Long story short. We are trying to buy a home that we have decided we don't want anymore. Although we can afford this home we have decided that we didn't want to take on that much debt. Reason two is that we have just recently found out a few disturbing things about the neighboorhood. Three houses near by have been busted for meth. They are all rental property. We have a 5 month old baby and this scares us. We want a safe neighborhood for him to grow up in. Our community is only 3000 but this is on the rise. We have already made an offer to buy contingent upon our home selling. We have had lookers but no offers. We have until August 1st to sell ours then the contract with them is up. Our realtor said someone is trying to get a loan to buy ours right now but after finding out about the poor neighboorhood conditions we just really want to get out of the agreement. What would you do? Would it be bad to just tell them we will not be buying their home?
2006-07-06 07:30:10 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Legally I cannot give you advice you how to get out this issue.
Contrary to what someone else said, we are not ALL thieves that just want a big commission. So with that said, your agent selling your home, if he is looking for your best interest should be able to give you some options on how to proceed.
In my opinion, if you made your offer on the home located on the bad neighborhood and you made it contingent to the sell of your home then you must have an end to this contingency period. Pay attention to that date.
FYI: Any contract can be terminated by mutual agreement as well
Also, did you know that you have 3 options to every offer that comes in for the sale of your home? You can accept, counter-offer or REJECT.
Hope this help you in some way and remember this is in no way shape or form legal, tax or contractual advice. Just my opinion =)
2006-07-06 09:59:12 · answer #1 · answered by SCCRealEstateUNCENSORED.com 3 · 0⤊ 0⤋
Unless your agreement provides an excape clause for the information you've learned about the neighborhood then you may be stuck. If your home is on the market, pulling it off the market to avoid a sale would be a "bad faith" act and would not let you out of your current purchase deal. If a qualified buyer comes in and offers you your asking price or more, and you failed to complete the sale not only could that buyer complel you to sell to them, but it would be a "bad faith" act under the other contract.
OK, so what does all that mean? If the seller that you are under contract with right now want's to force the issue, they can keep your earnest money if you back out of the deal. I'd be straightforward about the reason, though. Any bad faith acts could go against you if they wanted to push the issue.
Best bet: Consult with a local real estate attorney. The cost of that consultation will be a lot less than a 5 or 6 figure mistake on a home purchase!
2006-07-06 14:57:44 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Just don't accept any offers on your existing house. August 1 is right around the corner, so if your house doesn't sell you aren't obligated to buy the house. If you can't wait that long, talk to your agent. He/she might know of another way to get you out of the contract (in Maryland you can get out for any reason based on the home inspection) Good luck!
2006-07-06 17:28:36 · answer #3 · answered by akc1106 4 · 0⤊ 0⤋
If you are under contract to purchase the home, you can't just tell them no. There has to be a reason and most of the time, it's because your loan was not not approved, You need to talk with your loan officer and explain the situation. Tell them you want to look at another home. He would have to get your loan denied so that you can get your earnest money back from the title company. It can be done.
2006-07-06 15:11:57 · answer #4 · answered by RG 2 · 0⤊ 0⤋
You don't have to accept any offer that comes in on your home, if your Realtor tells you otherwise, they are greedy and just out for a commission.
You can do a Mutual Release to get out of the contract.
I would not want to live near any meth houses either.
Good luck!
2006-07-06 14:39:11 · answer #5 · answered by mama_wizard 3 · 0⤊ 0⤋
Too bad you didn't research the area first. But to answer your question, yes i think you can get out of this agreement based on your new information. Talk to your Realtor and express your concerns. I don't think you will have any problem as long as he continues to be your representative agent.
2006-07-06 14:40:41 · answer #6 · answered by Caesar 4 · 0⤊ 0⤋
I think you made a good decision, I wouldn't buy the home either...I'm sorry to say that I don't have any input about the legalities of it...I hope everything works out for you guys!!! Good luck!
2006-07-06 14:36:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Have you ever thing about this: is this what you you really want? Are you sure? Because the influences that affects your life does not works the way you want. At least not exactly the way. It gets complicated. So, go living your life doing simple things, but one time done, the thing MUST go on done. That is my oppinion.
2006-07-06 15:00:07 · answer #8 · answered by Cowboy 3 · 0⤊ 0⤋
I would go saying them that we are not buying but with more polite excuse, like having trouble in loan or got someother major expense due in few months....
That would keep you in situation that even if you change your mind after sometime, you do not feel bad in going back.
2006-07-06 14:36:05 · answer #9 · answered by Raj 2 · 0⤊ 0⤋
You can back out - but you would loose your down payment to the realitor - YOu may want to check with a local attorney - just to make sure. Good Luck
2006-07-06 21:16:15 · answer #10 · answered by W. E 5 · 0⤊ 0⤋