Need advice: Buying a house and sell declares bankrupty
 

Hi,

I am having an amazing experience buying my 1st house. This is
Chicago, Illinois.

I gave an offer to a house back in Feburary and everything went though
relatively smoothly and we are waiting for closing on 4/1. Just today,
my attorney called and said the sell attorney just said the sell is
filing bankrupcy on 3/31 in court. What #^$&$^@!#*!

The seller is self employed and had a small business from home. The
title shows he still owns $$ on his house (though less than our buying
price), and he hasn't paid his 2002 property tax yet.

At this point, I am not sure whether we still want to house or not. We
are in close contact with our attorney. But just want to get some
advices/experiences as to what could be hidden and hurt us.

Thx!

Need advice: Buying a house and sell declares bankrupty
 

On 26 Mar 2004 09:38:57 -0800, (Xiaoning Wang) wrote:

Hi,

I am having an amazing experience buying my 1st house. This is
Chicago, Illinois.

I gave an offer to a house back in Feburary and everything went though
relatively smoothly and we are waiting for closing on 4/1. Just today,
my attorney called and said the sell attorney just said the sell is
filing bankrupcy on 3/31 in court. What #^$&$^@!#*!

The seller is self employed and had a small business from home. The
title shows he still owns $$ on his house (though less than our buying
price), and he hasn't paid his 2002 property tax yet.

At this point, I am not sure whether we still want to house or not. We
are in close contact with our attorney. But just want to get some
advices/experiences as to what could be hidden and hurt us.

Thx!

Advice: listen to your attorney. This is the very reason you have one.

Need advice: Buying a house and sell declares bankrupty
 

On 26 Mar 2004 09:38:57 -0800, someone wrote:

At this point, I am not sure whether we still want to house or not.

Why would you not want it at this point?

Too early to try to back out now. Nothing bad has happened to you
yet. You don't know if there will be a major delay or not.

IF and WHEN you find out there will be, THAT would be the time to
decide if you want to wait it out. Not now. Not yet. What would be
your grounds for breaking your end of the contract right now?

-v.

Need advice: Buying a house and sell declares bankrupty
 

What about liens? Will the buyer be able to get clear title?

MB


On 03/30/04 12:10 pm v put fingers to keyboard and launched the
following message into cyberspace:

At this point, I am not sure whether we still want to house or not.

Why would you not want it at this point?

Too early to try to back out now. Nothing bad has happened to you
yet. You don't know if there will be a major delay or not.

IF and WHEN you find out there will be, THAT would be the time to
decide if you want to wait it out. Not now. Not yet. What would be
your grounds for breaking your end of the contract right now?

Need advice: Buying a house and sell declares bankrupty
 

Minnie Bannister wrote:
On 03/30/04 12:10 pm v put fingers to keyboard and launched the
following message into cyberspace:

At this point, I am not sure whether we still want to house or not.

Why would you not want it at this point?

Too early to try to back out now. Nothing bad has happened to you
yet. You don't know if there will be a major delay or not.

IF and WHEN you find out there will be, THAT would be the time to
decide if you want to wait it out. Not now. Not yet. What would be
your grounds for breaking your end of the contract right now?

What about liens? Will the buyer be able to get clear title?

MB

Definitely a case where the cost of Title Insurance for the *borrower* would be
money well spent...

Need advice: Buying a house and sell declares bankrupty
 

Incredible #@$^%#$!

What happened was the seller was already in bankruptcy when he sold me
the house. He needed court approval to finalize the sell. I believe he
filed bankruptcy to stop forclosure on the house -- he owns mortgages
and has not paid 2002 and 2003 property taxes yet. Since he is self
employed and has home business, I suspects he has business load to pay
back too.

Now the thing is that he knew this all along and never disclosed any
of them to us until couple of days ago. Obvious there is no way to
close the deal on 4/1 -- the seller attorney never even tried to
reserve time and location for the closing, and the seller never packed
and prepared to move out. Couple days ago, the seller attorney was
very happy to recommend to us to close on 4/1 and rent back until
4/15, and he would pay PITI. The seller is already bankrupt, hello! We
said no rent back and insist closing on possesion -- either 4/5 with
no change on the contract, or on 4/15 which we need to credit since we
have to extend our mortgate which cost us $$. The seller attorney
replied back: NO credit $$ and close on 4/15 or the deal is off.

My thinking is that the seller has no intention to sell/move out the
house. He was using my contract to tell the court to stop foreclosure
since he could prove he can sell the house. This way, he would be able
to stay in the house for another couple of months, free. From the very
begining, the seller never negotiated in good faith -- $0 credit for
home inspection found problems; knew all along the problem with 4/1
closing but never tried to negotiate with us on changing the closing
date;tried sevral times to do rent back; one week (3/30 - 4/5) is not
enough for him to move out; rent back to 4/15 with PITI is OK but
closing with possesion on 4/15 is not; did not even bother to
negotiate the credit $$ amount (about the same amount as the 2 weeks
PITI).

Now I am worried that even if I agree on 4/15 closing with no credit,
still we won't close on that date; I do not trust the seller any more.
Also I worried I could not get my earnest $$ back if the deal if off.
Evidently, the sell attorney handles the seller's bankruptcy and
selling...

(Xiaoning Wang) wrote in message . com...
Hi,

I am having an amazing experience buying my 1st house. This is
Chicago, Illinois.

I gave an offer to a house back in Feburary and everything went though
relatively smoothly and we are waiting for closing on 4/1. Just today,
my attorney called and said the sell attorney just said the sell is
filing bankrupcy on 3/31 in court. What #^$&$^@!#*!

The seller is self employed and had a small business from home. The
title shows he still owns $$ on his house (though less than our buying
price), and he hasn't paid his 2002 property tax yet.

At this point, I am not sure whether we still want to house or not. We
are in close contact with our attorney. But just want to get some
advices/experiences as to what could be hidden and hurt us.

Thx!

Need advice: Buying a house and sell declares bankrupty