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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosure sale while house was in escrow.. Posted by Ward-CA- on September 10, 2001 at 12:22 AM In Reply to: Foreclosure sale while house was in escrow.. posted by Jason on September 10, 2001 at 9:09 AM : I am sure this is not the first or last comment about a foreclosure sale taking place while a house is in escrow but interesting story anyway.. : I purchased a house at auction that was in escrow due to close in one week. The buyers were getting a good deal so when they found out it was lost by the seller they were upset.. buyers father is a Real Estate Broker..He threatened to sue and put a Lis Pendens on the title (we have not even got the Trustee Deed) : We agreed to sell to them but for future reference, would we be liable for any termite or inspection work that the seller had done? I understand that if we were to sell it would benefit to have the work done but what if we did not require/request the work? Do they have any right to charge us? I am sure that I need to set myself up with a title holding trust if this helps protect the property from leins..I know he would have sued me and cost me fees. Should I still record title in trust? I gave the auctioneer info for joint tenancy on trustee receipt at auction. I will be more prepared next time. Thanks =•=•=•=•=•=•=•=•=•=•=•=•= Jason, I have bought maybe two to three foreclosures where the property was in escrow at the time of the foreclosure auction. In both cases I was quite happy to get rid of the property without doing any repairs, fix-up or pay any real estate commissions. The buyer came to us, so we didn’t have any commission obligation to anyone since we hadn’t spoken to any listing agent, much less having signed any listing agreement. As far as the broker threatening to sue you—tell the next knucklehead that threatens you with a spurious lawsuit to go ahead and you’ll seek sanctions against him from the court for knowingly filing a meritless case. And you can’t be liable for work done to a property before you bought it. The service providers have to seek redress from the party who ordered the work while they were the owners. Putting properties into title holding trusts is a protective act, like brushing your teeth. Do it rain or shine and you’ll never know of the troubles you missed. And don’t think it’s too late to put the one you just bought into a title holding trust. Just call the trustee up and tell them you want to put it into a trust instead of in joint tenancy. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am sure this is not the first or last comment about a foreclosure sale taking place while a house is in escrow but interesting story anyway.. : : I purchased a house at auction that was in escrow due to close in one week. The buyers were getting a good deal so when they found out it was lost by the seller they were upset.. buyers father is a Real Estate Broker..He threatened to sue and put a Lis Pendens on the title (we have not even got the Trustee Deed) : : We agreed to sell to them but for future reference, would we be liable for any termite or inspection work that the seller had done? I understand that if we were to sell it would benefit to have the work done but what if we did not require/request the work? Do they have any right to charge us? I am sure that I need to set myself up with a title holding trust if this helps protect the property from leins..I know he would have sued me and cost me fees. Should I still record title in trust? I gave the auctioneer info for joint tenancy on trustee receipt at auction. I will be more prepared next time. Thanks : =•=•=•=•=•=•=•=•=•=•=•=•= : Jason, I have bought maybe two to three foreclosures where the property was in escrow at the time of the foreclosure auction. In both cases I was quite happy to get rid of the property without doing any repairs, fix-up or pay any real estate commissions. The buyer came to us, so we didn’t have any commission obligation to anyone since we hadn’t spoken to any listing agent, much less having signed any listing agreement. : As far as the broker threatening to sue you—tell the next knucklehead that threatens you with a spurious lawsuit to go ahead and you’ll seek sanctions against him from the court for knowingly filing a meritless case. : And you can’t be liable for work done to a property before you bought it. The service providers have to seek redress from the party who ordered the work while they were the owners. : Putting properties into title holding trusts is a protective act, like brushing your teeth. Do it rain or shine and you’ll never know of the troubles you missed. And don’t think it’s too late to put the one you just bought into a title holding trust. Just call the trustee up and tell them you want to put it into a trust instead of in joint tenancy. : : Hope this helps. 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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