Legal Question in Real Estate Law in New Hampshire
real estate transaction
My wife is a real estate agent
working for a managing broker. Last
spring we entered into an
agreement to buy a condo. After we
signed a P+S we found out the
property was about to be foreclosed
on.This was not revealed to us by
selling broker. Upon finding that out
I told my wife that I wanted to let
the property foreclose and gamble
6000 deposit to try and buy cheaper
from the bank. The Managing Broker
called me after putting pressure on
my wife her employee to go through
with sales stating that I had no
chance to get it cheaper because
banks no longer sell for less than
what it owed and will hold on to a
property till they get all their money
out. I believe that she
misrepresented the situation to my
wife so she could have the sale for
her office. In saying that banks do
not auction property or sell at lower
then what is owed was a
misrepresentation and a lie. Do
have have grounds for a law suit as
what she told me is certainly not
what is happening in the market?
1 Answer from Attorneys
Re: real estate transaction
You have presented a very interesting question. In order to meet the burden of proof you would need a qualified expert to testify to what you "belive to be true." In essence, how are you going to prove your assumption?
Each bank is free to establish its own policy regarding disposition of foreclosed real estate. In your case, you'd likely have to find out what the policy is for that bank, if, in fact, one exists.
This is certainly not a simple case and you'd be well advised to discuss all the details in full with an attorney.
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