All Forum Posts by: Al Pekerman

 Thats just it no 100% truth to whats going on everyone has a story, but I will tell you what I do know. My seller apparently received a deed to the property which the original owner's relative are claiming should have never been sold because the person that signed the deed is deceased for many years . So Im assuming seller received a fake deed (or some sort of mishaps). While speaking to the title company I said ok great lets make the situation right those people that are claiming to have right to the house lets give them some $ and put this behind us. I asked from title co to ask the relatives to show paper work that they are in fact legal owner prior to any negotiation and no one has any paper work. But everyone is hollering lawyer/ lawsuit.

@Wayne Brooks

The seller is claiming he had a right sell and is getting an attorney. If this goes to court this can take years to get sorted out. What should I do with the fee while this takes the course. (more then half of it is spent anyway)

I never claimed to be a broker, got this deal that was good for me and a friend wanted to it so I assignment it to him. Why did it take so long or why did it even close if title company says they saw the issue from the beginning. 

 Correct it was done as an assignment, but was suppose to be double close, title company changed that at the closing table because they did prepare right and for the sake of saving the deal it went as an assignment. Thats just it since everything closed and went through and they found out about the issue later why do I have to get stuck with retuning my hard earned profit. That's just it everyone one is saying give me money but no one is promising that they will take care of the headache. I rather hold on to the money and use it on lawyer till its settled rather then give back the money and still have to have a lawyer.

 Dealing with an agent of a company who apparently acquired the property illegally and then sold it my way.

 I don't think its my fault and am very sure its title co, but that doesn't make it easier. Going to start a search for a lawyer

Correct come after me for the additional cost. Title co say they will come after me for everything I got paid plus as well. But the owner/seller relatives are wanting to make claim to it as well, claiming that it should have never been sold. Its just a mess. 

Thats just it I didn't sign anything. I put the seller under contract brought that over to title co gave them $300 to get the ball rolling, waited for them to give the green light, found seller and gave him an assignment closed.

Title says they don't cover me only the end buyer!! and there-for will go after me as well. End buyer says he's losing more not just the house i.e. (architect, permits, etc) also will go after me to get that back. 

Thats exactly what I said!!! They said that the policy doesn't cover me only the end buyer.

So I'm in the middle of what seems like the twilight zone. I'm wholesaling the deal, found seller, buyer, closed, cashed the check. Done deal title company calls month later opps deal is bad not the real owner we missed something and should have never closed. Seller is nowhere to be found, and everyone is wanting to sue me because I put the deal together.