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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! |
#2
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Need advice: Buying a house and sell declares bankrupty
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#3
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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. |
#4
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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? |
#5
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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... |
#6
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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! |
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Need advice: Buying a house and sell declares bankrupty
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