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Tiffany Said:

This "seems" like a simple issue delaying our closing...?

We Answered:

That is a lot of questions, but I will give it a try.
The original accepted offer is a valid contract and binding on the parties that executed it. It's just that one party (the listed seller) has committed to sell property they don't have clear title to. This means they better get this corrected quickly so they're not in breach.

The offer should have a "Close by Date", which is really an expiration date for the contract. Both parties have at least until that date to perform.

Theoretically, the record owner of the property could sell it to somebody else while you're waiting for your "seller" to gain clear title. I believe this is unlikely as what you're dealing with is mostly a paperwork issue rather than fraud.....so far.
The same reasoning would also permit the record owner to not accept the price of the "new" offer (when they get around to presenting it for you) and counter with a higher price. I believe this is also unlikely because it isn't as if they didn't agree to the price, they just made a mistake as to which of their entities actually owns the house.

I don't think you're hosed on this....just inconvenienced.
So, I would suggest strongly to the listing agent (that facilitated the acceptance of the offer by the ineligible seller) that they kick in part of their commission towards your closing costs for the inconvenience. They should have known who the legal seller was when they listed the property for sale and their negligence is the source of your inconvenience. If you don't get any satisfaction, you can always submit a complaint (after buying the house) to the state real estate commission.

Good Luck with your home

Phillip Said:

What "seems" like a simple fix is delaying our closing...?

We Answered:

6 days to 6 months. But if you don't cancel your contract, you probably have the house "tied-up" so no one else can buy it.

This situation is happening to thousands of buyers. The loans were sliced into 10 sections and sold off to 10 different banks. So each bank "owned" 1/10th of the house (after the foreclosure). The title company wants to know that someone owns 100% of the house. The banks are busy re-assembling the loans.

You have a deeper concern. Your contract is signed but not by the "owner". No one will probably mention that. But the real owner could say that they have no agreement with you.

Stacey Said:

buying car with no pink slip in pa?

We Answered:

Write down the VIN and take it to your local DMV. They can run a few checks for you (such as a title search) and tell you who legally owns the car as well as any other steps you can take to safeguard yourself.

I wouldn't buy the car under the situation you're describing though. Things might be fine but there's too much risk involved.

Stephanie Said:

Legal: Being sued?

We Answered:

Try to work out a payment plan.

You damaged the guys car, you're liable for his damages. Now, after 4 years, additional costs have ballooned the original total.

If he sues you and wins then he can take whatever steps your State currently allows to collect. If you have money in the bank to pay for college they may well be able to attach it.

Richard

Erik Said:

License and car tag have to be in same state?

We Answered:

Don't worry, it doesn't matter if they are from the same state.

Joyce Said:

This story aggravated me, and wanted to see what others thought.?

We Answered:

I completely agree with you and I was recently in the same situation. I was let go from my job in December just 2 weeks before Christmas. My husband works full time but I carried the benefits as his company does not really offer any good health insurance. We have 2 boys under 5. We applied for assistance and were denied. So we applied for the MIChild insurance here in Michigan which everyone assured us we would get. You pay approx $5 per child per month. We were denied because we make too much money. I'm sorry but paying our mortgage and our car payment, heat, electric and water pretty much tapped us out. We had no money left for private health insurance premiums which were 400-500 per month. Of course, my job offered me COBRA for the low price of 1200 per month. It was ridiculous. I was very upset because my husband and I have both been working and paying into the system since we were 16! Yet when we need a helping hand temporarily we are denied. Thankfully, our boys have been healthy and I found another job in Feb. Of course, my benefits don't start until June...just a few weeks to go!

Cory Said:

My dad's selling me his car. How do I find out how much to pay for the tags and stuff?

We Answered:

you should ask your dad.....