missed opportunity????

[unicornhunts]

In WI, My business partner and I were appraoched to by the residence of the older gentleman with whom we had bought other properties. He mentioned his children wanted him to get an apartment. We looked at it and we made him an offer - telling him several times he could get more for it on the market than we could pay for it as a rental. He told us to think about it and he would stop by the next day. The next day he stopped by and told my partner he would take our offer and would be out within 30 days, and how soon could he get the money. The next weekend my partner drove by his house and it had a for sale sign in the yard. He tracked him down at the local restaurant and when approaching him he said he had some bad news. His daughter didn't want to him sell the house now. Next thing there is an auction sign in the yard listing the home for sale along with personal property. We have nothing in writing, just relied on our experience from purchasing 4 other properties from him. What are your thoughts???

[catisland]

Sounds more like you dodged a bullet than missed an opportunity.

Something's up, the daughter is obviously involved and may even have power of attorney.

Sounds like it's a complicated situation. You're probably lucky you never got involved.

However, it would seem that this elderly gentleman may be ill or infirm in some way and no longer able to maintain a house or live on his own, so hopefully you can find out where he's moved to and send him a nice note or something to perk up his day.

[Stevef]

Originally Posted by unicornhunts

We have nothing in writing, just relied on our experience from purchasing 4 other properties from him. What are your thoughts???

The statute of frauds makes verbal real estate (land) contracts unenforceable.