Property Manager did not buy my house...

Hi
I have a contract for deed with a "property manager" that states that he would buy my house for a certain amount by a certain date. He had hoped the tenant would buy the house but he did not and has failed to purchase my home.

It has been over a year since he was supposed to buy it and he keeps giving me the run around.

I want to sue him for the purchase price he promised me.

Does anyone know about what this will cost me and what do you think my probability of winning is?

thanks

First, do you actually have a signed contract to purchase, or do you have a signed option to be able to purchase? A signed option to purchase means he is able to purchase, but is not obligated to do so. A signed purchase agreement means he intends to buy the property. Was you agreement vetted by a real estate attorney to be sure it is valid? If so, the same attorney can represent you in a breach suit for his failure to follow through. However, why has he not bought the house in over a year? Does he have the money? If not, I don't know what good filing suit will do you. You can't force him to buy it if he doesn't have the money to pay you and cannnot obtain financing.

You also have the problem with the contract being over a year old. When did this contract say he would purchase the property? If it says he was to buy it last year and you have not pursued this in court since then, a judge could decide that you contract has expired by now. I suggest you run this by a local real estate attorney who would know what the local judges would say about a contract this old.

I have a contract for deed and an option agreement. Both have expired.
He has a tenant in my house this whole time and is trying to sell my house to an investor and make a profit over the amount he originally promised to pay me in the expired contracts.

How would I know he was not able to fulfill the promise to purchase unless we reached the expiration date of the contract?

I feel I have the right to sue after the expiration date for his failure to do what was in the contract.

I have talked to one lawyer who said the contract is still in effect unless and until I take my property back.

The property manager is still paying me monthly and is current.

[OHlandlord]

If he has an expired contract now, he will have no authority to sell your house to anyone at this time, let alone to someone else at a profit. Your contract allows him to buy the property within that period. If he did not and no closing occurred, then no deed should have been completed or recorded in his name. He should have no interest in your property other than his contract to be your PM. The contract to buy should have expired, just as an offer to purchase can expire if a seller does not accept it in time. You should not have to honor it after the expiration date.

At some time during the agreement, he should have been seeking financing to purchase the property. The mortgage company should have contacted you, the seller, to verify the specifics of the deal. At that time, you should have known that he was unable to obtain financing. He should have been working with a mortgagor at least a month before the contract expired since it normally takes a month to close on a house. Closing should have occurred prior to the contract's expiration.

I feel as if you will be unable to sue him for failure of specific performance. He had an *option* to buy, not a signed offer on the house or a purchase contract. He also had the right not to exercise his option to buy. If I were you, I'd terminate his contract as the PM and retake the property from him. Collect the rent from the tenants yourself and inform them that the PM no longer works for you, they need to send all rents to you (or a new PM if you hire one.) Retaking the property would surely sever his contract and you could then pursue new buyers. I would vet this with your attorney as I believe this would be the way to go.