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10-07-2008, 11:21 AM
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Member
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Join Date: Dec 2007
15 posts, read 14,621 times
Reputation: 12
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Seller responsibilities after closing?
Buyer says I failed to maintain a 32 unit apartment building during escrow. Her lawyer sent letters stating: “if I don’t respond to her letters she will take action”. I think our contract has binding arbitration.
Do I need to reply or should I wait until she “takes action”?
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10-07-2008, 11:25 AM
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Real Estate Marketing Consultant
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Join Date: Jan 2008
Location: Barrington
4,188 posts, read 2,116,191 times
Reputation: 1820
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Contact a real estate attorney to determine all your options.
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10-07-2008, 12:16 PM
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Real Estate Broker
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Join Date: Jul 2007
Location: Mountain Ranch, CA The heart of Calaveras County
2,445 posts, read 2,018,387 times
Reputation: 949
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Sounds more like buyers remorse and going to be awfully hard to prove. Did you stop maintenance? If you think the property is substantially the same as it was when the inspection period was over, you're probably going to be OK, but they're probably just trying to ding you thinking that you'll pay rather than fight.
I've always responded to these kinds of things with a hearty "I disagree entirely and I'll go to the mat to prove it". I've never had to go to the mat yet.
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10-07-2008, 12:59 PM
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Real Estate Agent
Status:
"Thinking about getting motivated to work on a project..."
(set 5 days ago)
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Join Date: Oct 2007
Location: Salem, OR
4,394 posts, read 2,666,396 times
Reputation: 1653
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Well it depends on whether or not you failed to maintain the property.
I personally prefer to try and talk things out like reasonable people first. You need to hear her specific points of what she has to say and decide if they are true or not. If they are, then take responsibility for your failure to follow the terms of the contract. If they are not then find a good real estate attorney and prepare to spend a lot of money getting to arbitration...
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10-07-2008, 06:01 PM
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Senior Member
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Join Date: May 2008
1,151 posts, read 574,772 times
Reputation: 190
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Quote:
Originally Posted by Silverfall
Well it depends on whether or not you failed to maintain the property.
I personally prefer to try and talk things out like reasonable people first. You need to hear her specific points of what she has to say and decide if they are true or not. If they are, then take responsibility for your failure to follow the terms of the contract. If they are not then find a good real estate attorney and prepare to spend a lot of money getting to arbitration...
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Good advice from Silver, as usual. |
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