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Old 12-06-2020, 06:34 AM
 
24 posts, read 21,643 times
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I am 10 days out from closing on my home and getting severely cold feet.. so much so I'm thinking of backing out. I understand that I can lose my EMD and my lender even told me I could be sued by the seller.. I fully know that backing out this close to closing is not exactly ethical but I would rather back out now before it is really final rather than be in a situation I regret for the next 30 years..

We are in the conditional approval stage so we are not FULLY approved yet, but my lender is trying to say it's too late to back out unless I want to be sued. My lender is no help.. my attorney says I could be sued but its unlikely.. Now I'm confused on what to do. Can anybody give me any advice? I live in NY
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Old 12-06-2020, 06:44 AM
 
Location: Cary, NC
43,297 posts, read 77,129,965 times
Reputation: 45659
Quote:
Originally Posted by Znil28 View Post
I am 10 days out from closing on my home and getting severely cold feet.. so much so I'm thinking of backing out. I understand that I can lose my EMD and my lender even told me I could be sued by the seller.. I fully know that backing out this close to closing is not exactly ethical but I would rather back out now before it is really final rather than be in a situation I regret for the next 30 years..

We are in the conditional approval stage so we are not FULLY approved yet, but my lender is trying to say it's too late to back out unless I want to be sued. My lender is no help.. my attorney says I could be sued but its unlikely.. Now I'm confused on what to do. Can anybody give me any advice? I live in NY
Forget what your lender said. Unless your lender is an attorney.
It is good you spoke with your attorney.
Your attorney saying you "...could be sued but its unlikely..." is much more interesting.
You should ask your attorney to explain the remark in more detail, and to give you legal opinion on the "unlikelihood."
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Old 12-06-2020, 07:03 AM
 
Location: Virginia
10,093 posts, read 6,436,538 times
Reputation: 27661
Quote:
Originally Posted by Znil28 View Post
I am 10 days out from closing on my home and getting severely cold feet.. so much so I'm thinking of backing out. I understand that I can lose my EMD and my lender even told me I could be sued by the seller.. I fully know that backing out this close to closing is not exactly ethical but I would rather back out now before it is really final rather than be in a situation I regret for the next 30 years..

We are in the conditional approval stage so we are not FULLY approved yet, but my lender is trying to say it's too late to back out unless I want to be sued. My lender is no help.. my attorney says I could be sued but its unlikely.. Now I'm confused on what to do. Can anybody give me any advice? I live in NY
Well, you might want to consult a real estate attorney to see what your rights and responsibilities are according to your actual contract. But there's no use getting so upset by telling yourself that you might regret the situation "for the next 30 years". After all, even if you do go through with the purchase of the home you can sell it after 2 years as as personal residence without tax consequences. No drama there.
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Old 12-06-2020, 07:20 AM
 
1,334 posts, read 1,675,105 times
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Quote:
Originally Posted by Znil28 View Post
rather than be in a situation I regret for the next 30 years..
It's a house, not a prison sentence. You can always sell it to someone else, maybe even make a small profit if you wait for the spring buying market.

Is this your first real estate purchase?
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Old 12-06-2020, 07:32 AM
 
24 posts, read 21,643 times
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Quote:
Originally Posted by Bungalove View Post
Well, you might want to consult a real estate attorney to see what your rights and responsibilities are according to your actual contract. But there's no use getting so upset by telling yourself that you might regret the situation "for the next 30 years". After all, even if you do go through with the purchase of the home you can sell it after 2 years as as personal residence without tax consequences. No drama there.
Right I hear what you are saying but even for the next 2 years it'll be tough.. we definitely shouldve thought about it more than we did and now I am regretting it. Its further away from everything and at the top end of our budget.. So even for the next 2 years (or more) it'll be tough. I rushed into the decision and take full blame for it but now I'm second guessing myself..
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Old 12-06-2020, 07:34 AM
 
24 posts, read 21,643 times
Reputation: 30
Quote:
Originally Posted by semispherical View Post
It's a house, not a prison sentence. You can always sell it to someone else, maybe even make a small profit if you wait for the spring buying market.

Is this your first real estate purchase?
Yes, this is my first home purchase
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Old 12-06-2020, 07:35 AM
 
24 posts, read 21,643 times
Reputation: 30
Quote:
Originally Posted by MikeJaquish View Post
Forget what your lender said. Unless your lender is an attorney.
It is good you spoke with your attorney.
Your attorney saying you "...could be sued but its unlikely..." is much more interesting.
You should ask your attorney to explain the remark in more detail, and to give you legal opinion on the "unlikelihood."
Thank you. My attorney said "it's possible but doubtful.."
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Old 12-06-2020, 07:52 AM
 
Location: Virginia
10,093 posts, read 6,436,538 times
Reputation: 27661
Quote:
Originally Posted by Znil28 View Post
Right I hear what you are saying but even for the next 2 years it'll be tough.. we definitely shouldve thought about it more than we did and now I am regretting it. Its further away from everything and at the top end of our budget.. So even for the next 2 years (or more) it'll be tough. I rushed into the decision and take full blame for it but now I'm second guessing myself..
Well, I'd pay attention to what Mike said in his post (I missed that you'd already spoken to your attorney -early for me, lol). Two questions are important: How much is your EMD and are you up for a suit for specific performance? That will tie you up from buying another house for a long time and you might lose and still have to buy this one, although they unlikely lawsuits as your attorney said.
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Old 12-06-2020, 07:55 AM
 
1,473 posts, read 1,423,641 times
Reputation: 1676
Consider renting it out.. I have bought eleven homes in four states and one foreign country. I always paid cash after the fourth. But, then, I always had a backup plan, and that was to rent it out to at least cover the PIT. If rent is less than payment than YOU should probably be the renter. Everyone gets cold feet. I have bought four without physically being there.. I mostly just assumed very old appliances had almost zero value and I would have to replace them anyways. I studied the flood maps, the soil maps, the demographics, the schools, shopping, walkscore, noise score, assessor data, and taxes. I hate being a renter. That being stated, property taxes in NY are outrageous, and I wouldn't touch property there with a barge pole.. and that goes for PA, NJ, OH, IL too.
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Old 12-06-2020, 07:58 AM
 
106,680 posts, read 108,856,202 times
Reputation: 80164
it is state dependent.

In New York, most purchase contracts state that the damages due to the seller for a buyer's breach of contract are limited to the amount of the contract deposit. It's important to note that as the seller, if you choose to file a lawsuit, the buyer may file a “lis pendens” in the public records.

lis pendens literally means “pending suit,” and lis pendens notices are the machinery whereby a party with an unrecorded or unperfected claim to real property can put third persons interested in the property on notice of the claim or interest.

so in english it means if you sue the buyer , then the buyer can put a notice on the public record that they are a kind of pending buyer in a law suite and it can be difficult to sell the house for as long as the suite is pending with the lis pendens showing on record ..

so this is why the attorney said law suits are rare .

here are more details about ny state

https://mowklaw.com/2019/10/23/can-i...-estate-buyer/

Last edited by mathjak107; 12-06-2020 at 08:25 AM..
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