I am trying to find a house that fits my budget. I found the perfect one but I have this other one I had pending. How can I turn it down and still get my deposit back? Is it at al possible for me to get my deposit back and get the last house that I seen that I liked much better? What can I do about the house that I am in now that I can not afford. I can not afford the increases the mortgage company keeps putting on me. What should I do? What can be done leagally? Can I bag out of deal number 1 and close on deal number 2? What about the situation I am in now? HELP me PLEASE!
2006-08-06 01:02:06 · 9 answers · asked by TONYA S 1 in Business & Finance ➔ Renting & Real Estate
It also depends on whether you signed an earnest money contract. If your deposit was submitted as earnest money, then the seller can keep the deposit on default but not sue for specific performance of the contract. If the money was simply a money deposit on contract then the seller could keep the deposit and sue for specific performance but you generally have other out clauses.
Who provided the contract? If it contains an assignment clause then the best deal would be to sell or "assign" the contract to a new buyer. If the seller doesn't want to release you and you can assign the contract then get an extension on the closing and start advertising the property. Depending on what kind of deal you originally negotiated you could assign the contract for a fee. It is what investors do all day long. You could actually make enough to pay on the second deal.
If you are intent on the second property, I would get a first refusal option and tie it up for 30 days to give you time to do the above.
Email me the location of the property and the numbers, I maybe able to shop the deal for you.
2006-08-06 03:38:48 · answer #1 · answered by Sam B 4 · 4⤊ 0⤋
If you built the correct contingencies that are still in effect into your offer, the seller should give you your deposit back. If they're not, the seller is entitled to keep the deposit. That's what it's for.
Loans and inspections are standard contingencies that get built in, but if they're not in your contract, they're not. Or if they've expired. Standard around here is seventeen days, and most escrows are for thirty.
Mind you, the escrow holder will only do what both parties agree upon. The seller can force you to go to court to get the deposit back, or you can force them to go to court to get it even if they're entitled. It's usually stupid, but it happens. The courts always have the final word, but a properly written offer aborts the majority of the problems, and getting everything done on time stops more.
Your problem with your loan provider is more common than most folks realize. Check out this website http://www.searchlightcrusade.net/real_estate/ for a lot of education and strategies to stop it from happening to you
2006-08-06 03:52:59 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
If you made an offer on a house you can rescind your offer at any time until acceptance.
If your offer was accepted it probably had several 'outs' or contingencies that you can use to avoid closing. These contingencies include a home inspection and getting a mortgage. Others might have been included. These will usually give you enough 'wiggle' room to get out of the deal.
2006-08-06 03:37:21 · answer #3 · answered by Box815 3 · 0⤊ 0⤋
Did you sign a contract with the first home owner stating anything about an initial deposit upon acceptance?
If you did then you are legally bound to that transaction. I
f you do not want the home, you can refuse to close the contract (pay for it) but two things will happen:
1- The Sellers are entitled to keep 100% of your deposit and if they have an agent representing them, trust me it's the first thing he will tell them
2- The Sellers can sue you for damages, that they did not sell their home because they thought it will be done with you. Depending of the judge this one can be pretty bad.
Good Luck
2006-08-06 03:14:50 · answer #4 · answered by digiteerx 2 · 0⤊ 0⤋
There are two people you should talk to. One in a real estate agent, The second is a financial advisor. Real estate agents can help you out with getting the down back. They may be able to send you in thedirection of a good loan officer or financial advisor who can help with your mortgage situation.
2006-08-06 01:08:32 · answer #5 · answered by coolmom 3 · 0⤊ 0⤋
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2016-11-03 23:56:45 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Are you still in attorney review? If so, your lawyer can cancel the contract.
Is there a mortgage contingency clause? If so, a turndown letter will get you out of the contract.
2006-08-06 03:50:12 · answer #7 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
It depends on how your contract was written. Did you include a contingency that can't be removed? If so, use it. If not, you are buying house number 1.
2006-08-06 06:33:40 · answer #8 · answered by Karen R 3 · 0⤊ 0⤋
If you already submitted a bid, it is legal and binding. You must wait to see if your bid was accepted, and in this case, keep your fingers crossed that it wasn't! If not, then you are free to shop around and bid on another.... until then, you are obligated.
2006-08-06 01:16:23 · answer #9 · answered by Anonymous · 0⤊ 0⤋