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    Post: 2006 land sale goes bad in 2007

    Posted by Cindy on 7/18/07

    We sold four acres in 10/2006. At that time the buyer
    gave us 100k and asked us to carry 20k which would be due
    11/2007. We said no problem.

    My husband is a real estate broker and we had bought the
    property from a business associate, I hadn't ever seen it,
    for future developement. We never got to the point to
    have it surveyed or meet with a builder when we decided to
    sell it.

    Now the buyer has retained an attorney and not only wants
    to not pay us the note he owes, but wants us to give him
    30k back since he says that when he had it surveyed four
    months after the close there was some drainage easements
    that did not allow him to build the size house he wanted.
    In the purchase contract we added a provision that we had
    accepted his offer (we had six others) but that he could
    have a week to travel to see the property and give it
    final approval? He is stating that we misrepresented the
    property to him and therefore feels he should not pay us.

    Any suggestions?

    Posts on this thread, including this one
  • 2006 land sale goes bad in 2007, 7/18/07, by Cindy.

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