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monkey head · May 29, 2007, 06:35 PM

We have been involved in a land contract that was set to expire in 2007. We requested to purchase the home earlier than expiration date. The seller verbaly agreed to sell the home this verbal commitment was made to the mortgage company and to the buyer (us).
Two days before closing seller requested an additional $10,000 dollars In addition to previous offer. Based on there verbal agreement we have indured additional expenses
For a survey, apprasial, and home inspection. On the advise of the mortgage company
We informed seller that we were no longer interested in purchasing the home for that price.
Subsuquintly we spent rent money on land survey, appraisals, and home inspections.
We have received a summons from the courts to appear on 6/4/2007.

Please help us on what we should do?

tickle · May 29, 2007, 07:00 PM

Under what grounds are you to appear in court ?

monkey head · May 30, 2007, 07:01 AM

We where served papers by court officer

casthi · May 30, 2007, 10:00 AM

I am losing my home and an investor is offering to pay me $400,000 for my home I owe $334,000 and he still wants me to give him $30,000. Is that right if an investor is taking my home I have to pay hime as well?

Dr D · May 30, 2007, 10:31 AM

Was this Land Contract written, setting forth the price and terms, and properly executed by all parties, and recorded? If so, the seller cannot change it based on any verbal statement. Were you served with an Affidavit of Forfeiture? If the "Land Contract was all verbal, you are dead in the water.

casthi · May 30, 2007, 11:50 AM

Originally Posted by casthi

I am losing my home and an investor is offering to pay me $400,000 for my home i owe $334,000 and he still wants me to give him $30,000. Is that right if an investor is taking my home i have to pay hime as well?

I listed it with a Real Estate Agent and now she says she has an investor who wishes to take my home off my hands. But I have to pay him $30,000

Dr D · May 30, 2007, 02:08 PM

Dear casthi,

Your question seems to have gotten piggy-backed on another question. Perhaps a moderator will see it, and move it to its own thread. The "investor" can ask for anything under the sun, but you don't have to agree to it. Your Realtor is working for YOU, and should be able to explain the offer fully, to your satisfaction. Depending how close the foreclosure is, and the market conditions in your area, it may well be worth it to you, to pay the investor to buy your home so as to avoid a foreclosure. But if you had $30K available, you probably would not be in foreclosure. We probably need more details to offer a good opinion.