Doug Pretorius (ON) 9 Report post Posted September 22, 2004 New chapter. The seller is now claiming that I misled him about my fee, which I told him all along was coming off the purchase price, now he says I didn't tell him, and he's threatening to sue me. I've left a message for my lawyer, and I've talked to the buyers, so they know what's going on. They say they're willing to back out, and they're REALLY hoping I can find them another house Share this post Link to post Share on other sites
Sold ! 0 Report post Posted September 22, 2004 Doug, I'm too new to have a solution or even an opinion, but did you inflate the price (within reason and within appreciation guidelines for your area) to cover your fee and any rent credits? Also, if the seller is worried about losing his equity, just tell him he's getting some of it earlier and the rest will come when they exercise the option. I'll be interested to hear some of the reponses, too...... Best of luck with this. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 22, 2004 The only problem you have here, Doug, is one of a greedy homeowner. If your paperwork is lined up correctly, and everyone has signed where they should have, I suggest you call his bluff. I mean, do you really think he is going to sue you over a thousand bucks or two? What is it, exactly, that he isn't happy about? Is his net selling price at the close the issue? Or, as I suspect, the fact that you made a few grand and made it look easy in the process? Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 22, 2004 Michael, Door #2. His net price is roughly $10,000 above his asking price, and he wants to nickel and dime me for another $1,250. As I understand it, he doesn't have a leg to stand on, the deal is done. But I'm just going to make sure with my lawyer Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 22, 2004 Michael, Door #2. His net price is roughly $10,000 above his asking price, and he wants to nickel and dime me for another $1,250. As I understand it, he doesn't have a leg to stand on, the deal is done. But I'm just going to make sure with my lawyer I figured as much. Homo Sapiens and money make for strange behavior. Personally, I wouldn't give this guy too much more of my time. I would repeat what you have already told him, and what he already knows: that he is making more money as a result of you helping him set up this deal. And that's it. As we've said before in other threads, oftentimes less is more. If he is foolish and greedy enough to try and sue you for twelve hundred bucks, I say let him. Then be sure to collect your court costs and fees when you win.And one last thing: I would do all that I can to keep the t/b's out of this little disagreement. They have no need to be involved in this, and you certainly don't want to spook them out of the deal for fear of the homeowner. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted September 22, 2004 Doug,what kind of cash flow is he making on this deal? tell him you want some of it? No, I would tell him to take a flying leap off a skyscraping igloo... Share this post Link to post Share on other sites
grannyguru 0 Report post Posted September 22, 2004 Hmmmm I wonder if this guy is related to Mr. Jerk? I agree: tell him to take a flying leap. I'm tired of pin-headed two year olds being rewarded for throwing tantrums! First of all: Michael's right; he'll lose in court. But at this point think: You have got not only yourself but as you mentioned several people mining for deals.... he won't win... but even if he did, SO WHAT!? In the meantime, you are going to be adding so much moola to de pocket that his idiotic ravings won't matter, nor would it matter if he won, which he can't. Contract law... and especially real estate law... says he's done before he starts. (I am not a lawyer; I only play one in street theater! ) In the unlikely case that happened, it would be a pleasure for me to keep on calling to make up the difference to you! Ya got all of us here, kid! Alice Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted September 23, 2004 Give me this $#(!@%!#'s phone number..... Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 23, 2004 LOL it's funny how everyone has given me the exact same advice: Tell him where to go! Thanks for your support Here's where things stand: My lawyer says the contracts are practially written in stone, just as I thought. His exact words about the possibility of the seller suing me were: "I would LOVE to see what his lawyer advises!" and he added that if the seller tries to back out with the buyer, he will lose the house in court. My lawyer also advised me to keep that $1,250 I had verbally offered to the seller, for my trouble of listening to his threats. I have NO legal obligation to give him anything, or even speak to him again. Michael, the buyers were a little spooked but they're going ahead with it now that they know the contracts are rock solid. They do NOT want to cancel, so if the seller wants to, he's going to have to settle with them because he will lose in court. Tony, I got him $300/mo more than he was thinking about renting it for. Alice, you're right! Let's get on to the next and forget about this idiot! Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted September 23, 2004 Doug, My lawyer also advised me to keep that $1,250 I had verbally offered to the seller, for my trouble of listening to his threats What's that all about? If you offered it for some reason "before" closing, you should pay it dude. Your reputation is worth more than that. But if that was after he changed his tune and decided to swindle you, I would tell him just like you told us. Tell him your attorney said a deals a deal and to keep it. If he's still a real pain, you could give it back after subtracting partnership fees, attorney fees, filing fees, marketing fees, accounting fees....let's see, that should come to about......heck, $1,250.00! Regards,Adam Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 23, 2004 Adam, that was my first thought, I'm going to keep my word even if no one else does. But when he threatened me with lawsuits I had no choice but to seek legal counsel and financial counsel plus I've incurred bank costs and traveling costs and spent a lot of time and energy sorting this out, and all of that is coming out of that $1,250 courtesy offer that I made to him because I thought he was a nice guy! Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted September 23, 2004 Doug,Being nice has nothing to do with this business. Money turns people without notice. Now you know that.You'll be fine, just start working on the next one.Regards,AdamPS I'm hitting the road for the weekend. I'll catch you on Monday, have fun! Share this post Link to post Share on other sites
