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Recent Offer to Purchase questions

I went under contract and gave up my earnest money of

I went under contract and gave up my earnest money of 1000.00 dollars. Went back under contract and was going to wire 10,000 dollars and have not done that yet. The Realtor put a 3 day cure notice on my to have that money wired. What happens if I dont. Thanks Fred

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Richard

Owner

Doctoral Degree

46,630 satisfied customers
Real Estate question I just received a letter from an LLC

Hi- Real Estate questionI just received a letter from an LLC company offering to purchase my home on LI, NY. They promise 'A fair price with no real estate commissions, buy in current condition, no repairs required, pay all closing costs, allow me to leave anything I don't want to take with me, and provide proof of funds with the offer to purchase, and fair price cash offer in one day.'This sounds too good to be true, so my questions are,Is it a scam?I am guessing that the offer will be under market value, but relatively how much would it be saving me in time, closing costs, etc?I do not know the market value of my home (been here since '92), but on Zillow it is 240,000 with other homes in the neighborhood, but sold more recently, larger & smaller, 325-over 600,000. I have a mortgage that will have to be settled; ho does tht work with a cash sale, and what exactly IS a cash sale?I am intending to respond to the letter, but am not sure what questions to ask, and what to look out for. What do you think?Should I insist on a lawyer handling this for me, and roughly what can I expect that cost to run?Thanks in advance.

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Roger

Litigation Attorney

Doctoral Degree

33,418 satisfied customers
I am a new real estate agent,I am preparing a Listing. On

I am a new real estate agent,I am preparing a Listing.On the Cathegory:Cooperative Compensation,I have the options : for example 3% "On Net" or "ON GROSS".Whats the difference between the "NET" and "Gross".Can you give an example ,please?

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Ray

Lawyer

Doctoral Degree

35,120 satisfied customers
In Wis., I have a home listed with a realtor. A person

In Wis., I have a home listed with a realtor. A person driving by was interested in the home but said he would not buy thru the realtor, only from the owner when the listing expired. What is my obligation? Do I have to tell the realtor about this person if he will not buy thru him? Do I still pay the commission? There won't be an offer to purchase nor anything else on record until after the expiration date.

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Irwin Law

Juris Doctor JD

8,424 satisfied customers
Found out that mobile home title was never transferred to me

Found out that mobile home title was never transferred to me when I bought it. People on title attempted to get copy from DMV. DMV says there is a lien and will not issue copy until lien holder signs off. No record of any lien for those people or subsequent owners of the mobile home. People on title have called and left message with lien holder but received no response. I have already sold the mobile home and it has been moved out of state.

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KimberlyLaw

Principal Attorney

Master's Degree

3,970 satisfied customers
I am in Miami fl. on a property in an agricultural area. we

I am in Miami fl. on a property in an agricultural area. we have been there 5 years now. we run a non profit organization utilizing plants and animals to teach people about the environment/nature in an engaging interactive way. we could not afford to buy the property when we found it but were approached by a family member who said they wanted to help us. It surprised us but we were very happy for the opportunity. This person purchased the property at a discounted price offered to us by the seller because they believed in our mission statement. We met in her lawyers office to discuss everything. We gave them our two year, three year and five year plan, and offered the purchaser 3% on her money even though she insisted she did not want to make money off us, she just wanted to help us. We would pay the monthly mortgage expense etc, with a portion going toward our eventual purchase of the property. The lawyer said that we should write all this down, but purchaser insisted it was not necessary, she just wanted to help us.We worked our buns off transforming the property to a lush tropical rainforest paradise. We had to be creative as we had very little money and had to generate funds for the landlord. We repurposed found things, got donated plants, rescued plants, rescued animals, found places that would donate discards that we could use to feed the animals etc. We provided a unique experience to our visitors and after a few years word of mouth took off and our attendance skyrocketed. Apparently the landlord figured she could take over our business, but that was not happening. She in no way could fulfill our mission statement. That pissed her off. She started harassing us that she wanted her money out at year two. we were on track with the business plan we had given her and it stated that at the five year mark with our agreement we should be able to purchase the property from her. in 2014 she just got plain nasty. She seemed mad that we were becoming more successful. eventually later that year she told us everything has changed. All the money we had paid to her was gone. Her exact words were 'poof' thats all gone. She said that she was going to put the property on the market unless we started paying $5000 a month. We paid $5000 a month. After a year she put the property on the market anyway. She asks a price $150,000 above the appraised value, insisting that was the price we would have to pay for it. Eventually she dropped asking price a little and says we can buy it for that price plus 25% of the business with none of the liability. It was not the first time she demanded 25% of the business. Now she has sent a letter ( with some lies in it) saying she is not renewing rental, and gave us a few weeks to move out, or buy the property at the too high price, or sign a year lease with increased rent and lots of not good for us things in it. I feel that there is extortion. There is no way we can possibly move all our animals and enclosures and supplies in that time period. People trying to help us mentioned improper enrichment, breach of contract ( although verbal contracts are binding in Fl, I guess it's not so regarding real estate)..She deceived us. And apparently just wants to take all we have. I dont know what recourse i have. But am determined not to worry myself into a heart attack again. Any ideas?

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J. Warren

Attorney

Doctoral Degree

4,092 satisfied customers
I made an offer to purchase some land based on erroneous

Hello,I made an offer to purchase some land based on erroneous information. The owner signed my offer and emailed back to me. The offer had the following contingencies:1. Seller accepting offer and returning it to buyer within thirty (30) days of the date of this letter;2. Buyer confirming and approving back tax amount, any property encumbrances, permitted land use, easements, parcel size and other due diligence results;3. The property being delivered with clear and marketable title and Buyer having full physical possession of the property at closing.The size I had listed on the offer was incorrect and he signed the offer without pointing that out to me. I would like to send an email withdrawing my offer. I am pretty sure I can do that since my contingencies mention parcel size and I have not signed anything except the cover letter to my offer. The offer was not a contract or a deed. It was simply a two page letter saying I was interested in purchasing and if the owner was interested in selling to sign the offer and email back to me.regards,Pat Esposito

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,242 satisfied customers
We put down 5000.00 in earnest money home. Can you tell me,

We put down 5000.00 in earnest money for a home. Can you tell me, by law, how long the company has to deposit the earnest money in an account?

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Loren

Juris Doctor

36,238 satisfied customers
I was trying to sell a rental house myself and received an

I was trying to sell a rental house myself and received an offer to purchase. I have not signed the offer but did state in an email that I would sign the offer. I signed with my first name only but it was sent from a personal email address. I received a crazy email from the 'buyer' that referenced an investigation and the local police dept. I know the detective referenced in the email so I called him. I was informed that this guy was under investigation for defrauding women (plural) and that I should not do business with him. He is also being investigated for harassment. I know that my email is considered a binding agreement however I do not want to sell to this man. Is there a way I can get out of this that doesn't result in a lawsuit? This man would most definitely file a nuisance lawsuit.

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Roger

Litigation Attorney

Doctoral Degree

33,418 satisfied customers
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