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Real Estate

John, a disabled Vietnam War veteran recently retained Attorney DiBlasi as the town was about to foreclose on his home. He lived alone on a one-acre property. Unfortunately, his fixed income did not provide him with sufficient funds to meet all of his home’s expenses, including his real estate taxes. As a result, the town filed for foreclosure in court.

Early in the process, John mentioned that he wanted to eventually sell his home. He also mentioned that his neighbor had previously expressed interest in the property. Attorney DiBlasi arranged a meeting with John, his neighbor, and the neighbor’s attorney. Attorney DiBlasi commissioned an appraiser to determine the fair market value of the property.

Attorney DiBlasi worked with the attorney for the neighbor to negotiate an agreement. In this agreement, the neighbor agreed to pay John the fair market value and a standard deposit. The agreement allowed John to use that deposit to pay the town off in full and prevent the foreclosure of his home. John was relieved from the mental stress of the impending foreclosure.

The agreement also stipulated that the closing would not occur for one full year. This delay would allow John to have one year to find himself a new home to move into. During this year, the neighbor was to pay all of the taxes and expenses on the home. At the closing, the neighbor deducted the expenses that had accrued over the course of the year from the sale price of the home.

In the end, Attorney DiBlasi was able to prevent the foreclosure of his client’s home, find a seller, and ultimately negotiate a deal without a broker, thus saving John approximately $15,000 in brokers’ fees.

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