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Old 11-12-2012, 02:52 PM
 
4,438 posts, read 7,690,392 times
Reputation: 6331

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You willingly overpaid for a property without asking any questions. Your going to have a hard time proving fraud. If you financed the property the traditional way, through a bank, an appraisal would have been done showing the real value.

You kinda messed up on so many levels. Sorry.
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Old 11-12-2012, 03:27 PM
 
Location: deep woods
404 posts, read 585,536 times
Reputation: 558
I'm thinking there is a fraud by someone, if they knew it was worth
half what they made a plan (scheme) to get for it. Especially that it was family that derived the benefit. I don't think the grandparents planned the sale, right? And especially that the agent is family. Even if her benefit was only the commission, the fact that it was family that derived the excess benefit matters to her involvement.

If OP is able to answer my questions a few posts above that could be telling of an even bigger picture.

And please do get a Maine attorney. Me personally, I might go to the closest next bigger city for the attorney if it's a small town. I would be wondering how the closing attorney could not have raised a flag. An attorney in a same small town will not want to make waves against another local attorney. They all lunch together.

I think you'd have to prove someone knew, but the amount being double the real value, it should not be so hard. I think the 75,000 note says a lot. And I'd want to know where that money is really going.


And are the grandparents part of the swindle or are they being swindled too?
(rhetorical ?)


-
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Old 11-12-2012, 10:34 PM
 
Location: southwest TN
8,098 posts, read 13,878,776 times
Reputation: 14546
Quote:
Originally Posted by MrRational View Post

As to the modest cost involved in retaining an attorney for counsel and assistance in the single largest
financial transaction most people will ever make... it's a few hunder very well spent dollars.
Quote:
Originally Posted by dontaskwhy View Post
Gotta disagree with that statement. In the case of the OP it would have been appropriate, but most people do not need the expense of an attorney in most real estate transactions. I might be advisable to some, but not needed in all cases. I do know that some states my have provisions requiring legal representation but not in most states.



Do you also advise against getting an inspection? What's the big deal with spending $200 to protect an investment worth ten times that? or LOSING that investment because an attorney was not looking out for the buyer?

I will never understand this thought - A contract is a LEGAL document and has far-reaching nsequences. A mortgage deed is a CONTRACT. It has a high monetary value and is long term.

Give me 1 valid reason for not spending a comparable amount on an attorney as for an inspection. Just ONE reason.

Quote:
Originally Posted by jtp8903 View Post
Thank you, I will begin searching the internet for lawyers in maine.
Contact the Maine Bar Association Lawyer Referral Service to find a real estate attorney who also does litigation or look up one of the firms that does both.

You can look up firms in the yellow pages for the nearest large city or you can look up in martindale.com or findlaw.com

Good luck. You need an attorney yesterday.
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Old 11-13-2012, 06:02 AM
 
Location: Ocala, FL
3,035 posts, read 5,548,365 times
Reputation: 2528
Quote:
Originally Posted by NY Annie View Post
Do you also advise against getting an inspection?

Give me 1 valid reason for not spending a comparable amount on an attorney as for an inspection. Just ONE reason.
I never discourage customers from getting an inspection and never stated so. In addition, I never said that customers should never hire an attorney, I clearly said that most customers do not need the additional expense.

Are you an attorney worried about losing business ? Thank you for putting words in my mouth.
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Old 11-13-2012, 07:24 AM
 
Location: southwest TN
8,098 posts, read 13,878,776 times
Reputation: 14546
Quote:
Originally Posted by dontaskwhy View Post
I never discourage customers from getting an inspection and never stated so. In addition, I never said that customers should never hire an attorney, I clearly said that most customers do not need the additional expense.

Are you an attorney worried about losing business ? Thank you for putting words in my mouth.

I put no words in your mouth and I didn't misread or misunderstand what you DID say.

You stated that having an attorney is an extra expense often not needed. To that *I* say, an attorney is equally as important in a real estate transaction as an inspection. If one is not "unnecessary, then the other is also not unnecessary.


I'm very clear in what I say and how I say it. As MrR said, it's the single largest monetary investment most people make in their life, so why on earth would you NOT have an attorney involved?

I am not an attorney, never claimed to be. As for losing business, I've been retired for 15 years.

I am a devotee of common sense. Surely $200 is not a sufficient "waste of funds" considering most people are spending 10x that on the house itself, not counting all the other expenses.

That you argue against spending such a pittance on legal advice makes me question your motives.
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Old 11-13-2012, 07:41 AM
 
Location: Ocala, FL
3,035 posts, read 5,548,365 times
Reputation: 2528
Let me make myself clear !! I never called it a "waste of funds". The OP clearly would have benefited with the advice of an attorney from the beginning. My assertion is that legal representation is not required. When a customer has a legal question about an item in a contract, I always advise them to seek legal counsel as I am not an attorney. While you seem to think it is only $200 for a consult, I contend it is much more expensive and not a mandatory expense in all transactions. If a customer decides to go to an attorney for consultation, it is their decision and I never discourage it.

Have a good day.
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Old 11-13-2012, 07:45 AM
 
Location: Clifton Heights, PA
28 posts, read 28,847 times
Reputation: 45
Quote:
Originally Posted by gv28 View Post
The grandparents and only them were the owners, correct?
If not, who?

Was the note to the grandparents?
If not, did someone bring a $75,000 cashiers check to closing?
Where do your payments on this note go?

Were you given any written agency disclosure paper(s)?
If so, what did they say?
No, The house belonged to the seller my uncle, grandparents have own house a block away.
The 75000 balance was to be paid to uncle in monthly payments @ 4 % interest.
the agent never spoke with us about anything, did not explain her relationship with us.
only disclosures were property disclosures that never mentioned needing a roof.
The title is now in my name and my husbands name and the seller is the lienholder.
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Old 11-13-2012, 07:53 AM
 
Location: Clifton Heights, PA
28 posts, read 28,847 times
Reputation: 45
Quote:
Originally Posted by gv28 View Post
I'm thinking there is a fraud by someone, if they knew it was worth
half what they made a plan (scheme) to get for it. Especially that it was family that derived the benefit. I don't think the grandparents planned the sale, right? And especially that the agent is family. Even if her benefit was only the commission, the fact that it was family that derived the excess benefit matters to her involvement.

If OP is able to answer my questions a few posts above that could be telling of an even bigger picture.

And please do get a Maine attorney. Me personally, I might go to the closest next bigger city for the attorney if it's a small town. I would be wondering how the closing attorney could not have raised a flag. An attorney in a same small town will not want to make waves against another local attorney. They all lunch together.

I think you'd have to prove someone knew, but the amount being double the real value, it should not be so hard. I think the 75,000 note says a lot. And I'd want to know where that money is really going.


And are the grandparents part of the swindle or are they being swindled too?
(rhetorical ?)


-
Grandparents had no known role in this whatsoever, my grandmother suffered a stroke which affected
her speech, she was 90 at the time, around the same time i received my inheritance, That is when my aunt came up with this grand scheme for my family to relocate to maine to take care of them, she wanted to pay off a mortgage on the property i bought and keep using a workshop which i thought i could sell after my grandparents passed, found out im locked for 10 years.
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Old 11-13-2012, 07:53 AM
 
3,404 posts, read 4,044,264 times
Reputation: 2385
Quote:
Originally Posted by jtp8903 View Post
No, The house belonged to the seller my uncle, grandparents have own house a block away.
The 75000 balance was to be paid to uncle in monthly payments @ 4 % interest.
the agent never spoke with us about anything, did not explain her relationship with us.
only disclosures were property disclosures that never mentioned needing a roof.
The title is now in my name and my husbands name and the seller is the lienholder.
How does buying the house relate to the threat of grandparents being put in a nursing home?
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Old 11-13-2012, 07:57 AM
 
4,438 posts, read 7,690,392 times
Reputation: 6331
Its possible the roof leak is new or the seller was unaware. Roofs do leak and need repairs, its normal. If the shingles are good, it may just need a pice of flashing or tar. $150 fix. If it needs a whole new roof, the condition of the roof would have been terrible and it would have been obvious when you bought it.

Do you have a contract with the owner? 30 years? Any clauses for a demand of payment in full?

I'm not sure what I would do in this case. Walk away and loose my 45k? Or put it up for sale, pay it for a number of years and hope to break even or even make money on what I owe.

Is there anything special about this property? waterfront, large acreage, close to nice town, etc? Things that might bring a good selling price in the future? Can you rent it and make money right now?
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