3 weeks to closing on Brand New House and I want to Cancel

[tony23]

Originally Posted by kennethhoff

Yes, actually you can. It all depends on the contract provisions and if they have all been meet, if so, you bet you can.

I think that you believe you can, but I don't think you really can. I'd like to see something more than a post on this forum before I would accept that claim.

Also - there are lawyers participating on this forum. Any opinions from any of you?

[codyhopkins]

You can force someone to SELL a house that they are obligated to sell, it is called specific performance. You cannot force someone to BUY a house since the court can award damages.

[ANONYMOUS123]

Originally Posted by kennethhoff

Yes, actually you can. It all depends on the contract provisions and if they have all been meet, if so, you bet you can.

Specific performance in a residential context is NEVER a remedy a court would grant to a proposed Seller. Courts will not force someone to buy a house...period.

[Ramona23]

Originally Posted by NC little foot

We have 3 weeks to go before Our home is ready. We put down a $2,000. deposit. The loan is approved with a 6% interest rate fixed for 30yrs. 20% downpayment.

Right now, today, I am scared to death to go through with this deal. I know no one has a crystal ball about the coming economy but I'm looking to find your opinions.

We have been renting for a year here in Raleigh. We came from NJ where the housing market tumbled so fast it took us 2 years to sell our house. It was the most frustrating, nerve wracking, scariest time for us so far.

Now that this house here is just about ready I'm seriously thinking of cancelling the whole thing and waiting out what happens next with the economy. My husband works in sales and he has seen a significant drop in customers ready to make purchases.

After our downpayment, we will only have 3 months mortgage payments left in our savings account for "cushion".

Anyone going through these feelings? Any advice for me, the worry wart?

I didn't hear you mention that you have a job? Do you work? If not, then perhaps you should consider getting a job to supplement your husband's.

If you don't go through with the closing then you will definitely lose your $2k earnest money but I'm not sure about the downpayment. I think you can get a portion of your downpayment back, if it's within a certain period of time (i.e. 30 days, 60 days, or 90 days in advance). With just 3 weeks left, I'm not sure.

You should talk to your realtor and ask her/him if you can receive the downpayment back.

However, perhaps you should consider other options. Perhaps your husband can take an additional part time job and you can also get a job. If it's a nice house, I think you should consider continuing with it, particularly if you have 3 months saved.

Either of you should be able to get a part-time job within 3 months, which could go a long way to supplement your husband's sales position.

Good luck.

[saturnfan]

If you told the prospective lender your income is becoming insecure, they might revoke the commitment. If you have an escape clause for mortgage issues, you might be able to get released.

See a lawyer.

[kennethhoff]

Originally Posted by ANONYMOUS123

Specific performance in a residential context is NEVER a remedy a court would grant to a proposed Seller. Courts will not force someone to buy a house...period.

As a real estate attorney for 20 years and have seen and been involved with them, you obviously know better than I. Good luck.