The legal documents obtained by The Blast were filed Monday in L.A. County by a woman named Angela Williams. Angela claims that back in March she entered into a written contract to sell her Encino home to Reza and Adam. The two parties entered into a written agreement and the reality stars placed $74,850 into an escrow account.
Things were apparently going fine during the escrow process for the 4-bed, 3-bath 3,000 sq ft home, until the appraisal came in. The documents do not specify what the appraisal for the house came in at, but Angela believes Reza and Adam “failed to qualify for a loan due to the appraisal,” and put an abrupt end to the deal.
Appraisal contingencies are extremely common in real estate deals, and typically give the buyer protection to back out of the deal with no penalties if the home they are purchasing does not get appraised for as much as they offered. There are also sometimes issues with getting a loan from the bank if the appraisal comes in much lower than was initially discussed. It’s unclear if that was the case this time, although Angela’s lawsuit implies that the appraisal came in for more than listing.
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The documents then claim the Bravo stars failed to meet all the deadlines when dealing with contingencies and canceling the transaction, so Angela believes they should be docked their deposit. She claims to have tried to work it out in mediation, but claims Reza “unreasonably failed to participate.”
Angela, who says the home was sold to a “third party” during the Reza debacle, is now looking to collect the $74,850 plus attorneys fees.
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The Home Serves Up History
Reza and Adam clearly have a good eye for real estate as the home they were about to purchase has some major history. According to the listing, the Encino estate once belonged to Peruvian-born Tennis Hall of Famer Alex Olmedo, who was an NCAA champion at USC before going on to win Wimbledon, the Australian Men’s championship, U. S. Open & Davis Cup championship.
The property features a lighted tennis court designed and built by famed tennis star, Gene Mako, and even includes a custom imprint of his name in the court. Olmedo died in Los Angeles at the age of 84 last December after a bout with cancer, it’s unclear if he was living in the home at the time of his death.