by "Akio Ohtori - RIP Oppo" (akioohtori)
Published 11/29/2017 at 12:20
by "Akio Ohtori - RIP Oppo" (akioohtori)
Published 11/29/2017 at 12:20
Tags: TQ HQ
STARS: 1
So... land buying just got weird. Called the seller today to let him know my lawyer should have a purchase contract to him by Friday. This... did not go well. Problem is, apparently he won’t sign a purchase contract.
He is happy to sell it to me, but he won’t “take it off the market” while we’re doing the title search, survey, and other fun, expensive, necessary stuff. I mean I have his word... what more do I need?
... riiiiiiiiiiiiight...
He did agree to 14 days of not selling the property for me to get an abstract and survey in order, but after that all bets are off.
Edit for clarity: he is fine signing something to sell it to me, but in these situations one usually has a contract w/ earnest money to hold the property while (expensive) paperwork is getting sorted. This is the thing he doesn’t want to do.
So as I see it I have two options:
Bail and move on - no risk, no reward, also probably the most sensible approach
Proceed with title search, sans lawyers - Medium risk, medium reward. Basically go with his plan, and either cut loose or drastically reduce the role of the real estate lawyer.
I’m inclined to go with #1. My main reason is gut instinct. The guy is acting super weird for like... no reason. It isn’t like I’m asking him to do anything, just go through the normal process. Another good point raised by my SO is I am also signing up to be this dude’s neighbor on at least two sides. If he is being weird about this, what else is he going to be weird about?
So yeah... sort of at a loss right now. Also super relieved... and bummed out.
What do you people think?
"RacingShark" (racingshark)
11/29/2017 at 12:26, STARS: 1
Is this a for sale by owner situation? Maybe this guy just doesn’t understand how real
e
state sales work or why what you are doing is necessary.
Normally, title search’s seem like a money
grab
, but in this situation it seems necessary.
"vondon302" (vondon302)
11/29/2017 at 12:30, STARS: 2
Walk away. It sucks but this is pretty standard stuff and if he’s acting weird now...... .
"PotbellyJoe and 42 others" (potbellyjoe)
11/29/2017 at 12:30, STARS: 1
What are his expectations in terms of the behavior of other interested buyers?
I can’t imagine a buyer not wanting to have his ducks in a row for a purchase like this.
"WilliamsSW" (williamssw)
11/29/2017 at 12:30, STARS: 16
IMHO you need the lawyer MORE involved, given his behavior - not less. He’s probably just paranoid, but it’s very possible that he’s hiding something, too. You need to make sure you’re not exposed, and get a good survey, title search, etc.
Given that he’ll still be a neighbor, I’d walk, personally.
"OPPOsaurus WRX" (opposaurus)
11/29/2017 at 12:32, STARS: 1
yea, its either he doesn’t understand the situation and hes getting nervous by the normal process you want to take, or he is hiding something and you need to find it out or walk away.
"TheBloody, Oppositelock lives on in our shitposts." (thebloody)
11/29/2017 at 12:32, STARS: 0
Yeah, something doesn’t sound right here
"cbell04" (cbell04)
11/29/2017 at 12:33, STARS: 2
Got to trust your gut on that one. Like most are saying if he’s being somewhat unreasonable about this what happens when your trying to work through a real problem down the road. I would also let him know you wish him luck but his actions are causing you to move on.
"Yowen - not necessarily not spaghetti and meatballs" (yowen)
11/29/2017 at 12:43, STARS: 5
“Another good point raised by my SO is I am also signing up to be this dude’s neighbor on at least two sides.”
I think that right there puts you solidly on track to option #1.
"Roundbadge" (Roundbadge)
11/29/2017 at 12:43, STARS: 2
I’d say it’s smart to walk away from this deal. If he refuses to agree to something that’s considered standard practice, things are probably gonna get weirder in the future.
"Maxima Speed" (maximaspeed)
11/29/2017 at 12:47, STARS: 2
Do NOT! Proceed without having an agreement, there is literally not reason for him to not agree.
"CaptDale - is secretly British" (captdale)
11/29/2017 at 12:48, STARS: 1
I agree with WilliamsSW, lawyer may need to be more involved with this guy. That or dump it. If he isn’t going to be a good neighbor then I say find better land
"razorbeamteam" (razorbeamteam)
11/29/2017 at 13:12, STARS: 0
"Roadster Man" (roadsterman)
11/29/2017 at 13:13, STARS: 3
Bail. If the guy won’t even sign a contract then it’s got “sketchy” written all over it.
"Future next gen S2000 owner" (future-next-gen-s2000-owner)
11/29/2017 at 13:15, STARS: 2
I would walk after offering earnest money in exchange for signing the contract. If he still says no, walk.
"Steve in Manhattan" (blogenfreude01)
11/29/2017 at 13:15, STARS: 0
Look up the Statute of Frauds. You’ll see.
"Quadradeuce" (quadradeuce)
11/29/2017 at 13:21, STARS: 2
Massive red flags, with all the risk on you. Walk away.
"shop-teacher" (shop-teacher)
11/29/2017 at 13:38, STARS: 0
Go with your gut, take a walk.
"E92M3" (E46M3)
11/29/2017 at 13:46, STARS: 1
I’d say follow your gut, mine is right 99% of the time.
I’m curious though how he plans to sell it without a written contract? Is he just wanting an oral agreement? Cause although some states say they honor oral agreements, it could turn into he said/he said. Sounds like he doesn’t want legal consequences, and if everything’s legit, what does he have to worry about?
"Akio Ohtori - RIP Oppo" (akioohtori)
11/29/2017 at 14:15, STARS: 0
Sounds like Oppo is pretty unified. I’ve called the lawyers and told them to pause while we figure shit out, but I’m inclined to walk.
"davesaddiction @ opposite-lock.com" (davesaddiction)
11/29/2017 at 14:43, STARS: 0
Damn... how much cost is involved with the title, survey, etc?
It may be that he’s just a “good ole boy” that doesn’t like lawyers, period. If you really love the property, might be worth the risk (?).
"Akio Ohtori - RIP Oppo" (akioohtori)
11/29/2017 at 14:51, STARS: 0
I think it is like 90% that. He owns 100+ acres in the area and clearly is used to doing things a different way.
I wouldn’t expect the title + survey to be more than $2k and was, obviously, expecting to pay that anyway. The greater issue, to me, is why are we even having this conversation? What is the rush? Why does it matter how much of my own money I want to blow on “stupid stuff”? At the end of the day (or month, as it were) my money is still the same color.
If he is acting like this now...
"davesaddiction @ opposite-lock.com" (davesaddiction)
11/29/2017 at 15:18, STARS: 0
Yeah, I get that. I wonder how much interaction you’d actually have to have with him if/when you owned it, though. I guess my thought is, if this is a special, desirable property in a good location at a good price, and there aren’t similar properties available, do you want to miss out on it just because the seller is old school?
Just playing devil’s advocate... Like many have said, if your gut is saying walk away, it might be the right course of action. Hell, if you leave the door open, he may come back to you in a bit willing to sell it to you on your terms.
"Akio Ohtori - RIP Oppo" (akioohtori)
11/29/2017 at 15:26, STARS: 0
And you’re right to do so! And I agree(ish). I like the area and the land, but I have options. There is a property for sale across the street, which is what originally brought me into the area. It isn’t nearly as good as this one, but I’d also low ball the crap out of them as it has been on the market for 9 months. It has its minuses vs this one, but also some benefit.
I also think the price of this one is OK, but not stellar by any means. I don’t feel like I’m “getting a deal” by any means.
I this guy probably won’t be a bad neighbor and probably isn’t hiding anything, but he is acting weird for no reason.
What I really don’t get is that he seems really sure that me going through this formal buying process is going to screw him out of a sale somehow... which is funny because it is about to do just that, but with me. He is adamant that he doesn’t need the money, but also seems to be in a rush to get it... Just weird stuff...
"davesaddiction @ opposite-lock.com" (davesaddiction)
11/29/2017 at 16:18, STARS: 1
“acting weird for no reason” = half the people you come in contact with on a daily basis =)
Honestly, I look at this like a car seller who doesn’t want to mess with a PPI. I get it - it slows down the process. can be a hassle to the seller, and there’s the potential for something that can be found that will kill the deal, but as a buyer, I sure want to made sure I go in knowing exactly what I’m getting...
"Birddog" (maintmgt)
11/29/2017 at 17:29, STARS: 0
Walk..
I just went through a bunch of weird crap over a piece of land in WI. The sellers decided at the last minute that they wanted to stay in the house until June. They wouldn’t agree to my rental terms nor renegotiate at a lower price so adios!
"Akio Ohtori - RIP Oppo" (akioohtori)
11/29/2017 at 18:03, STARS: 0
Nah, half the people I come in contact with are acting weird because they’re engineers. We’re all mad here.
"davesaddiction @ opposite-lock.com" (davesaddiction)
11/29/2017 at 18:10, STARS: 0
Haha - my wife is one, and I’m at least half, with strong engineer tendencies. Consider yourself lucky you don’t have geologists in the mix, too!
"Steve" (stevelouzon)
11/29/2017 at 18:57, STARS: 0
Walk
"gmporschenut also a fan of hondas" (gmporschenut)
11/29/2017 at 20:37, STARS: 1
That sounds super sketchy.
Without a title search for all you know there could be years of unpaid taxes and a lein on the property.
"WilliamsSW" (williamssw)
11/30/2017 at 09:43, STARS: 1
One other thing to keep in mind here is that, if you spend the $2k without a purchase agreement, you’ll have lost a lot of negotiating leverage. There’s nothing to keep him from asking for more money once the title search, survey etc. are good.
He’s probably hoping that he gets another interested buyer while you’re doing your due diligence, so he can play the two of you against each other.
As I said before, it’s not an automatic walk away, but definitely a situation where you have to be very cautious to be sure.
Good luck!
"Akio Ohtori - RIP Oppo" (akioohtori)
11/30/2017 at 09:44, STARS: 1
Oh wow. Actually had not even thought about that. Good point!
"WilliamsSW" (williamssw)
11/30/2017 at 09:52, STARS: 1
I hope you work out a good deal on land soon - whether it’s this property, the one across the street, or somewhere else!
"Akio Ohtori - RIP Oppo" (akioohtori)
11/30/2017 at 10:16, STARS: 0
Thanks! Luckily there is no rush so I’m just going to chill for a while (Or make an offer on the other place... either or)