Quote from: usagi on March 02, 2013, 06:55:34 PM

Quote from: sebicas on March 01, 2013, 08:18:10 PM

We bought the villa 6 years ago for a total price of $150,000 but we never got title of the property. A few years after that, the developer didn't payback the loan to the bank and the bank took the property.

Now, the bank sold the whole complex to a new developer owner and the new developer is willing to give us title if he pay an additional $68,000.-.

Please confirm the following three facts because I want to make sure before I buy the villa:

1. You got ripped off for $150,000 and do not have the title to this property and are not connected to this property in any legal way.
2. Your saying that the new guy -- who is a real estate developer -- is willing to sell it to you for less than half of what it's worth.
3. You haven't found anyone who will take this deal for six years.

Do I have that straight?

1. The legal connection is a pre-construction purchase contract.
2. New developer made a deal with bank that will give title to current owners for the indicated amount.
3. This happend just 2 weeks ago, because there was no change to obtain title before, is was not possible to sell it.

This type of things are very usual in the Real Estate Market, especially with the Real Estate Crash of 2008.