Legal Question in Real Estate Law in Iowa

contracts

pat has a rental house to sell by or before dec 1st, she sends harry a letter asking if he wants to buy it for 65000 because he previously expressed interest in buying the house. He accepts the offer and suggests nov 2. The next day before recieving harrys letter, pat sees mary at work and she wants to buy the house for 75000 with closing on nov 5 they shake on it and say ''deal'' and several coworkers hear their conversation. another coworker matt comes to pat that afternoon with a written offer and acceptance with a legal description offering 95000 by oct 27, they both sign and have each have copies of the agreement. the next day pat recieves harrys letter and she mails him a note saying the property has been sold and pat also tells mary the house is sold and their deal is off. October 27th comes and matt refuses to honor the contract saying he changed his mind. Both harry and mary are threatening to sure pat, pat gets an appraisal for 80000. what should i do?


Asked on 5/27/09, 8:40 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: contracts

This is in no way legal advice, since I would need to discuss the specific facts and see all of the documentation referred to in your query. But, the statute of frauds would likely prevent enforcement of the first two oral agreements. Also, you ask, "What should I do?" I have no idea who you are in the lengthy cast of characters, so I have no idea what you should do besides consult with a real estate attorney to get your questions answered.

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Answered on 5/28/09, 11:35 am


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