[WSBAPT] How to Validate an Offer to Purchase Real Property, Stark Contrast in Price

[Andrekita Silva]

  Law Office of
F.ANDREKITA SILVA
                                                                                                                                     
                                 
 
Rich,
 
I just googled that company and on the BBB website in Texas, they have  
2 stars out 5 stars. Complaints were that they low balled and took  
advantage of home owners in distress. It’s hard to believe now they  
want to give homeowners MORE than fair market value?
 
So, you say your client list for $20K or $200K?   Richland offered to  
sell for $280K?
 
I just secured an appraisal for a client whose property is on Phinney  
Ridge in Seattle.  Homes that were listed for $667.00 sold for between  
$800K - $890K. 
 
It’s a strong market right now. I would be pretty hesitant to support  
a client’s wish to break her agreement to go with another company.   
With this particular company, you should read the reviews on the BBB  
website.

I also think it could get messy if your client breaks her contract.
 
 
andrekita
Law Office of F. Andrekita Silva
1325 Fourth Avenue, Suite 2000
Seattle, Washington  98101
Telephone:  206-224-8288
www.seattle-silvalaw.com
 

Quoting Matt Yates <matt at yatesmarshall.com>:

> I have been engaged by an elderly woman who has a vacant real  
> property parcel in SW Washington for sale.  She has executed a NMLS  
> PSA for $20,000 but has since received a letter offer (sort of) for  
> $280,000 from a Texas LLC called Richland Acquisitions.  The TX  
> firm’s address is:
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>    3824 Cedar Springs #801-4712
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>    Dallas, TX 75219
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>    Anybody heard of them?  My presumption is that the letter client  
> received is an “offer to sell” her land rather than an offer to buy  
> it.  That is, they’ll get her to commit to selling it through them  
> and then they market it for a period of time and if it does not  
> sell, the offer to sell is terminated.  The letter that she received  
> lacks detail making it very ambiguous. 
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>    Client wants to know if she can terminate the existing PSA and  
> “accept the other offer.”  Again, I doubt its an offer to buy but,  
> if it were, at the very least we might have a case of efficient  
> breach if she needs to get out of the existing PSA.  I acknowledge  
> that “specific performance” is still a viable remedy in real  
> property transactions.
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>    Any input is welcome especially if the entity who sent her the  
> letter offer sounds familiar.  They have a website but doesn’t  
> everyone these days.
> Matt
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>    Matthew D. Yates
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>    Attorney at Law
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>    Yates Marshall, PLLC
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>    10000 NE 7th Avenue, Suite 200
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>    Vancouver, WA 98685
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>    Phone: (360) 449-6100
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>    Fax: (360) 449-6111
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>    matt at yatesmarshall.com (NEW EMAIL ADDRESS)
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>    www.yatesmarshall.com
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