Steve Silva Comments on Real Estate Sale Dispute in Nevada
Steve Silva offered comment to ProPublica for an article regarding a dispute between a group of distressed real estate cash buyers and a homeowner. The dispute originated when the distressed homebuying group offered to purchase a homeowner’s property and the two parties entered into a contract. When the homeowner’s son learned of the deal, he advised the homeowner to terminate it. The termination request was communicated to the buyer, who did not respond. The homeowner then hired a real estate agent and entered into a new agreement to sell the property for a significantly higher amount. When escrow was opened on the sale through the agent, someone anonymously sent a copy of the distressed homebuyers' purchase agreement. On receipt of the competing purchase agreement, the escrow was stalled. Eventually, the matter was resolved favorably to the selling homeowner.
Commenting on the anonymous contract being sent, Steve said he had "never heard of a contract appearing anonymously during escrow. The typical way of staking a claim to a property is a lawsuit demanding the seller be held to the contract.” He added that the distressed homebuying company could have been “looking for a new way to try to find some pressure to get [its] agreement through,” but “simply mailing a contract to an escrow officer could be a risky move."