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| My husband and I appiled for a modular home loan on monday and they said it will take about 2-3days I still havent heard anything either way. Should I wait one more day? My credit isnt the best and ... |
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 Should I buy an investment property now or later? |
| I am located in Northern VA. I have 700 credit score. I want to buy a house and then put it on rent. Should I wait for the prices to go down more or no?... |
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 Paying my rent late because of the holidays? |
| We just moved into a new house 2 mths ago and since it is the holidays would rather pay my rent on Jan 3rd instead of the 1st. I do have the money, but it would make it slightly easier to pay it on ... |
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 Can a Landlord evict you without notice prior to your "intent to vacate" and then claim damages? |
| We had filed a 30-day notice for an intent to vacate a premise, with an agreement on the remainder of the rent. some 5 days before the notice date we get a phone call from them saying "The ... |
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 What are good LEGAL reasons that can be given to a tenant if you decided NOT tor renew their lease? |
| Property is located in Chicago and wish not to renew lease of tenant. Rent is current. Previous issues with persons other than those listed on the lease residing in the apartment. Please Help!... |
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 Is this legal!!?? |
| I work at a real estate agency and a closing is going down. The old lady signing her name doesnt even know whats going on!! She is talking about she cant control her hands and is falling asleep. She ... |
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| If you own a piece of land, how far underground does it extend? |
Like if you were to build land in the city, they could probably put an underground railway through it without your knowlege or approval Im guessing.
Additional Details
I live in the UK, ... |
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 Is it better to buy a home from the owner or go through a realtor? |
| My husband and I are thinking about buying our first home. Is it better to go thru a realtor or if the home is in real good condition, just go through the owner? Also, if we were to go with getting ... |
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 First time buyers, nightmare?? |
| After looking into buying our first house found out repayments on a mortgage would be £750.00 a month on a average price house, so looks like going to stay renting... and maybe keep on renting to ... |
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 Can my Landlord charge me $1500.00 because the pipes burst, when I didnt have any heat.? |
| 2 weeks ago it was FREEZING here in Chicago. Can my landlord make me pay for the new pipes. I didnt have any heat and all the pipes froze. He says its my fault. Is that right what can I do??... |
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 Renting in CA, is a broken hot water heater considered uninhabitable? |
Hello, I’ve been renting from my landlord since 3/26/08. Our hot water heater broke on 4/4/08. when we called the landlord, she said to call PG&E.
I make an appointment for the ... |
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 House overrun by ants, landlord won't do anything? |
| I just went to visit a friend yesterday and her house is overrun by ants. Her landlord had just sprayed the outside last week, and now there are ants everywhere indoors. She told me that she had ... |
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 We offered $79,000 on a house listed for $89,900 last night. They came back today with a counter of $84,000.? |
| According to my research they bought the house 2 years ago for $50,000 and put maybe $3,000 in it. Please advise on counter offering process and hw much to counteroffer. Its in a desolate kind of ... |
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 Landlord will not repair stove - what steps should I take? |
| I have been living in my apartment now for 5 months of a 13 month lease. When I moved in - the stove was not operating correctly (the stove literally burns everything - there is something messed up ... |
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 Can a property be put in several names (UK)? |
| Can a property be put in as many as five names, meaning they are all part owners of the property?... |
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 Offer on house if it's accepted.... please read on? |
| Hi im viewing a house today, judging by the pics, size and area i am very interested and i am looking at putting an offer in. (Might change my mind when i see it thought lol) If the offer is accepted ... |
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 Can anyone tell me anything about mortgages ? |
we are thinking about buying for the first time but have no idea thow to go about it and dont want to get ripped off we earn £4380.00 a month and would need a 3 or 4 bedroomed in sheffield uk
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crys | Can a buyer back out of a purchase aggreement bc they are scared. I have a signed contract by him.? |
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swsmith
 |
You have to read the contract. Typically, real estate purchase contracts provide for a deposit and a contingency period during which a buyer can back out without any consequences.
After the contingency period expires, the deposit is usually non refundable. In many contracts, keeping the deposit is your only remedy. In others, you are allowed to sue for specific performance and force the buyer to buy the property or to sue for damages. The contact will spell out your rights upon a default by the buyer.
To find your specific rights, look in the beginning of the contract under the contingency period and toward the end under the default language. Between these two clauses, you'll find your literal answer.
In practical terms, you are usually better off retaining the deposit (if the contract allows for it)and putting the property back on the market. Many times lawsuits cost more than what you would potentially recover. |
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shinobisoulxxx
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A contract is only legally voidable if one of the following is askew
1>the contract itself is illegal (a contract to perform an illegal activity)
2>One of the contracting parties is underage
3>There is no compensation
4>one of the contracting parties signed under duress or was legally incapable of signing (mental illness, etc)
Other than that a contract is a contract. Just make sure you live up to YOUR end |
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Alterfemego
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Tell them to take a pill and get over the nerves. Buying a house is a big decision, but backing out isn't the answer. You could lose your deposit and the sellers could sue you. |
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Amanda H
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"becuase they are scared" is not a legal reason. You would lose your earnest money.
However, if you worked with an agent they should have built in all those contingencies-- inspections, financing, etc.
So if an inspection is less than the earnest money, get the inspection-- 99% of homes have something wrong with them, even if they are brand new, and you can say you didn't like something in the inspection and back out. A broken door, an outlet that doens't work, ductwork that needs fixing, etc. |
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David K
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You can back out of this agreement. However, please check your state laws. In Illinois and Wisconsin, there are buyer's remorse laws that allow a person to get out of any contract within the initial 72 hour period. So if it's in the first 72 hours and your state has buyer's remorse laws, look for that out immediately! |
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so WHAT?
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No mam'. That's the whole point in getting a contract., it binds them to their word. |
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Suzuki_Mouse
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A buyer CAN back out of a purchase agreement, but in doing so they will forfeit their earnest money. |
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Dave C
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Yes they can and in California if it is not spelled out deposit is non refundable you need to show lost monies and you may have to abitrate(which is doubtful if you have a good agent). This is where a good agent earns their money. Best bet is to let the buyer calm down and do what you can to facilitate them being at ease. |
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BoomChikkaBoom
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I don't know where you are ... but in NJ your buyer can cancel for no reason at all without penalty as long as you are still in attorney review. |
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bostonianinmo
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The buyer can cancel the deal without penalty if a contingency is not met -- inspection, mortgage, whatever is in the agreement.
If a buyer simply gets cold feet, the contract should usually provide for loss of earnest money as liquidated damages or actual damages at the discretion of the seller. |
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What's your cause?
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It depends what state you're in. each state has different laws. In CA it's standard you have 17 days to back out of the sale, or remove all contingencies and move forward. It can be challenged legally though. It often depends on the request for repairs, or if the home isn't appraised for the amount the person offered. you can visit www.getAreturn.com for more info in CA. |
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kingstubborn
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They can back out, of course, but there are financial consequences against them for that decision. Earnest money or more could be at risk. |
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