The client came to Adam Leitman Bailey, P.C. in an impossible situation. The client’s wife was 7 months pregnant during the height of COVID-19. She was not moving. The client’s dream home was not only not for sale, but in probate without any indication as to who had the authority to sell it. To make matters worse, the client had signed a contract to sell their existing townhouse on a specific date without having a place to move. The client’s only answer as to why they had signed a contract to sell their existing home without a contract to buy their dream home was that they made a mistake, but, like in years past, Adam Leitman Bailey P.C. performs miracles, and the client needed one now.
THE APPRAISAL AND BEATING THE LAWSUIT
First, the client refused all visitors in their existing home during COVID-19 as a baby was about to be born. This means that no appraisal took place inside the home. When the purchasers sued, they said the client did not allow an appraisal to occur. Nonetheless, during the litigation Adam Leitman Bailey, P.C made it known to purchasers’ counsel that drive-buy appraisals using pictures taken outside the home were commonly utilized during COVID-19.
PROBATE AND TRYING TO BUY THE DREAM HOME
The client believed that signing a contract for their new dream home was imminent. However, Adam Leitman Bailey, P.C. discovered that no owner of the home was chosen and probate of the will was not completed. Adam Leitman Bailey, P.C. guided our client to use soft hands to become best friends with the family. Somehow they succeeded, and the property was never placed on the free market. Following the probate process, Adam Leitman Bailey, P.C. found the first day on which the property could be sold and uncovered who had the authority and we sent our client to make a deal. The client succeeded in obtaining the purchase price that was agreed on before, despite the rising prices in the real estate market.
CLOSING THE DEALS
Once we had an oral agreement, Adam Leitman Bailey, P.C. advised the seller of the client’s dream home to hire an attorney to bring this transaction to fruition. In structuring the deal, we needed to carefully draft the closing date provision to allow the client to settle the dispute and litigation related to the sale of his existing home. If unable to settle or close the sale of their existing home, the client would be forced to either seek traditional financing or borrow money from a relative to pay the balance. Financing the purchase of the client’s dream home in a time of rapidly rising interest rates was something that the client wanted to avoid. With this in mind, Adam Leitman Bailey, P.C. diverted our attention back to the sale of the client’s existing home and its attendant litigation. Adam Leitman Bailey, P.C. quickly came to the realization that if this litigation was not settled promptly, both sides would have to endure many months, if not years, of litigation.
In an effort to push for the settlement of this litigation, Adam Leitman Bailey, P.C. served a Time is of the Essence Closing notice at the purchasers’ counsel. With the choice at hand, in addition to the overwhelming pressure from our Time is of the Essence Closing notice, Adam Leitman Bailey, P.C. was able to engage in more fruitful settlement discussions with purchasers’ counsel. After some savvy lawyering and persuasive settlement discussions, the purchasers of the client’s existing home conceded to Adam Leitman Bailey, P.C.’s position and agreed to discontinue the litigation and close the deal.
With the closing for the sale of the client’s existing home now in place, Adam Leitman Bailey, P.C. was able to schedule the client’s purchase of their dream home a few days later as an all-cash closing. Closing in cash allowed the client to avoid record interest rates, significant mortgage tax payments, bank fees, and loan policy premiums (tens of thousands of dollars altogether). Our client was one of the lucky ones, as it is very rare that the previously stated facts all come together.
Adam Leitman Bailey, Colin Kaufman and William Pekarsky represented the client in the litigation related to their existing home and Adam Leitman Bailey strategized, contracted, and closed on both transactions