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#1
05-19-2008, 05:40 PM
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Can I get Sue'd?What is the name of your state? California A client of mine want to sue me for $1,150.00.. I help him find the house and set up the purchase agreement. I had eligible for a loan, with a middle Fico score of 577. Everything was ready to close on the property until the lender ran his credit again and his FICO dropped 37 Points to 540. This made him ineligible for the loan. There was outstanding balance of $1,150.00 in invoices for an appraisal and home inspection. These were charged to the buyer (my client). When he recieved his cash form escrow he was missing the $1,150.00. My client know feels that he should have not been liable to pay $1,150.00, and says he wants to take legal action against me. Questions If he was at fault for his credit score drop, can he take action against me? Will I be liable for to pay him back the $1,150.00? Can I be charged more? Do I need a lawyer, I figure if I win I would probably have to pay the lawyer more than $1,150.00 in fee's? Last edited by luisgordo; 05-19-2008 at 05:52 PM. Reason: Information |
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#2
05-19-2008, 05:46 PM
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| Yes, of course you can be sued.
__________________ * * The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision. Communication is KEY - 10 mins of talking now can save you months of headaches later! Masterfully stating the obvious to the oblivious! (Thanks SP!) Tell it like it is! When all else fails, make up a statistic!  Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to) |
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#3
05-19-2008, 06:11 PM
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| Q: Can I get Sue'd? A: Yes, when she gets back from the Funny Name Convention. 
__________________ There are two rules for success: (1) Never tell everything you know. |
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#4
06-09-2008, 04:16 PM
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| Hmm.. Why in gods name was money taken out of an escrow account? That money is not to be touched. If your a realtor, you cant be sued..your broker gets sued because escrow was tampered with for that should be his responsibility. If your a realtor, thats what you have Errors & Ommissions Insurance for, your insurance rates may go up but they will cover everything if you just happened to get sued. The invoices for the appraisals should not have came out of escrow. They are the buyers responsibility and the companies who performed the inspection should take action against the buyer especially since they were INVOICED. Buyers usually pay cash up front for inspections to avoid this problem. In no way should the real estate brokerage have touched that money. Good Luck, Ryan |
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#5
06-09-2008, 04:37 PM
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| Quote:
You're new here, huh? You DO realized that anyone can sue anyone for anything at any time, right? 
__________________ * * The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision. Communication is KEY - 10 mins of talking now can save you months of headaches later! Masterfully stating the obvious to the oblivious! (Thanks SP!) Tell it like it is! When all else fails, make up a statistic! Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to) |
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#6
06-09-2008, 05:21 PM
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| I think the lender gave up too quickly on this loan. There are still lenders out there that will do FHA financing with credit scores less than 580. Why don't you do some shopping around and find the guy some financing. Maybe he'll get off your back. I'm confused why the money came out of escrow too? Was the real estate company affiliated with the mortgage company? |
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