A Successful Closing

eal51June 11, 2009

Despite all the negative leaning news in real estate, the son and daughter-in-law will close on their first house tommorrow!!!!!

A couple of last minute items came up today but were cleared up and they're good to go!!!

Enjoy the journey.

eal51 in western CT

Thank you for reporting this comment. Undo

My friend just received disturbing news on his sister's business building that she sold years ago. The buyer of the building some 4 years ago received a large inheritance and used part of the money ($400,000) to make the purchase. To make a long story short, the business failed and the buyer having financial difficulties sued the original seller stating that the building (In Flemington, NJ) was not worth the $400k. The Judge during arbitration adjusted the principal value of the contract forcing the original seller to return $200,000 of the $400,000. The original seller has now filed for bankruptcy.

My Question: Is contract law pertaining to commercial and residential now all meaningless with these new bankruptcy laws? Is a "successful" closing really a potential ticking time bomb if the buyer later files for bankruptcy?

    Bookmark   June 12, 2009 at 5:50PM
Sign Up to comment
More Discussions
Preparing to list starter home w/o dishwasher etc.: how big a problem?
When I bought it and redid the kitchen, I replaced...
Seller isn't signing the sale contract
Land has been on the market for 1.5 yrs and asking...
Negative connotation of listing "As is"?
I'll try to put our situation as simply as possible: We...
Driving A U-Haul, Towing A Vehicle Transporter
Well after all the looking and reading we have decided...
Moving to make room for mom?
My mother is getting to the age where she should not...
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™