- Sep 21, 2001
- 18,445
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blog.anandtech.com, I know. I'm just fricking pumped.
Some friends and I entered into a real estate deal in 2007 to purchase a house together. Long story short, the developer had to subdivide the property, leaving him with three lots and us with one lot and a house/garage. We leased-to-purchase until the subdivision is done. High five figures down, $1k in rent per month applied to purchase, adds up to almost 6 figures by end of day. Turns out, the developer is an ass.
Aside from a hell of a lot of misrepresentation (such as: he never mentioned when we entered into the agreement that he didn't OWN the property yet but was just purchasing it, authorized us to move in at that point, and then we got kicked out by the actual owners so we were without a roof for about two weeks, little things like that) he failed to update us on progress unless we did the research ourselves and then pestered him for weeks for updates. The kicker was when the city told him he needed to take down 3/4s of the garage in order to get the subdivision finished... and he didn't really bother to tell us. "Something" was going to happen to the garage but he never mentioned what. All the while he continued to ignore the house (we paid for and performed our own repairs, he never paved the drive like he committed to contractually so we spent $400 and lay down rock) and make very little progress towards closing.
Anyway, long story short, everything expired, we moved out, and he refused to give us our money back. We've been involved for the last six months in an arbitration process (agreed resolution per the contract) and just now recieved the ruling in our favor - the garage reconstruction constitutes a substantial change to the property we agreed to purchase and the out clauses in our agreements apply. WOOHOO!!
I'll never make this much money in a day but I sure had it to lose... Feels REALLY good not to see several years' of savings walk out the door with nothing to show for it. That would have sucked donkey balls.
So OT, dinner's on me?
[update 8/5/09]
Hey hey, we got paid today!!!!
Some friends and I entered into a real estate deal in 2007 to purchase a house together. Long story short, the developer had to subdivide the property, leaving him with three lots and us with one lot and a house/garage. We leased-to-purchase until the subdivision is done. High five figures down, $1k in rent per month applied to purchase, adds up to almost 6 figures by end of day. Turns out, the developer is an ass.
Aside from a hell of a lot of misrepresentation (such as: he never mentioned when we entered into the agreement that he didn't OWN the property yet but was just purchasing it, authorized us to move in at that point, and then we got kicked out by the actual owners so we were without a roof for about two weeks, little things like that) he failed to update us on progress unless we did the research ourselves and then pestered him for weeks for updates. The kicker was when the city told him he needed to take down 3/4s of the garage in order to get the subdivision finished... and he didn't really bother to tell us. "Something" was going to happen to the garage but he never mentioned what. All the while he continued to ignore the house (we paid for and performed our own repairs, he never paved the drive like he committed to contractually so we spent $400 and lay down rock) and make very little progress towards closing.
Anyway, long story short, everything expired, we moved out, and he refused to give us our money back. We've been involved for the last six months in an arbitration process (agreed resolution per the contract) and just now recieved the ruling in our favor - the garage reconstruction constitutes a substantial change to the property we agreed to purchase and the out clauses in our agreements apply. WOOHOO!!
I'll never make this much money in a day but I sure had it to lose... Feels REALLY good not to see several years' of savings walk out the door with nothing to show for it. That would have sucked donkey balls.
So OT, dinner's on me?
[update 8/5/09]
Hey hey, we got paid today!!!!
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