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Old 09-07-2007, 11:04 AM
 
19 posts, read 42,482 times
Reputation: 11

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They are suing me for

Specific performance

Attorney's fees

Prejudgment and post-judgments interests

Cost of suit

Such other and further relief to which Plaintiff may be justly entitled

This can pretty ruin me financially. All of my struggle up to this point will go down the drain and a much greater struggle lay ahead.
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Old 09-07-2007, 12:08 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,070,187 times
Reputation: 2661
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.
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Old 09-07-2007, 07:39 PM
 
Location: Nine Mile Falls/Spokane, WA
1,009 posts, read 4,895,782 times
Reputation: 826
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.
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Old 09-07-2007, 10:24 PM
 
19 posts, read 42,482 times
Reputation: 11
Thanks everybody for your words of encouragement. I'll let you know how it goes.
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Old 09-08-2007, 07:11 AM
 
Location: Maple Valley, WA
982 posts, read 3,299,306 times
Reputation: 451
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.)
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Old 09-08-2007, 07:51 AM
 
19 posts, read 42,482 times
Reputation: 11
There's not a word about financing in the contract, and nothing about FHA or VA. Thanks for trying though. I feel a little better.

Last edited by tmhoang; 09-08-2007 at 08:19 AM..
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Old 09-09-2007, 08:32 PM
 
4,796 posts, read 15,308,517 times
Reputation: 2736
Quote:
Originally Posted by tmhoang View Post
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.

Good luck.....I'm voting for the "little guys!"
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Old 09-09-2007, 09:13 PM
 
19 posts, read 42,482 times
Reputation: 11
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.
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Old 09-09-2007, 09:29 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,070,187 times
Reputation: 2661
Quote:
Originally Posted by tmhoang View Post
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.

Enjoy...
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Old 09-09-2007, 10:15 PM
 
19 posts, read 42,482 times
Reputation: 11
Ok, I understand. They brought this on me. I'm in it to win and nothing else.
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