AMG 0 Report post Posted April 6, 2004 I guess it is Pick On Me Week- We bought a house subject to last week. I received a call from the seller today that the ex-husband said in their divorce agreement that he had first right of refusal. He said he does not want the house, but the second agreement is that the equity from the sale be split and that his portion goes into a fund for the kids. He claims there is $12,000 - $15,000 in equity. I would say he is about right. About $2500 is needed to catch up the loan, is only 3 payments behind as of this month. He has contacted his attorney and said all kind of mean things about us I guess. He threatened to call the TV station here about us committing some type of con. I learned of all this through the ex-wife, the one we bought the house from. She showed us the warranty deed that transferred ownership from the two of them to her. Anything to worry about? We thought about trying to talk to him and explain how we have bought the home and explain the numbers, why we are only paying the loan balance, etc. Also, we really need an attorney. Mike P. Are you looking for clients? Thank you, Angela Share this post Link to post Share on other sites
MichaelC 160 Report post Posted April 7, 2004 Angela, when it rains, it pours, I guess . Sorry to hear about your bumpy road the past few weeks. First, I think it is important to remember that many times someone will make some noise hoping to see if you blink. The ex hubby may also visit his attorney only to find out what his legal rights are. Which could turn out to be nothing if your documents and deal are on the up and up, (and I'm sure they are).In the meantime, you might be well advised to check with a local real estate attorney and get an experienced and unbiased opinion. Many attorneys will grant you a free 15 to 30 minute initial consultation. This could go a long way in determining what your course of action should be if the ex decides he wants to play hardball. Best wishes, Angela. Keep us posted. Share this post Link to post Share on other sites
option8 0 Report post Posted April 7, 2004 Wow! Sorry you are faced with this challenge.Here are a few questions... Did she try to sell it outright?You say he doesn't want the home, but he wants his equity.He has the option to bring the loan current if he wants to save the equity in the house. IMHO, she has the deed to the home and can do what ever she want to with it including sell it for no profit (or in this case, at a loss of equity) to save her credit! I guess you can always assign your contract to him (for a fee, of course)? just my $0.02... Option8 Share this post Link to post Share on other sites
pinkerton 0 Report post Posted April 8, 2004 Angela, Looks like you've hit the "inverse lottery." What are the chances that you'd have these problems in such short order? Marital property is always controlled by state law. Its really impossible to say much about your situation from this distance--MC and Option8's observations are valid. Perhaps I would add that if there's a divorce floating around a transaction you should certainly be sure to actually examine the relevant documents...the settlement or court order that disposes of the husband and wife's interest in the property you're dealing with. And you're right...you probably need a local lawyer who is familar with both divorce and real property law to unravel situations like this. Sorry this came down on you...better news has got to be on its way! Mike P. The Legal Eagle Share this post Link to post Share on other sites
