Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You got it...get thee to a lawyer. You may have to invest some money...but you may even win. Failure to disclose The rentals MAY (note that MAY) be fraudulent and Provide you with an opportunity for damages or at least legal costs.
Texas is one of the bad places to be in your positon but get to it. Otherwise they win big by default.
TM - this is a very sad situation but I bet that if it goes to court, you will prevail due to their sales tactics and your inability to secure financing. Please keep us informed on what happens after you meet with a lawyer.
Tmhoang - Check your purchase contract for the following:
4. FINANCING: The portion of Sales Price not payable in cash will be paid as follows: (Check
applicable boxes below)
A.THIRD PARTY FINANCING: One or more third party mortgage loans in the total amount of
$ (excluding any loan funding fee or mortgage insurance premium). (1) Property Approval: If the Property does not satisfy the lenders' underwriting
requirements for the loan(s), this contract will terminate and the earnest money will be
refunded to Buyer.(2) Financing Approval: (Check one box only) (a) This contract is subject to Buyer being approved for the financing described in the
attached Third Party Financing Condition Addendum.
(b) This contract is not subject to Buyer being approved for financing and does not
involve FHA or VA financing.
I'm assuming the seller used the TAR/TREC promulgated form. As long as box (b) wasn't checked, you should be in the clear - as long as you were denied financing because of the PROPERTY, NOT because you personally didn't qualify.
(Please note: I am not an attorney - just wanted to point out a couple of things so you might breathe a little easier before getting deeper into this.)
I didn't understand that it would be difficult until the lender explained it to me, and she warned me to stay away from that property, because the fact that the seller is still renting out units indicates that they do not have much money. I learned my lesson, and now I just hope I can get through this without too much damage. Thanks.
I don't understand this from the lenders point of view. But...these condo coversions are sticky. Having an agent may have been the key to protecting your interests. I just moved from a similar situation.....but the entire leased property changed owners....and they decided to convert. Obviously some residents were still under lease contracts, and they still have the option to lease on a limited basis until the entire complex is sold. It's unrealistic for a property own to allow property to sit vacant while waiting for several hundred units to sell. The fact that they DO have tenants with contracts should be a good thing to the lender! Anyway.....definitely get a lawyer. These multi-family property owners and manangement companies generally have a large legal base behind them. Don't allow that to intimidate you.
A funny thing is that when I first found out about the lawsuit, I called my current Realtor and asked her if she can refer me to an attorney. She called her broker and her broker referred her to the best in the business. I called the attorney and left a message. He called me back and told me that he's the one suing me. So I'm up against the best in the business.
I'm not afraid anymore though. I figure they have more to lose than I do and if they win, I'm still young and I can start over. Lots of people have been through worse and started over fine. I can do it too and I'm determined to come out a better person.
A funny thing is that when I first found out about the lawsuit, I called my current Realtor and asked her if she can refer me to an attorney. She called her broker and her broker referred her to the best in the business. I called the attorney and left a message. He called me back and told me that he's the one suing me. So I'm up against the best in the business.
I'm not afraid anymore though. I figure they have more to lose than I do and if they win, I'm still young and I can start over. Lots of people have been through worse and started over fine. I can do it too and I'm determined to come out a better person.
Off to the court house. Find out who has opposed the builders guy well. There are no all powerful lawyers. They all win and lose. So read some cases. See who else is good. Hire him. It is not rare for there to be bad blood between attorneys particularly in a town like Plano.
Check the bar association. They may refuse to recommend an RE attorney but ask. Call anybody they recommend ask how much RE they do. If small suggest they are not suitable but ask who they recommend. The Attorneys know who the best RE guys in town are if you can get them to talk.
Ohh. And stop looking for a learning experience...you want a win. Winners approach things differently. Get your mind around it...You are going to shove it to the ughly Bas****s.
Ok, I understand. They brought this on me. I'm in it to win and nothing else.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.