My question involves real estate located in the State of: California.
I sold vacant land 4 years ago. Rough numbers, 1,000,000 = 800,000 cash / 200,000 note to me due a year ago.
I agreed to extend the note 6 months. Still not paid. He has hit hard times and I have started foreclosure. He has a bankruptcy attorney trying to settle all his (many) issues and trying to get me to accept less. Calling it fraud.
Buyer is claiming that he overpaid and now has a current appraisal for $800,000 and he is calling it fraud on the part of the agent and me for not providing an appraisal at sale. He never asked for one.
I had owned the land for 20 years and never had an appraisal done.
(I'll note the irony that he now has it for sale for $1,000,000 in spite of now actually having an appraisal of $800,000.)
I can't imagine that there is an obligation to provide an appraisal in a sale or that he has any grounds to re-negotiate the terms of a sale after 4 years. FRAUD?
I did him a favor by extending 6 months and don't plan on discounting what he owes at all.
Any comments appreciated.
I sold vacant land 4 years ago. Rough numbers, 1,000,000 = 800,000 cash / 200,000 note to me due a year ago.
I agreed to extend the note 6 months. Still not paid. He has hit hard times and I have started foreclosure. He has a bankruptcy attorney trying to settle all his (many) issues and trying to get me to accept less. Calling it fraud.
Buyer is claiming that he overpaid and now has a current appraisal for $800,000 and he is calling it fraud on the part of the agent and me for not providing an appraisal at sale. He never asked for one.
I had owned the land for 20 years and never had an appraisal done.
(I'll note the irony that he now has it for sale for $1,000,000 in spite of now actually having an appraisal of $800,000.)
I can't imagine that there is an obligation to provide an appraisal in a sale or that he has any grounds to re-negotiate the terms of a sale after 4 years. FRAUD?
I did him a favor by extending 6 months and don't plan on discounting what he owes at all.
Any comments appreciated.
Seller Disclosure: No Appraisal = Fraud
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