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Old 02-10-2008, 08:43 PM
 
2 posts, read 8,282 times
Reputation: 10

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the story: we made an offer, it was accepted, then attorney review ended....now we are looking at our concessions for little things, etc. after the inspection. normal stuff.

My question is: can the sellers back out of the deal at this point? they had also bought a new home but while in attorney review on it, a higher offer came in and it was accepted (they lost the home). I'm worried that they might say they don't want to sell it anymore. they also had moved up our closing date by almost 2 months! Not sure what to expect here.

Thanks for any input!

-NJbuyer
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Old 02-10-2008, 08:46 PM
 
Location: Has. Hts.
81 posts, read 289,809 times
Reputation: 23
if you look for "concessions" after the contract has been signed & accepted by both parties, the seller can refuse without being held liable (it is, after all, you that is trying to change the terms of the contract)

if the seller is really in a pinch, they may just swallow your load (no pun intended).

but if you're looking for major $$, you may go over the sellers tolerance threshold...
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Old 02-10-2008, 08:55 PM
 
2 posts, read 8,282 times
Reputation: 10
thanks for the quick reply. I understand that they may not agree to all or any of our askings, and i don't expect them too. They may even say we'll give you $0 and we'll say ok fine. at that point can they still say 'no deal, we changed our mind???'
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Old 02-11-2008, 12:23 AM
 
Location: Woodbridge Twp NJ
316 posts, read 1,116,731 times
Reputation: 60
Red face attorney review has ended now

Quote:
Originally Posted by NJbuyer2008 View Post
the story: we made an offer, it was accepted, then attorney review ended....now we are looking at our concessions for little things, etc. after the inspection. normal stuff.

My question is: can the sellers back out of the deal at this point? they had also bought a new home but while in attorney review on it, a higher offer came in and it was accepted (they lost the home). I'm worried that they might say they don't want to sell it anymore. they also had moved up our closing date by almost 2 months! Not sure what to expect here.

Thanks for any input!

-NJbuyer
ok so your attorney review has ended now , the only two things to kill the deal without being sued. mortgage commitment or home inspection
that is it normally
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Old 02-11-2008, 11:28 AM
 
Location: NJ
29 posts, read 134,329 times
Reputation: 19
I am doing my home inspection this weekend, but how many days after atty review do you need to supply a morgage commitment and if I have a closing date set for May 1st would I be locked into a interest rate if I have a mortgage commitment? This process is confusing .....argghhh !!!!!
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Old 02-11-2008, 11:29 AM
 
Location: NJ
29 posts, read 134,329 times
Reputation: 19
oh yeah btw im a first time home buyer we are the most paranoid and craziest home buyers
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Old 02-11-2008, 11:36 AM
 
Location: Woodbridge Twp NJ
316 posts, read 1,116,731 times
Reputation: 60
Default don't be confused

Quote:
Originally Posted by soon2bNJresi View Post
I am doing my home inspection this weekend, but how many days after atty review do you need to supply a morgage commitment and if I have a closing date set for May 1st would I be locked into a interest rate if I have a mortgage commitment? This process is confusing .....argghhh !!!!!
Don't be confused just ask
ok you should have a copy of your contract !
look on it should say when the commitment is due.
that is the only date on a contract that is in stone.
your mortgage commitment is one thing
but if you see rates drop like a 25% or 50% or more then tell your mortgage broker to lower the rate.
Even if your commitment says one rate and you get a lower rate it down matter. as long as you are approved .
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