To make a long (LONG) story very short: We entered into a rent to own program through a real estate attorney. We put down a considerable down payment (10k) to keep our monthly rental payments low, were promised in the contract that that money would go toward the down payment when we purchased the house. We were also given ,000 off the price of the house for repairs we made before we moved in.
Through the course of living here, we found out the attorney did not own the house, there was an actual owner.. and they were refusing to sell (even though they entered into a contract). They took their situation to a lawyer and got out of their end.. leaving us up in the air. The contract we signed had a time stipulation and that ran out.. meaning we were out our down payment, they refused to return it. Right before the contract ran out, the house went to foreclosure. It is now owned by the bank and there’s a strong possibility we’ll be forced out.
From what I understand, since the lawyer/company never owned the house, they never had the right to claim they could sell it to us. We even secured financing for the house and the actual seller refused to sell through him.
We went to a very good real estate/contract attorney and told him the situation, showed him the contracts, and asked what we could do.
After a few days of research he said there is a "reasonable chance" we can win, but his fees in total will cost ,500-,500. He wants to take this guy to the cleaners. Wants to sue for not only our down payment, but damages as well. He knows our financial situation, and even stated that considering that, he understands that choosing him may not be a good option for us at the moment.
Does ,500-,500 sound too expensive, or too cheap? I’ve considered shopping for a lesser priced attorney, but the situation is so complicated i’m concerned that finding someone cheaper would lessen our chances of winning. I would dive in if I knew we had a 100% chance of winning, but you never know. I’ve also looked for a contingency lawyer but all the ones in our area seem to only take on personal injury cases.
Honestly, what would you do? What does "reasonable chance of winning" really mean in lamens terms? I understand he can’t give us a "I know you’ll win!" answer because that would be irresponsible.. but I feel like I need a little more assurance before diving in and possibly losing ,500 on top of what we’ve already lost.
I am confident we will win the case, I just don’t want to end up paying 30k in lawyer fees, after being nickled and dimes, and the chance that IF we win, the defendant will just appeal again and again, for a 10k(ish) lawsuit. Would that even happen?
Edited to add: Yes I realize we were stupid by entering into this contract in the first place. We were desperate.. and got screwed because of it. That’s not what I want to hear. I know we were stupid. I just want to know if we can get our money back, and how much it will cost us to do so.