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.
I live in the Twin Cities area of Minnesota and am in the process of buying my first home but I'm a little confused by something that has come up. I have a signed purchase agreement that includes all appliances and the above ground pool, except for the chest freezer. There was also a separate addendum (needed by my financing bank) that also listed all those items and that I was told the home owners had also signed. I just recently found out that the city the house is in (Coon Rapids)is going to be re-doing the circle in front of the house this summer and says that each home-owner in that circle will need to pay $1545 for that. This was decided back in December and the homeowners received a letter from the city about it in December and again in early March, I have a copy of both of those letters. There is a section in the purchase agreement that is marked that there are no appraisals known of that are attached to the house. Obviously the owners signed that agreement knowing full-well that there was and didn't disclose it until just this week. Now, they're saying that they will NOT pay that, that it's just going to have to come with the house and be my responsibility. When my agent pointed out that they DID know about this appraisal and that it's their responsibility as the current homeowners, their agent told him that if I won't pay it, they're going to sell all the appliances and the above ground pool to pay it. When my agent then pointed out that they had signed not only the purchase agreement listing all the appliances but also the addendum, he stated that "well, it's a good thing I never gave you that signed addendum so they can sell whatever they need to." When my agent contacted the other agents broker to let him know what the agent was saying and doing, now the agent is saying that the owners never did sign that addendum. So he's been lying all this time?
So that's the jist of the story, now here's my question. Can they do this? Even though the appliances and pool are all listed in the purchase agreement, because my bank requires the separate addendum as well, they're saying they're not legally bound to include those items and will sell everything unless I agree to pay it at closing. I've already offered them $3000 over their asking price AND paid off half of their second mortgage to ensure approval from their bank to buy the house. Am I really expected to pay this current appraisal as well??? Also, doesn't it amount to extortion on the part of the agent to say that he won't hand over the signed addendum (if it even IS signed) and let the owners sell all the included appliances if I DON'T pay the appraisal for them?
This has been one of the most stressful, confusing and frustrating experiences of my entire LIFE. I was supposed to close on Monday (4/16) but now because they are refusing to turn over the signed addendum, my lender has had to request an extension from their banks because they don't have all the required paperwork. If their banks don't approve this extension by end of business day tomorrow, it's all over, right? I KNOW what their agent is doing is unethical because he said as much to my agent on the phone. Admitted outright that it was unethical but that he will do whatever he needs to to get his clients what they want. I guess what I'm looking for is someone to tell me if this is the norm or not. And if not, is there anything I can do or am I just up against the wall on this one?
I am the first person in my family to buy a house, this is a huge accomplishment for me and I honestly feel like I've been through a wringer over the last week. Honestly, I don't know if I even want to try again after this if it falls through. Especially if this IS what it's like to try and buy a house right now. Even if I DO want to try again, between paying for the inspection, the appraisal and the second mortgage, I'm already out about $2500 and have nothing to show for it. I won't be able to try again until I can save that money back up again.
Thank you if you made it this far. I tried to keep it from getting too wordy but there's just so much that has happened this is the best I can do. Does anyone have any advise for me?
You can either go along with the sale and pay $1545 when the bill comes, or cancel the sale. If it was me, I would offer to split it.
I have no idea why you paid off half of their second mortgage. I've never heard of that one. When you buy a house, the escrow company pays the first and second mortgage when the deal is complete. Not before.
Buying a house can be a strange process. Every situation is unique.
I don't know what the contracts in MN say specifically, but generally, real estate contracts are expected to be negotiated in good faith. The fact that this seller hid this assessment from you and is now trying to sell items that they agreed in a contract to sell you is certainly not good faith.
I don't know all the specifics of your situation, but if it were me, I would tell these sellers to shove their contract where the sun doesn't shine and find another house. They seem like jerks and definitely don't deserve an offer that is over asking price when they are behaving this way.
Unless there is something about this house (the price, location, features) that you simply cannot find elsewhere, I don't see why you'd even bother with it anymore. Obviously these sellers don't need to sell that badly or are in such bad shape financially that they cannot afford to pay the assessment. If that's the case, let the house become a short sale and negotiate a lower price with the bank later.
I guess I am of the mindset that there's no need to put up with nonsense like this from a seller given the current market conditions. But, of course the market is different depending on where you are; maybe buyers don't have as much leverage where you are.
maybe the city allows you to pay off the $1500 whatever over a period of 5 years.......its a small amount to lose your sleep over.....
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.
