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Unfiltered Story #251571

, | Unfiltered | January 14, 2022

Back in the ’80’s, I put an offer on a house for sale, and my offer was accepted. Before closing, I got a panicked call from the seller, something to the effect that I “wouldn’t force them from their home, would I?”
In my state, one needs a lawyer to buy a house. I’ll call mine “Mr. Z.” I called Mr. Z to find out what was going on, and learned that the seller had planned to move to another state and only belatedly discovered he couldn’t get a job there — so wanted out of the deal.
Mr. Z told me it would be a prolonged legal case to force a closing on a now-unwilling seller, so I looked to find a different house. Unfortunately, interest rates were climbing at this time. It only took maybe another month to find (a better) house to buy in my price range, but by then interest rates had climbed nearly 2% — to about 16% per annum!
So I contacted Mr. Z and told him I’d like to pursue a lawsuit against the reneging seller to get him to make up the difference — the extra interest he, in effect, imposed upon me because he scotched the deal. Mr Z. told me to hold off for now because he happened to be pursuing a similar case and it would be better to wait till that case was settled — for the precedent. That made sense, so I did.
Only LATER did I learn that Mr. Z was representing, in that other case, the defendant, not the plaintiff. He was, in effect, working to establish a precedent to thwart my ability to pursue my case against the reneging seller! So I was stuck with an interest rate so high that my principal increased over the course of that loan.
Naturally, I refinanced this loan as soon as rates started dropping again. When I went in to Mr. Z’s office, the first thing he said was, “Boy, they sure screwed you!” It seems that my existing lending institution required a one-month notice — that Mr. Z was to have given them — or they could charge an extra month’s payment on refinancing — $1500 in my case.
I probably turned beet red! (I’ve since learned that others perceive me as a great deal more threatening than I see myself.) I told him in no uncertain terms that I expected HIM to pay that $1500. I let him talk me down to his paying about $800 of it (but I probably should have contacted the Bar association, had I only known).
Needless to say, a few years later, I got a big smile on my face when I read Mr. Z’s obituary in the paper!
BTW, I’m still in the home I bought back then and still like it and the neighborhood.

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