Title Problems

[Illusions396]

I'm Buying a new home in Colorado. My wife and I pick a lot that we both liked and a house to build on it, both were sold to us by the same company. A month and a half after we put down the Money and had soil samples and plot plans completed the company came back to us and said sorry there has been a mistake... We have already sold that land to someone else... the Title company has already sent us a packet showing that they have reviewed and cleared the title and sent an Agreement To Issue Policy. My questions is Were do we stand and what action should I take. I was just advised Nov 08, 04 of this problem. I would appreiciate any help. Illusions radar4moi@yahoo.com

 

[nextwife]

This sounds like a seller problem, and one the title company simply reported. The seller was not keeping good records of which parcels they had accepted offers for and which were still available. This can happen when large tracts of land are being subdivided into many lots, if the developer is not closely watching (and mapping) the lots as they go forward.

I would try to negotiate recovery of your O.O.P. expenses due to their error. You will need to find a different lot.

 

[HomeGuru]

I agree and request that all your expenses in connection wih this purchase be reimbursed.

 

[Illusions396]

Sellers offer

Ok I talked to the seller and they agreed that they would pay for everything that has been done and they also asked us how much money we thaught would be resonable for moving to a new lot delay in build and inconveinecne. They don't want to make us an offer they want us to come up with one.. ????? are they just being nice and trying to maintain a good rep or are they trying to get me to acccept an offer so that i have no recourse? the value of the house and land is $470,000 we originally bought the land for $62,000 and the other couple paid just over $80,000 for it? so how much is fair and are they just nice or are they trying to protect themselves?

 

[nextwife]

The "value" of a house you have yet to build is irrelevant. The lot had already been closed and is owned by another party. See if they have a somewhat comparable lot on which the home you'd hope to build can be placed. See if they will honor the same price that they agreed to sell the other lot, plus cover the costs of the money you blew obtaining site tests etc. Maybe you can also get them to cover the cost of testing the new lot.

Work out an agreement on a new lot and move on.

 

[dworrill]

Don't you find it funny that they MADE $18,000 on the same piece of property. Just put it into context. Do YOU think prices have dropped $18,000 by the time you bought the land? OR do you think they got more and took the higher offer? Go find out who purchased the land and ask them when they bought it.

Go gets some GOOD advice as far as the amount you offer to satisfy your discomfort.

The problem can be tackled in various ways. It depends on the type of person you are. The order of when you or the other buyer supposedly purchased the lot. And whether you became attached to that lot or not.

DAM