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[Kelly M <crayphish AT gmail.com>]

I hope I did this correctly...

I don't mean to dash hopes but....
I am a real estate notary in Louisiana and on my desk is a sale that came
in.  I ordered the abstract.  It came in and was examined by our attorney.
I called the listing agent 3 days after this was sent to me to obtain the
seller's contact information to get loan payoff information.  They have 2
mortgages on the property.  I mentally noted that the contract sales price
was not much more than the first mortgage's original balance.  They
purchased the property using a first and a second in 2006.  No way that
first mortgage balance was paid down by much and I  really wondered how much
was pulled on the second at their purchase.  The listing agent tells me to
hold off as there may be a problem.  Well, short story is there is a
freaking problem.  The sellers signed the contract at a sales price that
would not cover their outstanding debt on the property...they have to come
out of pocket $36K minimum.  They would like to cancel the contract now.
WHY did they AGREE to sell at that price?  No one out there can be trusted.
Be very careful.  The potential buyers should, by contract, get their
deposit back AND the same amount from the sellers.  In reality, to sue for
such damages would not be worth the time or the cost.
Ask questions, never hesitate.  Make a list and get answers before you
accept/offer a sale.  Do not be shy.

Kelly

-- 
The average age of the world’s greatest civilizations has been 200 years.
These nations have progressed through this sequence:

>From bondage to spiritual faith; from spiritual faith to great courage; from
courage to liberty; from liberty to abundance; from abundance to
selfishness; from selfishness to apathy; from apathy to dependence; from
dependency back again into bondage.