Posted on: 07th May, 2013 11:40 pm
Hello there… Few years back, I used my house as collateral to get a loan. A few months ago I made an option contract with a family friend. It states that I give him first consideration to buy the house and he put $5, 000 as a marker, with a clause saying if I default I could be sued for an even larger amount. Now I am facing divorce and need to sell the house and I can't wait to have him get the money. So, will I be sued?
Hi Jacob,
Well, there are high chances that you will be sued as you have an option contract with the concerned person. Try and negotiate with the family friend and check out if he would consider the matter.
Thanks,
Jerry
Well, there are high chances that you will be sued as you have an option contract with the concerned person. Try and negotiate with the family friend and check out if he would consider the matter.
Thanks,
Jerry
Yes, you can very well be sued given the situation.