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Real Estate Question
Here's my situation. Hope I can get some good advice.
I'm in 30 day escrow on a house and have been for about 15 days. Seller bought the house at a foreclosure auction a year ago, fixed it up, and is selling it to me. Yesterday, seller's agent disclosed to my agent that there is litigation going on between the former owners who were foreclosed upon and the current Owner (as well as the bank who did the foreclosure, maybe? They're being vague and haven't shown me the papers yet).
I call up the seller's lawyer and tell him that I'm unimpressed and ask for details about the lawsuits. He tells me that plaintiffs are wackos. There's one "Unlawful Detainer" action which was dismissed. An appeal was taken, and that appeal has been dismissed. There's also a civil suit going against seller (and others?) that seller's lawyer had a demurrer granted, but apparently just found out last week that judge gave plaintiff leave to amend and an amended complaint was subsequently filed.
I'm told by my title insurance company that they'll indemnify me and defend against any recorded actions, but that they might not be willing to let the sale go through.
My question isn't whether I have a good cause of action of fraudulent inducement and fraudulent concealment against seller and seller's agent (I think that I do, but not sure what my damages are), but rather, what the hell should I do?
Please help. I'm searching for guidance from smart people.
strazed and confused
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