Posted on: 03rd Oct, 2008 04:44 pm
question: I applied for a mortage loan to purchase an exisitng house, the reality company and I signed the contract and submitted the earnest money and agreed on a closing date. I then proceeded to get a mortage loan and was approved and provided the money for the appraisal and survey etc. During this process the appriaser did not signed off on tghe apprisal due to a problem with the electrical serivce entrance. by this time we went beyond the clsing date to get this fix. then the seller has some legal issues with deal with an ex-spouse in order to close. I was then called to come in and close on the purchase.During my signing I notced that this was an FHA loan and I could not rent the property. That same night I sent an e-mail to the title compnay to stop the paper work so I may discuss this with the loan officer.So we decided to try a conventional loan. However, I could not afford the down pymt. So we opted to getg out of the contract. Broker is telling us that the seller ina perdicament. What alternatives do I have.. appreciate your assistance..
how did you get that far without knowing? Sounds like you are legally obligated at this point to buy as far as the seller is concerned once you signed the papers you bought the home that is a legally binding contract. On top of that you had better move into it
Otherwise you have comitted fraud........
Good Luck sounds ugly to me
I am sorry I dont have any words of encouragement or help but that sounds like a MAJOR mistake
Otherwise you have comitted fraud........
Good Luck sounds ugly to me
I am sorry I dont have any words of encouragement or help but that sounds like a MAJOR mistake
It is likely that you are able to get out of the contract if there is a financing clause. Most of them have this. As far as the seller being in a predicament, there is not much you can do about that.
