Re: BUYING HOME THAT IS IN FORECLOSURE
Posted by steelep@aol.com on June 23, 2007 at 07:58:33:
In Reply to: BUYING HOME THAT IS IN FORECLOSURE posted by MARK on June 22, 2007 at 13:39:36:
Not an attorney (and I suggest you talk to one before doing anything at this point) but I would think that because you agreed to purchase under one set of facts and it turns out that things are different, you do have reason not to move forward.
I would carefully run the numbers again. I would check what it takes for the illegal unit to become legal. And if it can't, it is only a matter of time before the owner (you or whoever) gets nailed.
I think you may be on the right track when it comes to thinking about a possible short sale with the bank in order to make the numbers work.
I especially think you need some expert help. A good real estate attorney (not a generalist) and a Realtor or other expert that knows short sales. Have them examine the situation with you in order to provide guidance.
Right now I am thinking this is not a good deal and you are definitely being taken advantage of. Deliberately, maybe not but taken advantage of none-the-less.
I would tell everyone that you are having a legal review of the whole situation since it is not what you were led to believe. Contract Law 101, misrepresentation of facts (deliberate or accidential) is cause for cancellation. Or so I have always been told.
Steele
Steele V. Propp
Foreclosure Specialist
Schatz Group GMAC
Minneapolis, MN
steelep@aol.com