Need legal opinion on bankruptcy cobra purchase!

[CHANMADD]

From my perspective as a dealer who has bought a lot of cars.....Buyers remorse ain't gonna fly.........Take a witness, preferably a cop, your money, a contract and go pick up the car. Take the fight to them, make them stick to the deal today, right now, and hand over the title, right then.
No title...no deal.....give them the chance to break the negotiations...and if the car is not exactly as you saw it and drove it, you will have an out..........

[TKing]

Thank you everyone for your suggestions. Your comments helped me talked to the bankruptcy attorney. I made more progress today toward the purchase of the car than the previous 2 months. I had a meeting the bankruptcy attorney and I aggreed to pay $5000 now (vs the entire sale amount). The balance when and if the court approves the final sale. The sales contract says my deposit will be refunded if the sale is not approved by the court. I will buy the car for my bid amount minus Kentucky's sales tax. The attorney does not have final authority to sell the car at the lower price (minus sales tax), but will suggest the court approve the sale. Prior to meeting the attorney I caught the car's owner at home and took detailed pictures of the car's current condition and will inspect the car again prior to final sale. Things can still go wrong, but I have a better position to protect the car and my money.

Tom

[patrickt]

Sounds good. If the stakes were higher, we'd call you a "stalking horse bidder," but I doubt that's the case here. You know, you just might end up coming away with a deal.

[Tommy]

Tom, I hope it works out well for you.

[TKing]

patrickt:

I think I caught a good deal, but not a great deal. I wanted the car to have fun not make money.

I have watched Cobra replica prices for 20 years, but my experience did not help me buy the car. Today I learned from the owner that I was the only bidder.

Tom

[patrickt]

Yeah, buying any of these cars is pretty much a crap shoot.

[CHANMADD]

Don't look back, just enjoy your purchase.........

[Chaplin]

Holy crap! If this thread isn't the poster child for "Don't believe everything you read on the internet!"

You made the right call by working it out with the trustee. Good luck with the car.

[patrickt]

Originally Posted by Chaplin

Holy crap! If this thread isn't the poster child for "Don't believe everything you read on the internet!"

... also, you should not play in a game, of which you know not the rules, unless you are prepared to lose all your chips.

[avdcav]

How much is the darn thing ?

[patrickt]

Originally Posted by Jamo

... quote Shakespeare

Speaking of Shakespeare, and from one of my favorite plays, As You Like It, and since the OP has now learned about stalking horse bids; "He uses his folly like a stalking-horse, and under the presentation of that he shoots his wit." I always think of RodKnock when I hear that quote.

[Jamo]

Sorry patrick...I deleted my post just as you evidently responded. So that it doesn't leave your post hanging, I'll simply describe it as a less than mild rant about folks who offer opinions with no legal education or training, and others who try to avoid paying to talk to attorneys before, rather than after, they get into a tight spot, and then b!tch about legal fees to fix what could have been avoided.

Written somewhat in anger, so I pulled it. I really truly hate slow drivers in the left lane.

[tcrist]

Touche (FTF) Jamo

[CHANMADD]

Gotta pay to play.....Keep right ..pass left..........very first rule.........

[tcrist]

Why is it considerd SLOW if you are going the maximum allowable speed limit?

[patrickt]

Originally Posted by tcrist

Why is it considerd SLOW if you are going the maximum allowable speed limit?

It's the "left lane paradigm of life." If there is someone behind you, when there is no one in front of you, then you need to get out of the way. The LLPOL rule has broad application to a multitude of scenarios in many, many aspects of life. You should not question it; just heed it.

[Jamo]

Originally Posted by tcrist

Why is it considerd SLOW if you are going the maximum allowable speed limit?

Get in front of me at a buffet and I'll show ya.

[patrickt]

Originally Posted by Jamo

Get in front of me at a buffet and I'll show ya.

Perfect example of the LLPOL.

[Dimis]

Originally Posted by Jamo

I really truly hate slow drivers in the left lane.

Where I come from, I prefer them there!!

It's merely a case in the ones point of reference.
Further, from my point of reference (& I know I'm going to get baked for this...), but I prefer when lawyers aren't involved.
They mostly serve to just complicate otherwise simple things.

I have infinite examples, but being lawyers they'd argue trying to refute this claim. So I shan't bother. For them it's a sport.

---

Best of luck with your acquisition.

[Jamo]

Dimis...we understand about your toilet flushing whirlpool going around the wrong way.

Might I suggest...for those that might wish to think about such things...that talking to a lawyer on particular matters beforehand minimizes their involvement later.

It's like checking to make sure the toilet paper dispenser has paper before one sits and engages in the transaction.