We verbally agreed to purchase a home for $65,000 which was his asking price, and he agreed as well with witnesses to verify this. Today he calls and said he now wants $105,000 for the house. We have already started to remodel this house because he was someone that we knew and he let us start this before we got to sign the paperwork at the bank. Can we sue him for what we have put into the home ? And can he legally change his mind like this after agreeing to sell it for the original asking price ?
2007-04-04 16:26:04 · 10 answers · asked by Joey C 2 in Business & Finance ➔ Renting & Real Estate
Technically, verbal agreements are enforcable.
But you may have a long, difficult battle ahead to win. Never, never, NEVER proceed without something in writing -- even if you're dealing with your best friend, or your brother. There are just too many ways that these things can go wrong.
Find your witnesses to the original agreement and ask them to write and sign a statement in front of a notary. Do this ASAP. You're going to need as much documentation as you can possibly muster and this protects you in the event that they should suddenly develop memory problems, too.
You're probably going to have to hire a lawyer if presenting him with the documentation and/or threatening to sue him doesn't resolve the issue. (If he says he agrees to the original terms, have something available for him to sign right then and there. Insist on having it notarized.) In truth, by the time you hire an attorney and sue him, you might well have been better off to pay him the additional amount. Do the math and consider your options.
2007-04-04 16:37:38 · answer #1 · answered by ISOintelligentlife 4 · 0⤊ 0⤋
Well, honestly, sorry, but it wasn't very smart of you to buy a HOUSE of all things without a written agreement. But, now that what's done is done, you can get your witnesses and take him to court if he doesn't settle for the agreed upon asking price. He can do whatever he wants, technically it's still his house until the final signature is legalized. Good Luck but hopefully you won't do something like that again!
2007-04-04 16:34:33 · answer #2 · answered by wldntulike_2know 4 · 0⤊ 0⤋
you're completely incorrect. # a million paying lease does no longer mean you own some thing as in case you ought to lease an residence after a lengthy time period ought to you tell the owner that he now ought to provide you a % of the sources. the final analysis is that she is getting a private loan and has the down price. Her call is on the costs and she is in charge for them. in case you want to stay inclusive of her then you prefer to pay her as why ought to she assist you and help you stay lease loose. i imagine you're taking earnings of her because you ought to extremely pay lease to a stranger and stay inclusive of your pals then pay her for residing in a house extremely then an residence. You curiously do not love this lady. i'm certain this domicile could have a backyard, storage, or perhaps washer and dryer the position you would no longer have that luxury in an residence. also you have not any boss in a house as your landlord could have guidelines. in case you later on marry her gained't then you have 0.5 of a house or actually have fairness to purchase yet another domicile. If i became her i ought to unload you and get a house mate or lease a room out to someone. you've some nerve searching to "acquire some earnings off of a few different person's money, credit, and artwork.
2016-12-03 07:39:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I believe real estate transactions have to be in writting, ie they have special rules. Not sure on that, but you should check on it.
Obviously you made a serious mistake in this transaction.
How much is the house worth and how much did you put into the repairs? Maybe you should try to negotiate some price inbetween 65 and 100.
2007-04-04 16:54:13 · answer #4 · answered by Gatsby216 7 · 0⤊ 0⤋
Did you get the agreement in writing? If not your options are limited. The most you could hope for is to have him pay for the costs you put in remodeling. Next time don't do anything till you close on the house and actually own it.
2007-04-04 16:33:08 · answer #5 · answered by Anonymous · 2⤊ 0⤋
It depends on the state. Verbal agreements are binding in some states.
Contact a laywer.
2007-04-04 17:14:36 · answer #6 · answered by Zzyzx 4 · 0⤊ 0⤋
sorry bud with out it being written with a notary you really dint have a case. if you want to take it to court make sure you have the receipts to everything you put into the house. it will also be on ur credit card statement if you purchase anything with it.
2007-04-04 16:38:04 · answer #7 · answered by Johnny 2 · 0⤊ 0⤋
Sure--get everything in writing...verbal agreements don't really stand up. Where are you buying a house this inexpensive?
2007-04-04 16:35:29 · answer #8 · answered by UGG 2 · 0⤊ 0⤋
yes he can do this and you should have gotten this in writing also
dont ever do verbal because it is his word against yours now
you can probaly sue him for the money you put in the house already
2007-04-04 16:35:16 · answer #9 · answered by nexgirl101101 4 · 0⤊ 0⤋
Time to walk away. And you can tell your self that you "learned a leson" . If it make you feel any better the term I learned a leson realy mean i lost money.
2007-04-04 16:39:04 · answer #10 · answered by Anonymous · 0⤊ 0⤋