Legal Question in Real Estate Law in Texas

Double Default

We were closing on a property in which was being ''flipped'' to us by an investor who bought from a seller at a price $50K less than we were to pay. However, at closing the investor defaulted in several areas of our contract and we walked and demanded our earnest money back which should not be a problem. He was mad, but, ... He also failed to fund with the original sellers by their agreed deadline even though he signed the closing papers on the closing date. The sellers held him in default and the investor is suing. I want to buy the property from the original sellers for $20K more than they were going to get from the investor but $30K less than we were going to pay the investor. My question is ''When was the investor in default?''


Asked on 11/18/07, 10:22 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Double Default

It all lies in the contractual obligations. Contact an attorney and have him or her explain the respective conditions and determine exactly where you stand.

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Answered on 11/19/07, 9:01 am


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