Buying or Selling a Home/buying a home disaster

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Expert: - 6/27/2007


Question
Hi we are in the process of buying a home from an owner.  It is under agreement, but it has been one thing after another with the owner.  We do have an attorney thank god, but we still have not received the purchase and sales agreement back from the owner so we can start our loan process.  We had our attorney draw it up  because the owner requested it and we were fine with that.  The owner tells us one thing and does another.  We have also heard from neighbors that they are renting out the house.  We have a strange feeling that they are trying to back outof it and was wondering what rights do we have with the house.  Any advice would be great.  Thanks!

Answer
If you have a fully executed sales agreement (meaning signed and dated by all parties), you may be able to sue the owner for specific performance as per the contract. However, if he has NOT signed and returned the completed contract, you probably do not have any rights at all to the house.

General real estate law says that all real estate contracts must be in writing and signed by all parties. But this is where you need your attorney, to advise you on the particular laws of your state.

Good luck with your purchase - at least find out as quickly as possible if you have a valid contract. If not, it is probably time to move on and find another home. It can be really tough (and expensive!) to deal with an owner that does not truly want to sell. If that is the case, hopefully there is even a better home waiting for you out there.

Buying or Selling a Home

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Diann Tonnesen

Expertise

I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.

Experience

With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.

Organizations
Las Vegas Board of Realtors and the National Association of Realtors

Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.

Education/Credentials
college journalism major

Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.

Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:

Las Vegas Real Estate
Las Vegas Condos
Henderson Real Estate
Las Vegas Golf Course Homes

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