LAWYER QUESTION.....Real Property/Corporate law.

[Tedim]

I am scheduling a meeting with a real estate attorney....would like a legal opinion before I go.



What happened:

I found a strip center for sale by bank in foreclosure. I made an offer of 250K and received a counter at 391k....we countered at 365k the agent on the banks side goes dead quiet, we have a local high up bank exec (same bank) tell him to work with us, yet still silence. Then he informs us 2 weeks later that he has accepted another offer, we object and ask for matching acceptance as we were first into negotiations. No reply. We waited and found out he sold the center to a buddy for 325K.....

I have damages, one of my clients was committed to buying a laundry I would have built in the center.

[Simple Simon]

Lol at legal questions on Getbig.

FFS mate would you really take advice from people on here?   

[Tedim]

Lol at legal questions on Getbig.

FFS mate would you really take advice from people on here?   

NO, of course not but Soul could write something that I can ask my attorney etc. Just bouncing thoughts around....sounding board!

[bigmc]

I am scheduling a meeting with a real estate attorney....would like a legal opinion before I go.



What happened:

I found a strip center for sale by bank in foreclosure. I made an offer of 250K and received a counter at 391k....we countered at 365k the agent on the banks side goes dead quiet, we have a local high up bank exec (same bank) tell him to work with us, yet still silence. Then he informs us 2 weeks later that he has accepted another offer, we object and ask for matching acceptance as we were first into negotiations. No reply. We waited and found out he sold the center to a buddy for 325K.....

I have damages, one of my clients was committed to buying a laundry I would have built in the center.

in the uk he hadnt entered into an agreement with you

so could sell to who he pleases

not sure if its the same in the states

[Tedim]

Quick story....I was doing a big transaction and got stuck on a construction issue, expensive and very complicated. Was eating breakfast at Waffle house with a buddy bitching and moaning about this issue, going on and on. Guy at the counter turns around and says do this this and this....brilliant saved me a HUGE amount of time and money.....

never know where you find info. Plus I dont have shit to do right now

[Simple Simon]

Quick story....I was doing a big transaction and got stuck on a construction issue, expensive and very complicated. Was eating breakfast at Waffle house with a buddy bitching and moaning about this issue, going on and on. Guy at the counter turns around and says do this this and this....brilliant saved me a HUGE amount of time and money.....

never know where you find info. Plus I dont have shit to do right now

Yep, we always check with the "man down the pub" before we do anything in the UK.

[Tedim]

in the uk he hadnt entered into an agreement with you

so could sell to who he pleases

not sure if its the same in the states

he is an agent of the bank, he has a fiduciary responsibility to do the best deal possible for the bank...thats my angle if your statement is true

[ESFitness]

I am scheduling a meeting with a real estate attorney....would like a legal opinion before I go.



What happened:

I found a strip center for sale by bank in foreclosure. I made an offer of 250K and received a counter at 391k....we countered at 365k the agent on the banks side goes dead quiet, we have a local high up bank exec (same bank) tell him to work with us, yet still silence. Then he informs us 2 weeks later that he has accepted another offer, we object and ask for matching acceptance as we were first into negotiations. No reply. We waited and found out he sold the center to a buddy for 325K.....

I have damages, one of my clients was committed to buying a laundry I would have built in the center.

to show/prove damages, your client may have to sue you and win first.

[ESFitness]

may see my attorney in LA this weekend. if I remember, i'll ask his opinion.

[Tedim]

may see my attorney in LA this weekend. if I remember, i'll ask his opinion.

thanks....just want to look at all angles, including filing suit and blackmailing bank with a PR blitz to force a settlement.

[Roger Bacon]

I am scheduling a meeting with a real estate attorney....would like a legal opinion before I go.



What happened:

I found a strip center for sale by bank in foreclosure. I made an offer of 250K and received a counter at 391k....we countered at 365k the agent on the banks side goes dead quiet, we have a local high up bank exec (same bank) tell him to work with us, yet still silence. Then he informs us 2 weeks later that he has accepted another offer, we object and ask for matching acceptance as we were first into negotiations. No reply. We waited and found out he sold the center to a buddy for 325K.....

I have damages, one of my clients was committed to buying a laundry I would have built in the center.

Unless you can prove that the realtor didn't submit your offer (or didn't submit it in a timely fashion, or accurately) I don't think you have any recourse.

You know there's more to the offer than just the purchase price, his 325k offer still might have been a better offer overall.

[kh300]

When I bought my house I had to meet with the lawyer for the closing. She asked to see the house. So the next week before I get ready to move in I meet her there. I ended up fucking this bitch on the carpet  

[Roger Bacon]

When I bought my house I had to meet with the lawyer for the closing. She asked to see the house. So the next week before I get ready to move in I meet her there. I ended up fucking this bitch on the carpet  

Lawyer asked to see the house.... She knew what she was doing 

[honest]

If you have a copy of the contract you put forward you have a case, if you have an email you do not. The bank must sell to the highest bidder as long as the offer is conditionally reasonable, if your offer was subject to finance etc or long settlement, and the lesser offer was unconditional cash settlement, they would be able to explain their reasoning. But apples for apples with a genuine bid of similar conditions no doubt you have a case, taking on a bank and their well paid attorneys for damages could be a long expensive process. My advice find another property.

[galeniko]

lets say like this, banks have best lawiers and can deduct lawyer fees from taxes, hell they can even deduct fines from courts from taxes.

and they dont make such decisions without having the legal team checked wehter theyll get away with such things.

banks=god

[Lustral]

I am scheduling a meeting with a real estate attorney....would like a legal opinion before I go.



What happened:

I found a strip center for sale by bank in foreclosure. I made an offer of 250K and received a counter at 391k....we countered at 365k the agent on the banks side goes dead quiet, we have a local high up bank exec (same bank) tell him to work with us, yet still silence. Then he informs us 2 weeks later that he has accepted another offer, we object and ask for matching acceptance as we were first into negotiations. No reply. We waited and found out he sold the center to a buddy for 325K.....

I have damages, one of my clients was committed to buying a laundry I would have built in the center.

I'm a lawyer (barrister) in Ireland. I can tell you here you would have no case, it's called being gazumped.

Definition of 'Gazump'

The practice of raising the price of a previously agreed-upon real estate transaction. A gazump refers to a situation where a seller and buyer of a piece of real estate (such as a parcel of land or a house) have in place a verbal agreement regarding price, but where the price is suddenly raised shortly before or at the signing. This sudden increase in price is a gazump, and while the procedure typically falls within the boundary of the law, it is often considered an unethical practice in real estate.[/qoute]

Happened here all the time in property boom. Sign saying sale agreed outside a house was an invitation for someone else to come along with better offer. Until you sign a contract you can orally agree any price you want but Statute of Frauds act 1695 (or 1694 I'm drunk) means any transaction above £10 (E13 - lol) has to be in writing.

[Tedim]

If you have a copy of the contract you put forward you have a case, if you have an email you do not. The bank must sell to the highest bidder as long as the offer is conditionally reasonable, if your offer was subject to finance etc or long settlement, and the lesser offer was unconditional cash settlement, they would be able to explain their reasoning. But apples for apples with a genuine bid of similar conditions no doubt you have a case, taking on a bank and their well paid attorneys for damages could be a long expensive process. My advice find another property.

Both the initial offer and counter offer were written offers.

[Tedim]

FYI the cost of litigation is not a concern....

Subject at hand, is the bank liable and are there damages.

[no one]

yes Gb is the go to place for legal advice, financial advice and all other kind of advices of the utmost delicacy that require an educated, informed and experienced opinion.

ding dong.

[Tedim]

yes Gb is the go to place for legal advice, financial advice and all other kind of advices of the utmost delicacy that require an educated, informed and experienced opinion.

ding dong.

You're missing the entertainment value....

[galeniko]

we actualy have more than 1 lawyer on getbig.

not saying names but we do.

[Lustral]

Both the initial offer and counter offer were written offers.

An offer means nothing. A contract involves offer, acceptance and consideration.

[Roger Bacon]

Was your offer Cash? Were you asking for a bunch of shit like inspections?

[honest]

An offer means nothing. A contract involves offer, acceptance and consideration.

and is usually accompanied by a deposit of 5 to 10% contract value. 

[HTexan]

Lawyers are $$$. But suck it up and hire a good one.