I am contracted by a 3rd party to survey a lot that a bank owns via foreclosure. We don't get paid and file a lien. Six months pass and I find out from a colleague that property is under contract from a national retailer and that he has prepared a survey on the property too. A couple of more months pass and the property gets rezoned by the national retailer (big bucks being spent on a property they do not own yet). I hear last week that the zoning is approved and they are ready to close.
I get a call today from an attorney representing the owner (bank). They are offering me $0.50 on the dollar to settle and sign a release.
What would you do?
IF (<--- big if) your time to perfect the lien by filing a suit has not passed, I would not settle for anything less than the full amount plus interest and filing fees.
I find it highly unlikely that your initial fee (plus minor charges to this point) add up to enough money to kill a big commercial deal. The attorney is just doing their job by trying to squeeze every possible nickel from you.
Ask yourself this question. "What is the benefit to me if this deal goes through or dies?" The answer is probably pretty much the same either way so why would you want to take money out of your pocket to make it happen. Forget that and hold your ground.
Larry P
Almost a year later and still no money? But yet there is a lien in place. That doesn't get you a dime unless there is another bank, title companies, and somebody to enforce it. Regardless, $$$ and time wasted from your end.
A little bird on my shoulder would tend to indicate time to find another client. I'd cut bait, let the lien stand, and wait. But I suppose 50% of something is better than 100% of nothing extended for time.
And just how good of a "colleague" is that person? Sometimes we actually can make up minor differences on the back end (legally of course) of another deal. And just how many digets are you looking at: 4, 5, 6?? That would be a bigger factor IMO. If some $6K uncollectable debt was outstanding for a year, and they wanted to hand me $3K - I'd probably accept it. Add a zero or two, no way. See ya in court.
With the rules in place for the rich to stay rich and the poor to be placed in a position to concede to their will, you are lucky to be offered anything. Actually, by law they must make an offer before they continue with the foreclosure process to cut you out of getting any money at all.
It is understandable when a poor man has to wait until a property sells to be able to pay. It is a crime when those that can afford to pay will use any means possible to prevent them using their money to pay for anything and go to the extreme to use laws that should be protecting the laborer against him in order to not pay for the service.
In Texas, "all invoices presented for the closing" must be paid before any transfer in ownership is made.
Contact the closing agent and send your invoice to them or hand deliver it and get a receipt or letter in writing that they have received your invoice and they are the actual closing agent. Make sure that they agree that they will forward your invoice in the event that the closing location and agent changes and/or that they will contact you if that happens.
These people have a State Board of Registration to answer to if you are left out in the process.
UNtil our leaders get out of these peoples pockets, nothing will change.
IN my opinion, OJ still owes unpaid monies and doesn't deserve to get any settlement at all 😉
Would I settle? Not no, but hell no!! Your are fairly owed that mony PLUS expenses incurred and a reasonable amount of interest for the delay. Why should you settle for less? You are OWED the money.
In our area, that deal cannot go through until the lien is settled. This differs from area to area across the country. If you know someone that you might call a friend that happens to be an attorney (ALL RIGHT!! ALL RIGHT!! It does happen every once inh awhile!!) ask him if that is the case in your area and what your absolute rights are. Then sit back and tell the scumbags you weant your money. Period.
Me, I'd tell them that I would settle for double the original amount owed. And, when necessary, I would renew that lien until hell freezes over.
I would take the offer.
> I would take the offer.
Care to lay out your argument for taking the offer?
Larry P
He is 8-months into the project; in Texas you have one-year to perfect your lien. I would assume that he does not want to go through the cost, time and expense of litigation. I would expect a cost analysis would indicate that getting 50% of the original fee is the better option. In these hard times, my own firm has had to settle for pennies on the dollar as well.
I'd still like to know what kind of fee Snoop is dealing with (are we allowed to discuss that on a public forum?). That is a bigger issue than the concept of a simple "you owe me".
Having a lien doesn't get you paid. Having a check in your hand does. Not so sure about signing a waiver, but having a check would be good.
That's an arguement.
$6000
>I am contracted by a 3rd party to survey a lot that a bank owns via foreclosure. We don't get paid and file a lien.
How is a lien valid against a property if the service was for a 3rd party (potential buyer, I assume), and not contracted with the bank who owned the lot? In that case you take what you can get because going to court might get you nothing.
> He is 8-months into the project; in Texas you have one-year to perfect your lien. I would assume that he does not want to go through the cost, time and expense of litigation. I would expect a cost analysis would indicate that getting 50% of the original fee is the better option. In these hard times, my own firm has had to settle for pennies on the dollar as well.
Fair enough.
Of course, the attorneys for the bank know all these things as well and will want to play on that reasoning to beat him down so their client saves money. The attorney justifies his (or her) fee and the client wins.
Well, that is unless the attorney knows that Mr. Snoop does not play that game and will file his suit if they force him to. It is true that the time clock is ticking, it is also true that before the large commercial project can close one of three things will happen:
1. Snoop caves in an takes half of what he is owed.
2. Snoop does not settle thereby forcing the seller to pay him 100% of what he is owed or,
3. The buyer figures the risk that Snoop will file suit is small so they will accept the risk they may be pulled into a suit at a later time.
But wait, why would the buyer do that? The debt is not their debt, it belongs with the seller. The odds definitely favor Snoop on this one. Stick to your guns and do not settle.
Of course, I could be wrong. Have been wrong in the past and no doubt will be again. But I think I am on solid ground on this one.
Larry P
Going to court will not be necessary. Snoop can wait them out. The commercial deal is much bigger than $6,000 owed to the surveyor. They will not kill the deal haggling over that chump change. They are in a bind trying to close the deal. Make them pay what they owe, trust me, they will.
Larry P
I'm a hardcore ahhsole when it comes to money being owed to me. I would hold out for every penny plus reasonable fees and interest to date of actual payment.
> >I am contracted by a 3rd party to survey a lot that a bank owns via foreclosure. We don't get paid and file a lien.
>
> How is a lien valid against a property if the service was for a 3rd party (potential buyer, I assume), and not contracted with the bank who owned the lot? In that case you take what you can get because going to court might get you nothing.
my contract was with a potential buyer. the property is a bank owned foreclosure. how is a contract with a 3rd party any less valid for a lien? maybe this is a state to state thing? this a materialman's lien if that matters.
He asked for an opinion, I gave one. Not every situation needs to be combatative. I heard something about the bird in the hand versus the two in the bush.
I'm with Holy Cow on this one....heck, I'm getting ready to go to small claims and file for a $400.00 survey...money is tight and I want what's owed me, plain and simple..I don't work for free, and neither should anyone else, much less for 0.50 on the dollar....
A boundary survey is a debt for services against the property.
A part of the agreement and contract between buyer and seller is for who is responsible for the costs and fees that affect the property.
Make a counter offer. $5K and they pay legal fees. The want to negotiate, then negotiate. I would be hesitant to hold out for the whole amount because in GA the action to foreclose a lien MUST be commenced within 12 months of the date of claim. I would make the the counter and file my action at the same time. One question: can you prove added value to the bank because of your survey? Did they rely on it for anything, or was the party who hired you and the deal fell through the only person who was benefitted by your survey?
Good luck to you.
Unless there was some legal glitch to prevent me doing so, I would insist on full payment of all fees and expenses plus interest to release the lean, cash.:-@
