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

[Andrekita Silva]

  Law Office of
F.ANDREKITA SILVA
________________________________________________________________________
 
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                               June 13, 2021          

I meant homes in the Phinney area  listed for $667K and sold for $800K- $890K.

So, your client's home could sell for considerably more than listing price. 

andrekita
Law Office of F. Andrekita Silva
1325 Fourth Avenue, Suite 2000
Seattle, Washington 98101
206-224-8288
www.seattle-silvalaw.com

Quoting Andrekita Silva <ak at seattle-silvalaw.com>:

> 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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