 Dad is in £42k debt, refusing to pay the mortgage etc and wants to force my mum to sell the house, what to do? |
My dad has gotten £42k worth of debts, probably in the past 20 years or so I would believe. He is an addicted gambler, which explains the debt.
Now he is refusing to pay the mortgage for ... |
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Additional Details
we have this family and they broke our toilet so my mum had to pay and my asked them to cough up as ... |
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Additional Details
100 £ was just an example !
i'm sorry this questions seems obviously stupid to u, but i'm french, and i was thinking it meant "per couple of ... |
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is $5300 too much to pay for all closing costs ?
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Meghann M | What are the consequences to backing out of a purchase agreement on a house? |
If I decide to back out of the purchase agreement for no reason other then I don't think I want the house anymore, what are my consequences. I have already made a deposit on the house, had a inspection. The only paperwork I have signed was the purchase agreement. I don't think now I can even get the financing. The sellers and the real estate agent want to keep my deposit and sue me is this legal? |
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Robert W
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It's absolutely legal for them to sue you. You signed a contract with specific performance requirements and now you're failing to live up to your end of the agreement. A signed contract doesn't mean "maybe". It means you're going to purchase the home.
That being said, you may have an out in this deal. Most contracts contain a clause that lets you out of the contract if you don't qualify for financing. You need to check and see if it's in there, but make sure you haven't exceeded time line requirments. Typically, you have a limited amount of time to apply for the mortgage, and to reply back to the seller. If you have exceeded that time amount, you have waived your rights to use the clause.
You will need to provide a LEGITIMATE letter from a mortgage lender that indicates you don't qualify after submitting a full application with all the information required to render a decision. You can't hold back any information and be turned down because you didn't complete a full application. That will open you up to being sued.
Many states have a right of recision period, and that's when you can back out of a deal for no reason, and with no consequences. You are out of luck if you have exceeded that period.
You can probably tell I work in the homebuilding business, and have little patience for random decisions to cancel after making a commitment. You have to realize we run businesses, and we are responsible for employing people, and putting a roof over their heads, food in their mouths and the mouths of their family, and clothes on their backs.
Signing a contract means that both parties have to perform. We have to build a quality home, the way we have represented it, and to do it according to time lines in the contract. We expect buyers to perform their end of the transaction. These same general ideals and principles apply in a resale transaction. |
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mscarriem
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Depends on what the contract stated and how long ago you signed it. Also, depends what state you in. I am in california and I am a mortgage professional. Also are you using an agent to represent you? Please feel free to contact me and I will see if I can refer you to an agent to help you. Also, in most states you have what is called a contingiency period, this means you can back out and get your money back if you cant obtain financining. My email address is carrie@hlclending.net please feel free to contact me |
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benjamintlakey
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Yes it is legal. They will keep your deposit if you back out because you don't want it anymore. And they might be able to sue you to force you to perform (this is very hard though). However, work with your loan officer. On your contract, you will see a deadline for loan denial. If you are denied for a loan, you can simply present that to the agent before that date, and get your money back. Also, there is a good chance that there is a box on the contract that says that they cannot sue you until you have all sat down for mediation. |
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Mom26g
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Your agreement to purchase should have something written into it that it is contigent upon your obtaining financing. If not, then tell the seller you can't get a loan. They can sue you, but most likely the worst thing will be you lose your deposit. |
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JennyBabyLove
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UMM NO! In Arkansas, a real estate contract is contingent on a few things, the first being FINANCING!
If you can't get approved by the bank/lender, get a letter from them stating this and bring it to your Realtor. It is VERY VERY rare that anyone has been forced to buy a home. (or sell one for that matter.)
Depending on the agreement when you depositied the money, you probably could get it back. You really need to read over your contract that you signed.
At the very least, call an attorney and explain your situation. You can get a legitimate legal answer very quickly!
You may have to pay for the inspection. That is all. Just because the inspector needs to be paid, and you originally had the intention of buying the home.
Pay the inspector, give them the letter that you couldn't get approved for financing, and say goodbye! |
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leblanc_brandi
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potentially never being allowed to use that company again |
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apgpp
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Depending on your state and the language in the P/S agreement, it could be legal to sue.No question they will try to keep your deposit, but again it depends on the language in the P/S agreement.
On an editorial note, you should have your agent collect data that supports showing they did not pull the listing from items available in inventory. Your P/S agreement may have some wording that eludes to them having or not having the right to continue showing the home during the period between acceptance of offer and actual closing.
They are also not required to keep your deposit. Even though an item is included as an option in a P/S, neither party is required to seek any and all remedies available. This is a strong-arm tactic. Keep you cool and dont make it personal, even though it kind of is.
You all should have required a commitment letter from your potential mortgage company to validate your creditworthiness and intent to purchase this property by assuming debt. I am surprised this wasnt a requirement in the P/S, and may also give you a leg to stand on when discussing "fiduciary responsibility".
Bottom line, worst case scenario you are out your deposit. Most judges, if it even gets to court, wont provide damages in these situations. They will consider your loss of deposit enough, unless you have a crappy credit track record and make a habit of breaking contracts. But if you are generally an upstanding citizen, you should (90%) be fine.
Just dont sign the line until you are 110% ready for the purchase. Its obviously more of a hassle to undo bigger decisions that affect other people's checkbook too. |
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Shawnaj
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you should have had an agent on your side, it depends on how the contract reads, did you have a termination option? what was the financing addendum? but in any standard contract without the above yes, they can keep your earnest money (that is what it is for) and yes they can sue you for backing out. Sorry :( use a buyers agent (they are free and get paid for being on your side) |
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Olivia
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To sue you will cost them money. They have to prove that your breach of contract caused them financial loss. Which is hard to do, because they may re-list their property right away. Get yourself a lawyer to negotiate what part of your deposit they will keep. |
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delrambo
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While real estate laws vary from state to state, generally speaking, the buy-sell agreement or purchase agreement, is a legal and binding contract, between the seller and the buyer. In most cases, there will be written into the body of the document, what is called, buyer or seller remedies, should one or the other default on a particular portion of the contract. In most instances these "Remedies" are in place to protect both parties to the agreement, should the other fail to preform. Simply "Changing Your Mind" regarding purchasing, may in deed put you "breech" of the agreement.
There also should have been " contingencies" that must be met prior to the close of the transaction. For example: A contingency for financing at acceptable terms. If the buyer can not find acceptable terms, then the contract conditions can not be met and the agreement may be null and void.
More information regarding the content of the "purchase agreement" is needed to determine whether you can be held liable for " breech of contract", lose your earnest monies, or worse.
The legalities of the contract should have been explained to you in detail by which ever realtor was representing you when the agreement was signed. I am a licensed REALTOR in the State of Montana, would be glad to discuss your situation further, however please note:: I do not and will not practice law either in the State of Montana or elsewhere! |
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Ross
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You signed a contract and broke it. If a Realtor produces willing and qualified purchaser he/she may be in-titled to his/her commission.
I'd keep the contract and hope you don't get financed that would make you unqualified and than Realtor wouldn't have lived up to his part of the deal.
Depending on state. Where I am you have to provide notice that you can not obtain financing by the loan commitment date (specified in the contract) if not, you are assumed to be a cash buyer. If you provide notice you should get some or all of your deposit back. If not you may have some trouble. |
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Michel C
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If you decide to back out for the sole reason that you do not like the home any more or have found something else, you will most likely leave the deposit you have put in to escrow. However, there are usually inspection contingencies, appraisal contingencies etc... that can also get you out. Ask your mortgage professional to look at your contract for any possible solutions.
They could sue for non compliance with contract, so you need to be careful, but this is usually not likely. Discuss the option of using the same realtors for a new purchase and you might have better luck. |
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