Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
While we were going through the process of putting in a contract to purchase a home we stated that we needed to have a contingency added that we needed to sell our house first. She seemed to understand and we filled out all the paperwork.
We find out later that she "forgot" to add such a clause so now we are stuck scrambling to sell or rent our house by the end of the month. And with this market it doesn't seem to be going well. She also recommended waiting until we went from just listing the house for sale to listing it for rent as well to look into refinancing our current home.
We had mentioned this when we found out about the clause not being added and the possibility that we may have to rent. We didn't think we would be able to get rent enough to cover the current mortgage. Now since we listened to her we probably won't have time to refinance before it is no longer our primary residence.
We are furious with her. She sold us our current house but this is the first time we've dealt with selling a home while buying a new one and trusted she would guide us.
This is in the state of MD. Do we have any recourse against her or the real estate company for failing to include something we asked to be included? Financial we can't maintain 2 mortgages and we're afraid we may have a ton of issues if we can't make the payments.
Best case you have some signed notes / draft of the contract with the contingent sale outlined. Even an email would be helpful. With something like that you might be able to get out of the contract and still get your earnest out...
As to any chance of buying this house I gotta ask about your pre-qualification -- did the lender assume your current house was going to be sold? My guess is you won't be able to get financing for the new purchase while you still have debt of existing home...
This should be brought to attention of agents' supervising broker as soon as you know if / whether you have any kind of documentation to support your position on the contingency...
Really messed up. Sorry to hear about this kind of thing, these are VERY basic issues.
I'll have to go back and look to see if we have something written somewhere. This was mentioned in person several times while looking and again in her office when drafting up paperwork. We weren't notified that she forgot until right before we did the home inspection.
As far as the lender is concerned, we qualify to have the new mortgage while still having the original mortgage. I've already expressed that I don't know whose bills they are looking at but we could maybe swing a few months of both with what's in our savings but definitely nothing long term. All the financing for the new home is in the works and I believe it is at the underwriter at this point.
I know it can negatively impact our credit if we can't make payments on one of the houses. I just don't know how bad and we have a 5 month old to take into consideration as well with all this.
While we were going through the process of putting in a contract to purchase a home we stated that we needed to have a contingency added that we needed to sell our house first. She seemed to understand and we filled out all the paperwork.
I'm confused. You asked that a contingency be added to the paperwork, then proceeded to sign a contract without noticing it was not added? Didn't you read what you were signing? I'm sorry, but you only have yourself to blame.
I have never known anyone to get an attorney to purchase a home. I'm noticing it mentioned on these boards a lot as an immediate reaction to a post. And like I mentioned we worked with her before and the purchase of our first home went great. Some of us can't afford attorneys just to buy a house
Speaking to the supervising broker is a great idea. I'll have to do that.
Some of us can't afford attorneys just to buy a house
I spent $100 for a local real estate attorney to look at my last contract and offer me a few suggestions. If you dont have $100, you shouldn't be buying a house.
I'm confused. You asked that a contingency be added to the paperwork, then proceeded to sign a contract without noticing it was not added? Didn't you read what you were signing?
We were discussing it as we were going over the forms and from what I read I thought we were covered. According to her now we aren't.
I spent $100 for a local real estate attorney to look at my last contract and offer me a few suggestions. If you dont have $100, you shouldn't be buying a house.
Last attorney I looked in to wasn't only $100. Sorry if I don't necessarily agree.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Documentation is key...
