I would call attorney Stan Motal of the Motal Firm at 512 716-1001. Stan specializes in real estate and can give you the very best counsel.
All the best!
Jeffrey Nyland, REALTORÂ®, GRI, SRS
The Nyland Team
Prudential Texas Realty
Jeffrey Nyland TX AUC# 16644
You are right. It probably would have been more prudent to just go with other properties instead of getting into their mess. It is just that we had already made an offer on the property before we knew about the divorce. At that point we figured that if there was a way to protect ourselves that we would not be left in the lurch at the last minute, we would not walk away as we didn't want to penalise the poor guy just because he is going through a divorce. We figured we'd treat it like any other financial transaction and completely ignore their personal situation other than ensuring that we are legally protected. Perhaps some may call us foolish ... but that was our thinking.
We are in the post-inspection negotiation period, let us see where this takes us -- perhaps it will be an indication that it is time for us to move on to a less complicated property. As you say there is an abundance of property out there for sale right now :-). Thanks again for replying.
The wife can hold up the closing if the asset/property title is in dispute. It might be more prudent to wait until their divorce is final. Otherwise there is an abundance of property for sale right now. Its possible you may find another home that you like as much or more than the home in question. Only you can decide if this one is worth the wait. The seller should be able to give you an idea of when the divorce is expected to be concluded.
I would try to probe more and get more information on the situation. Because they are in the middle of a divorce you probably can't do anything until it is complete or both sides can come to an agreement on how to dispose of the property.
From what I hear, it seems it may be more trouble than worth it -- And no, it is not a steal, nor a dream home -- just one we liked and one we made an offer on before we knew about the divorce. So it is one we can easily walk away from if need be -- we most likely will do that if the seller cannot provide the necessary guarantees in writing during the option period. Thanks again to each one of you -- you all have been wonderful and I shall most certainly let friends know :-)
Hello. Divorces can make a transaction messy, before the contract is accepted. I would recommend that once you get the house under contract with favorable terms to your side, make sure during the option period you get something in writing that she will sign off her interest, if she has any. I believe if the house was purchased by him prior to the marriage, she has no interest and doesn't need to sign anything. I would definitely recommend consulting an attorney first, but his difficult divorce could mean you get an even better price for the inconvience factor. If you have a savvy buyers agent, you will get a great deal! Good luck!
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Good Luck to you.
Sonia Roberts, realtor
Your buyer agent professional to sort out the situation with the listing agent
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
At this point I would worry greatly about not only making an offer but if the person who is offering the home for sale has the legal right to sell the property. If you were my client I wouldn't submit the offer on your behalf without some strong negotiations and verification of the listing agreement. I might even consult an attorney myself before submitting the offer.
You never know how these things turn out. You could step into a really great deal that is basically a fire sale. Or you could have a legal battle on your hands. My advice is to consult a real estate attorney before making any formal offers or signing anything.
You have several options to protect yourself, but the likelihood of success is probably not in your favor, or not in the time frame you want it to be. Check with an attorney (try Wally Tingley - 795-9100, or John Lione - 346-8966). The wife can probably quit claim her interest, but if the divorce turns sour and ends up before a Justice or arbitrator/mediator, that may not protect you if they want to go back in time to remedy inequities.