U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-22-2008, 07:34 PM
 
11 posts, read 24,223 times
Reputation: 16

Advertisements

We backed out of a purchase agreement a week before closing. (Yes we know...) We never received any info from the mortgage company about monthly mortgage payments and when calculated we realized we would not be able to afford the house. Anyway- My concern is the seller refuses to sign the mutual release until we pay him a huge chunk of change!! What can he legally sue us for? We agreed to forfeit our earnest money and we even paid for repairs in the home ourselves and didn't even ask to reimbursed. He's asking for his listing agent's commission, interest on loans he took out and repairs we didn't even ask for! Oh also, what if he can't provide receips? Would we still have to pay for those items if he can't provide us a receipt when asked? We really did want this house but everything came crashing down at the wrong time! The contract states that if either party defaults the non defaulting party can take all legal actions available under the law. What does that mean? We have contacted a real estate attorney but haven't received a call back yet just thought I'd ask on here, seems to be some legitmate folks on the site!
Also, we are in Indiana.

Thanks for any advice in advance!
Reply With Quote Quick reply to this message

 
Old 09-22-2008, 08:09 PM
 
Location: Hernando County, FL
8,489 posts, read 17,408,853 times
Reputation: 5397
If he wants to attempt to collect on all those amounts above the earnest money he will need to get an attorney, spend a bunch of money on the attorney and play it out in court over the next year or so.
During this time he may not be able to sell while litigation is ongoing (dependent upon state laws).
I would tell him to take the earnest money and be happy or if he wants more you will tie him up in court for a year or so.
Don't listen to my knee jerk reaction though, listen to your attorney.
Reply With Quote Quick reply to this message
 
Old 09-22-2008, 08:18 PM
 
Location: Dallas/Fort Worth, Texas
4,128 posts, read 13,159,471 times
Reputation: 2527
Why would the owner ask YOU to pay for the listing agent's commission when he is the one that has an agreement with that agent? Also, the agent should get compensated only if they provide a "ready, williing and able" buyer. Since you don't fall in that category, they didn't fullfill their end of the agreement.

But again, you should listen to your attorney!! call them back or call another one.

So, you never received a good faith estimate from your lender? by law, they are required to give you one within 3 days of loan application???

Naima
Reply With Quote Quick reply to this message
 
Old 09-22-2008, 08:34 PM
 
Location: Columbia, SC
8,844 posts, read 17,437,561 times
Reputation: 6194
Ask your attorney and get a better buyer agent next time around.
Reply With Quote Quick reply to this message
 
Old 09-22-2008, 08:36 PM
 
11 posts, read 24,223 times
Reputation: 16
No we never received a good faith estimate not for this house. We actually were not really approved because they were waiting on certain debts to clear off of our credit report. We received this info today and we have until the 9/26 to pay in full! Do you think they are just trying to take advantage of us? Or scare us into going through with the house?? It was like $20,000 he wants us to pay!! I will definitely wait on the attorney in the morning and call back if they haven't called us by noon. I don't mind paying for some of the things but alot of the repairs were the ones done from the inspection (mitigation, electrical work, etc.) Thanks again for the info!
Reply With Quote Quick reply to this message
 
Old 09-22-2008, 08:37 PM
 
3,191 posts, read 8,034,551 times
Reputation: 2174
you need an attorney..call around ...get recommendations. hurry

(IMO you should have had a 2 wk. or whatever the norm for your area to secure financing and had the contract pending on your being able to do so...something really sounds off about this)OUCH

why were you paying for stuff when you DIDN'T EVEN seem to know you were APPRoVED to go forward
How in the world did you do forward if you weren't 'REALLY' approved??
OUCH OUCH OUCH you have a stinky stinky mess

get that lawyer and go ahead and make sure you have every cotton picking piece of paper, copies of emails, correspondence associated with this odd fiasco to take with you.
hmm hmm hmm
Reply With Quote Quick reply to this message
 
Old 09-22-2008, 08:45 PM
 
11 posts, read 24,223 times
Reputation: 16
well we called an attorney as soon as we received this "schedule a" and mind you the form doesn't even say anything about releasing us from the purchase agreement, it just has what he wants the money for and the amount, a signature line, and "if buyer agrees to pay payment must be issued in full by 9/26" The guy doesn't seem to be too nice at all really we've had other issues where some repairs weren't finished per the signed addendum by him before the reinspect (even though he said everything was done) and we ended up having to have some of those repairs taken care of. Anywho, guess I'll just have to ask the attorney what he thinks and go from there, thanks for the advice! Have any of you dealt with a situation of this type?
Reply With Quote Quick reply to this message
 
Old 09-22-2008, 08:47 PM
 
Location: Virginia Beach, VA
2,124 posts, read 7,777,004 times
Reputation: 811
if you truly CAN'T get an approval and have made EVERY attempt (as your contract would state) than you may have your protection and be out of contract....

Sleep tonight, and see your attorney tomorrow.

shelly
Reply With Quote Quick reply to this message
 
Old 09-22-2008, 08:47 PM
 
11 posts, read 24,223 times
Reputation: 16
We were basically approved but the debt being clear put it in pending, the underwriter basically gave us the okay (we won a huge amount of money and we had to pay off all our debt and some were taking forever to come off the report plus we had to put down 60 %)

Quote:
Originally Posted by crazyma View Post
you need an attorney..call around ...get recommendations. hurry

(IMO you should have had a 2 wk. or whatever the norm for your area to secure financing and had the contract pending on your being able to do so...something really sounds off about this)OUCH

why were you paying for stuff when you DIDN'T EVEN seem to know you were APPRoVED to go forward
How in the world did you do forward if you weren't 'REALLY' approved??
OUCH OUCH OUCH you have a stinky stinky mess

get that lawyer and go ahead and make sure you have every cotton picking piece of paper, copies of emails, correspondence associated with this odd fiasco to take with you.
hmm hmm hmm
Reply With Quote Quick reply to this message
 
Old 09-22-2008, 08:49 PM
 
Location: Dallas/Fort Worth, Texas
4,128 posts, read 13,159,471 times
Reputation: 2527
Quote:
Originally Posted by momtotwins07 View Post
Have any of you dealt with a situation of this type?
Never in 15 years. I would never let my buyers spend money on someone else's house especially if they are not even approved for a loan yet...

Are you represented by an agent?

Oh I see... the owner knows that you have the cash so he is trying to "milk" you...
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top