Interesting exchange in our "would you walk away from $10,000" thread, where a former lawyer recommended bringing suit to retrieve the deposit due to false and misleading sales practices. You know, quotes at the sales office like
"These will easily double!"
"You'll have no trouble selling!"
"You were lucky to get one - our waiting list is thousands long!"
Blah blah blah
So I was thinking, who else will people sue? Their realtor? The appraiser? And will the developers sue the folks canceling, or just take the deposits back and try to unload to break even at any price? When there's blood in the water, you know the sharks will be circling
Here's the post:
Esquire said...
I would have my Attorney demand my $10,000 back under threat of lawsuit for deceptive sales practices.When the builder balked; I ask him if he'd rather pay me $10K now, or $10K + punitive damages + my attorney fees + court costs when the Jury made up mainly of folks who the builders ripped off award me $500,000 in compensory damages!Yes, In a previous life I was an excellent collections-attorney. Trust me a letter from an attorney to the builder will get your $10K back at this point in the cycle.
May 28, 2006
Get the housing bubble lawsuits ready
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7 comments:
Matlock!!!!!!!!!!!!
Excellent Post
I can see the lawers now sitting around planning class action lawsuits.
I would not be supprised next year to see full page newspaper ads and t.v. spots saying...
If you bought a condo from _____ and lost your deposit you may be entitled to receive thousands of dollars in damages..
Call Now 1-800-xxx-xxxx
Jurys are mean, volatile, fickle. Don't assume one will see ALL the greed at the other guy's table.
MELT DOWN
Builders may soon have have pending consumer suits, creditor suits... a large inventory of shrinking market value.
Looks like the builder's stock holders are screwed!!!!
How about this scenario...
As someone said above, it's possible the developers will not have enough cash to cover the damages brought in a class action.
The next logical step would be to go after assets, i.e. the developments (condo's, mcmansions, etc.). Then, the class action lawyers and parties would want to get rid of that as fast as possible.
My point, look for another source of very inexpensive housing inventory to hit the market. This is more long term, because it will take some time for this to completely form and these suits to work through the courts. I guess two years from now. Just another reason to wait to buy until 2008.
JM
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