Quick Cash Buyer TV ads - Ethical????? Legal???

[talerco]

Jurisdiction

California

Elderly neighbor recently died. Her daughter (heir) lives about an hour away. Not real estate savvy. Always told me she would offer me house when…
When her mom died she contacted 2 quick buy / cash offer companies that advertise on TV here. 2 of 4. Before contacting me.
Quickly, within a few days of her mother's death she received the 2 offers. Let's say 400,000 and 450,000. Market value maybe 650,000. She was pretty pressured and like the 4th night after her mother's death they came to her home and she signed for 450,000.
I've done some research and guess what? The 2 companies she got offers from are both owned by the same corporate folks. So one bids super low and the other just real low and this heir thinks she is getting the best deal she can.
Is this California Real Estate unethical?
Illegal?
Recourse?
Thanks!

 

[adjusterjack]

Unethical - maybe. But if they aren't licensed realtors there's nothing anybody can do about it.

Illegal - No.

Recourse - None. Not for you anyway.

Probably not for her either. She was made an offer. She took it. That's it.

BTW,

Always told me she would offer me house when…

Unenforceable.

 

[talerco]

Unethical - maybe. But if they aren't licensed realtors there's nothing anybody can do about it.

Illegal - No.

Recourse - None. Not for you anyway.

Probably not for her either. She was made an offer. She took it. That's it.

BTW,


Unenforceable.

Thanks - kinda what I figured.
They are all licensed realtors - or at least the guy who signed the contract. And several others within (both) the organization.
I actually want to make them an offer over what they paid. But might be less than they think they can otherwise get. Looking for any leverage.

 

[zddoodah]

She was pretty pressured

What facts support this conclusion?

the 4th night after her mother's death they came to her home and she signed for 450,000.

Signed what? Did she actually own anything at this point? How long ago was this?

Is this California Real Estate unethical?

Legally irrelevant question. It depends on whose subjective set of ethics you apply.

Illegal?

Absent additional facts, I'm unaware of any law that was violated.

Recourse?

Unless other relevant facts compel a different conclusion, none.

When did the woman die?

How old is the deceased's daughter?

How did she hold title to the house? Specifically, was there a transfer on death deed ("TODD")?

If no TODD, has probate been started? If so, have letters testamentary been issued? If so, when were they issued? Was the daughter or someone else appointed as personal representative of the estate?

Let's see if the answers to these questions get us anywhere.

 

[adjusterjack]

They are all licensed realtors - or at least the guy who signed the contract.

You could report them to the state licensing board but I doubt that it would do any good, or even do them any harm. What they did may have been slimy but they didn't cross any lines, just made a shrewd business decision and the seller was desperate for the money. It's that simple.

I actually want to make them an offer over what they paid. But might be less than they think they can otherwise get. Looking for any leverage.

The only leverage you can have is cash, as is, no contingencies.

 

[talerco]

What facts support this conclusion?




Signed what? Did she actually own anything at this point? How long ago was this?




Legally irrelevant question. It depends on whose subjective set of ethics you apply.




Absent additional facts, I'm unaware of any law that was violated.




Unless other relevant facts compel a different conclusion, none.

When did the woman die?

How old is the deceased's daughter?

How did she hold title to the house? Specifically, was there a transfer on death deed ("TODD")?

If no TODD, has probate been started? If so, have letters testamentary been issued? If so, when were they issued? Was the daughter or someone else appointed as personal representative of the estate?

Let's see if the answers to these questions get us anywhere.

I'm not sure I have enough answers. And not sure what 'conclusion' you refer to.
Property in a trust with daughter (62 y/o) as beneficiary.
Signed a purchase agreement. Buyers have opened escrow that they say will be handling everything.
Death March 24 - now 2 weeks into contract - supposed to close April 27.
I get that ethics is probably irrelevant. It also seems that this is OK legally. Offer / Acceptance.
Main gripe would be 2 related entities giving 2 bids to make it appear like something it's not. Unfair business practices?
I'm pretty much admittedly grasping a straws here.

 

[adjusterjack]

Main gripe would be 2 related entities giving 2 bids to make it appear like something it's not. Unfair business practices?

Call the licensing agency and ask about that, without naming names.

 

[zddoodah]

not sure what 'conclusion' you refer to.

You made the following conclusory statement in your original post: "She was pretty pressured." I'm wondering what facts are the basis for this statement?

Property in a trust with daughter (62 y/o) as beneficiary.
Signed a purchase agreement.

I'm guessing that the daughter became trustee upon the mother's death (or may already have been trustee). Since the daughter is 62, there's no possible elder abuse issue. If she is so inclined, she can consult a real estate attorney to review the agreement to see if backing out is a possibility.

Unfair business practices?

I've seen crazier claims made in lawsuits filed under B&P Code section 17200. That's something that a good RE lawyer might be able to use as leverage to negotiate a termination of the contract.

 

[talerco]

You made the following conclusory statement in your original post: "She was pretty pressured." I'm wondering what facts are the basis for this statement?




I'm guessing that the daughter became trustee upon the mother's death (or may already have been trustee). Since the daughter is 62, there's no possible elder abuse issue. If she is so inclined, she can consult a real estate attorney to review the agreement to see if backing out is a possibility.




I've seen crazier claims made in lawsuits filed under B&P Code section 17200. That's something that a good RE lawyer might be able to use as leverage to negotiate a termination of the contract.

She feels there was some pressure. But you're correct. She's a grown woman and even though she was dealing with the death of her mother should have been more thoughtful. She acknowledges that. She is not going to muddy the waters legally. I'm the one thinking of that......
Thanks for the B&P Code link!