[fintstone]

Originally Posted by look 171

...Why can a property owner dump their property due to financial issues for a quick sale (just a question, not the case here)?

I am not sure if I understand? being the contractor on the property 1 1/2 year ago, and have had previous business dealings with an owner, I just screw myself out of a legit purchase of the home at asking, or at a price he's dumping?....

The problem here is that the judge allowing the uncle to sell did not make the uncle the owner. Both still own the property. That is why you must have an "at arm's length" sale unless both sellers are in agreement. The seller still has to get the most possible fro the property and divide the amount after expenses. If the nephew realizes that you have previous arrangement/interest, he can easily sue either or both of you for fraud and tie this up forever. All he would need is an independent appraisal that shows the property is worth more than you paid (which is what you have already told us)

"At arms length" is important for tax purposes and also for inheritances.

I own a house that I bought from my mother. I paid $175K which, I believe was market value due to some known (by both of us) repairs. The appraisal came it at $200K and the appraiser put on the appraisal "this is not an at arms length sale." It did not matter to me as all my brothers had already turned down the purchase and were happy for me to buy the home. Otherwise, it could have been a problem. Especially since my mother told everyone what a good deal I was getting (to be a big shot) and that it was "my inheritance."

I have since bought another home and offered to sell it back to her for what I paid (after some repairs) and she declined...but changed her tune.