Formans Sue After McMahans Back Out On House Purchase

Thursday, June 5, 2003

Forrest and JoAnn Forman are suing John D. and Katherine McMahan after the McMahans decided not to buy a home from the Formans.

The Chancery Court complaint says on Feb. 27 the McMahans signed a purchase agreement to pay $895,000 for the house at 1707 Golf St. in Chattanooga.

They paid a $10,000 deposit.

Closing was set for May 1.

The suit says the McMahans had an inspection of the house made on March 11 and did not inform the Formans of anything that needed to be repaired or replaced.

It says Howard Bickerstaff, agent for the McMahans, notified the Formans on April 10 they would not buy the house.

Mr. Forman said he appeared at the scheduled closing, but the McMahans did not show up.

The Formans said they suffered damages including the loss of the contracted sale, expenses in re-listing it, additional mortgage payments and upkeep.

They are asking that the McMahans either be required to pay $895,000 for the house or pay them "any difference between that amount and the amount recovered by the Formans from a subsequent sale to a third party, plus all incidental and consequential damages associated therewith, including attorney fees and court costs."

Attorney Hugh Moore Jr. filed the suit.

Mr. McMahan, who is an attorney, said in a letter that "numerous factors" led to the decision not to buy the house.

He said, "We believe the list of repairs far exceeds the $1,000 allocation. The extent and nature of necessary cosmetic repairs exceeds our initial analysis. Issues have arisen since the contract was signed that simply make it impossible to purchase the home. Kathy will have to explain these issues to JoAnn."

He noted that the $10,000 deposit was being forfeited and said, "I hope you are successful in securing another contract in a short time frame."


Spare Time Chattanooga Sells For $7.135 Million

Hotel In Chattanooga Lookout Mountain West Sells For $4.3 Million

Apartment Complex On Mountain Creek Road Sells For Over $3 Million


The Spare Time Chattanooga at 5518 Brainerd Road was sold to Realty Income Properties 5 LLC by Corley Family Realty Limited Partnership for $7,135,000. (click for more)

The Days Inn by Wyndham at 3801 Cummings Hwy. in Chattanooga was sold to Laxmiben Champaklal LLC by Lookout Motels Inc. for $4,300,000. (click for more)

Windsor Village Apartments at 4110 Mountain Creek Road in Chattanooga was sold to Sisters Property Management LLC by Windsor Village Apartments LLC for $3,035,000. The apartment complex was ... (click for more)



Real Estate

Spare Time Chattanooga Sells For $7.135 Million

The Spare Time Chattanooga at 5518 Brainerd Road was sold to Realty Income Properties 5 LLC by Corley Family Realty Limited Partnership for $7,135,000. (click for more)

Hotel In Chattanooga Lookout Mountain West Sells For $4.3 Million

The Days Inn by Wyndham at 3801 Cummings Hwy. in Chattanooga was sold to Laxmiben Champaklal LLC by Lookout Motels Inc. for $4,300,000. (click for more)

Breaking News

Sabrena Smedley, Joined By Matt Hullander, Challenges Results Of County Mayor Election

County Commission Chairman Sabrena Smedley has filed papers in Nashville challenging the results of the May 3 Republican primary election for county mayor. She said Matt Hullander, who finished third in the race, has agreed to sign on to her appeal. Weston Wamp was declared the winner of the primary with 14,425 votes to 14,104 for Ms. Smedley and 12,171 for Mr. Hullander. ... (click for more)

137 Acres Of Prime Land In Hixson Being Eyed By Several Groups - It's The Valleybrook Golf Course

There's 137 acres of prime land in Hixson now being eyed by several different groups - it's the Valleybrook Golf Course. Chattanooga businessman Henry Luken, who bought it at an auction nine years ago for $950,000 (plus six percent sale commission, is shopping it for $3.4 million. He said a Florida group is eyeing it along with some groups in Chattanooga, but no deal has yet ... (click for more)

Opinion

We Owe A Great Debt Of Gratitude To Sheriff Jim Hammond

I nearly bit off my tongue trying to restrain myself with regard to the attacks on Sheriff Jim Hammond in recent weeks. For over 25 years I have known Jim. I know him to be a fine Christian gentleman, a patriotic American, a genuinely compassionate leader. For many years, at his church, he taught Sunday School. On behalf of the U.S. Department of Justice, he taught constitutional ... (click for more)

Roy Exum: Muffling The Mobs From Neighborhoods

On Monday Florida Governor Ron DeSantis signed a bill to combat bad behavior, which most laws do, but HB 1571 should have never been necessary. It bans angry mobs and profane picketers from going into neighborhoods to protest in front of somebody’s house. We’ve seen the upraised middle fingers and the insidious language spewed out of megaphones in recent weeks in front of some Supreme ... (click for more)