Home Buying in 60617>Question Details

zippitydodad, Home Buyer in Chicago, IL

Can a current lawsuit by a seller prevent a buyer from purchasing another home?

Asked by zippitydodad, Chicago, IL Fri Mar 15, 2013

I signed a contract last year to purchase a home, and it was to include some extra features and amenities. After the appraisal came in $30,000 less, the seller omitted the extra features and I decided not to go through with it and did not sign the amended contract. She decided to file a lawsuit for breach of contract of the original contract 2 months later. In the meantime, I have found another home that I am scheduled to close on in a few days. Will this current frivolous lawsuit prevent me from closing on this one?

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your wasting your time.. a few years from now you might get your way..it's a big city..move on
0 votes Thank Flag Link Mon Mar 18, 2013
I appreciate everyone posting - but to answer to same questions again...Yes I did hire an attorney...but I just want some other advice.

My thing is - I AM ALREADY APPROVED for the home loan. We are scheduled to close in three days. The underwriter signed off on everything. I was just served with papers AFTER the approval (not pre-approval, final approval) and waiting on closing time.

That is what I am concerned about...will this affect the closing, even though I am approved and when I answered NO on the application at the time a while ago. I was truthful.
0 votes Thank Flag Link Fri Mar 15, 2013
You have some exposure (limited) on potential damages from an unfiled lawsuit. Life does not stop because you could be sued; it could affect how you approach living your life.

Ask your attorney if you should hold title in a certain way to protect the asset - from your comments it does not sound like your attorney is very concerned.

Erik Sachs
RpV Realty and Development
Cell 773/368-5515
Email esachs@rpvinc.com
0 votes Thank Flag Link Fri Mar 15, 2013
sounds like you should ask your attorney, you did hire one didn't you?
0 votes Thank Flag Link Fri Mar 15, 2013
It sounds like you may not have gotten legal advice when you decided not to move forward with the purchase of the first home for which you submitted a contract. If that transaction wasn't cancelled by all parties, you may be in trouble. Get an attorney immediately!! Don't spend any more time asking for advice on Trulia!
0 votes Thank Flag Link Fri Mar 15, 2013
I have. He is not worried about it. He even told me that we are closing as scheduled and that it is not an issue since it was filed as a complaint, and we have so many days to respond to the complaint, and it is not considered a lawsuit until the judge deems it a valid case.
0 votes Thank Flag Link Fri Mar 15, 2013
It could. You need to speak with your attorney on this asap.
0 votes Thank Flag Link Fri Mar 15, 2013
The lawsuit can be an issue. I suggest that you contact an attorney.
0 votes Thank Flag Link Fri Mar 15, 2013
Hello. Thank you for your answers. No, it did not stipulate that it had to appraise for that. They agreed to come down to the price but omit what was originally included, and I told them that the reason I made an offer was because of those extra amenities that were to be included. Therefore, I would pursue other options. I do have an attorney, he is handling it, and is not concerned at all, but I just wanted input from other sources too.
0 votes Thank Flag Link Fri Mar 15, 2013
It sounds like she is using the original contract that included the extras that you both probably signed and unless it has a stipulation that said it must meet the appraisal she might have an argument. In any case it is a legal issue and will take a lawyer to sort it out. I doubt it will prevent you from getting the current loan though.

Good luck!
0 votes Thank Flag Link Fri Mar 15, 2013
Talk to your attorney. THat is your best source for advise.
0 votes Thank Flag Link Fri Mar 15, 2013

If you haven't done so already, have your attorney deal with this very serious issue.

The details are in the contract that you signed.
0 votes Thank Flag Link Fri Mar 15, 2013
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