the right and you (and your attorney-assuming you show it to one) believe the contract is binding. Explain how you could easily tie up the property and perhaps take other measures that would be financially or credit wise unpleasant. : : Give him the impression that you, like Rick, have an army of attorneys on retainer. : : Don't act like you'e afraid of going that route. Instead, explain that you are a buiness man, and that you could really go either way on this - its really up to him. : : You've given the matter some thought and you are willing to release them from the contract if they meet the following conditions: : : 1) They reimburse you for your expenses (inspections, appraisals, etc) [Have an estimated invoice prepared] : : 2) Return any deposit [Again - have it in writing, with proof if possible] : : 3) You get to meet with the father to confirm he wants to do this before you agree to release : : [add any additional requirements here - cancellation fee perhaps?] : : I would definately try something along these lines first before I just walked away. : : BTW: Remember, fear of getting tied up in a lawsuit works two-ways. The son may not have the interest or funds to take you to court and an attorney may not want to take it on contingency when he sees the valid contract. All they want is to sell the house to the son. You shouldn't have much trouble recouping your direct expenses. : : Heidi White : : The Short Sale Realtor : : : : P.S. - I'd definately talk to an attorney about this before I did anything. : : P.S.S- I know its not cool to talk about pre-paid legal - but I pay $30 month and every time I have a legal concern I just call. I have picked the brains of bonafide Real Estate attorneys for 2 to 3 hours on a single issue. So far the attorneys I've spoken to haven't been stupid at all. They listened and if necessary did research and forwarded me information about the laws on certain issues. : : They gave me advice on roughly what to say in letters or advised me on steps to take. Then I call the CAR [California Association of Realtors Board] and have the same chat again. Now, armed with 2 opinions - I almost always feel better. : : : : My opinions are my own and are subject to change at any moment. : : My opinions may even be innaccurate from time to time. : : I am not an attorney or an account. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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