Originally posted by @Account Closed:
Originally posted by @Priya Thomas:
I had a property under contract. A week before the closing the title search showed four people on the title which was not disclosed before. Also there is a huge tax lien on the property.
The seller agent is the mother of the seller. There is no way the son did not tell her mom about four names on the title or about tax lien. The tax lien is so huge that they have to bring money to the table to close it.
At this point in time I don’t really care if I don’t close the property, but I feel that the seller agent acted dishonestly and lied / tried to hide the title discrepancies and lien issues. How do I hold them responsible for their action. Also they wasted ton of my time & money.
Secondly, is there any creative way to buy the tax lien property for dirt cheap?
Why do you care what the seller owes? That is none of your business and the agent has a fiduciary responsibility to the seller not to the buyer. As long as they close as agreed, no harm no foul.
Your question: "Secondly, is there any creative way to buy the tax lien property for dirt cheap?"
The one being dishonest here is you, not them. They had no duty to disclose and now you are trying to cut the agent out of the deal. Shame on you. Go find some other investment area like stocks, or futures, where they admire dishonesty.
Mike - I have no reason to be upset if they come to the table as promised and close the deal. But seems like that isn't going to happen. Also nothing wrong in looking at different approaches to close a deal, nothing dishonest about it. If the contract falls apart because they didn't have money / clear title, they cannot sell it to others as well. I have upper hand in this situation that I have seen the property multiple times and know the lien / title issues. So I am looking into buy the property from a different approach as well.
Reg agent disclosing, I believe that she has the ethical responsibility to disclose especially if she knew that there are issues on the title and there could be issues in honoring the contract. State laws hold the agent accountable to these kinds of situation.
