My question involves real estate located in the State of: New York
I have a contract purchase a home with a closing estimate of September 20th. The seller ran into some trouble 4 weeks ago and has since left the country with no plans to return. He has not granted power of attorney to anyone and still owes about 95% of the original mortgage amount since he only purchased in Dec. 2016. We still want to purchase the house. My lawyer indicates the following options:
1. Litigate under Specific Performance for breach of contract. She indicates that this will be a lengthy process and cost $20,000-$30000 of legal fees that likely will not be recoverable given the situation. She indicates that the place will foreclose prior to a judgment. We have a rock solid contract with no contingencies and he is the sole owner.
2. Wait for the property to foreclose and attempt to buy at auction.
My questions are:
1. Assuming the seller never returns, is above true? Is NY slower than most?
2. Is there an option to protect our contract and have first right of refusal after foreclosure?
3. Is there any way a bank would work directly with me given these special circumstances? I know details of the loan.
4. If the seller should be apprehended while the contract is still valid, could he be compelled to grant POA to a party?
5. Is there a way to keep contract in place for the unlikely chance he is apprehended?
6. Does anyone know of a circumstance similar to this? The seller has published an online document indicating he has left the country and no one knows where he is.
7. He was an active Navy officer...any remedy through the Navy?
We have done nothing wrong and have been effectively rendered homeless because of this situation. Very frustrating.
Thanks in advance for any advice!!
Thanks,
Devin
I have a contract purchase a home with a closing estimate of September 20th. The seller ran into some trouble 4 weeks ago and has since left the country with no plans to return. He has not granted power of attorney to anyone and still owes about 95% of the original mortgage amount since he only purchased in Dec. 2016. We still want to purchase the house. My lawyer indicates the following options:
1. Litigate under Specific Performance for breach of contract. She indicates that this will be a lengthy process and cost $20,000-$30000 of legal fees that likely will not be recoverable given the situation. She indicates that the place will foreclose prior to a judgment. We have a rock solid contract with no contingencies and he is the sole owner.
2. Wait for the property to foreclose and attempt to buy at auction.
My questions are:
1. Assuming the seller never returns, is above true? Is NY slower than most?
2. Is there an option to protect our contract and have first right of refusal after foreclosure?
3. Is there any way a bank would work directly with me given these special circumstances? I know details of the loan.
4. If the seller should be apprehended while the contract is still valid, could he be compelled to grant POA to a party?
5. Is there a way to keep contract in place for the unlikely chance he is apprehended?
6. Does anyone know of a circumstance similar to this? The seller has published an online document indicating he has left the country and no one knows where he is.
7. He was an active Navy officer...any remedy through the Navy?
We have done nothing wrong and have been effectively rendered homeless because of this situation. Very frustrating.
Thanks in advance for any advice!!
Thanks,
Devin
Purchase Contracts: Seller is Now a Fugitive and Has Left Country.what Can Be Done
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