July 13, 2012

Another question for Jahn

Lets suppose I want to sell you my house...  We figure the market value is 700,000, but there are some problems.  I have an old oil tank in the cellar that needs to be removed, the roof and the boiler is old.  You do your inspections, you and I  negotiate and I sell you my house for an agreed upon price of 500,000.   

With me so far?

After you buy the house, you realize the problems are worse then you thought and you really only should have paid 300,000:

  1. Should I "step up" and give you $200,000 back
  2. Should I say that I gave you permission to do all the due diligence that you wanted, I never lied about anything and negotiated fairly and owe you nothing.  Buyer beware!!
  3. Should you ask the government for help to bail out your mistake for over-paying for my house

Before you answer read what some of our local delegation think, click here


Steve Foley said...

I think Bill should pay Jahn the original $700 value of the house (not only the $500 Jahn paid), have the gubmint do the clean-up, and let Jahn keep the $700 as investment income, and pay income taxes on the rental income (section 8, of course, paid by the gubmint)

Or am I being obtuse?

Jahn said...

I didnt read the link, but I assume this is the the olf T&G building

City did the same thing although for different alleged reasons with the old Palsons property when the buyer of the place under estimated his re-hab costs and then came begging for a TIF, a Dif, or what the heck it was that basically handed a pant load of Worc taxpayer $$$$$$$ in the form of reduced RE taxes.

Steve, I think Bill should not only gimme back all my dineros but also be hit with treble damamges plus attorney costs plus punitive damamges plus court costs. Color me litigious :)