We are building a home with NV Homes that we are already $55,000 into. The contract indicates that if you default you lose the entire deposit plus are liable for any resulting court costs and attorney fees. But our present house is still on the market and we probably cannot afford this new home anyway. We would consider walking away from our earnest money if we knew we didn't run the risk of going to court over this. Can anyone help?
2006-09-29 02:52:22 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
if you cant sell the old one, try to sell the new one, you might be able to get some of your money back that way. I guess it depends on the NV homes, how peeved are they gonna be, but if you cant do it, well then you cant do it, declare bankruptcy that might void it.
2006-09-29 02:55:25 · answer #1 · answered by tomhale138 6 · 0⤊ 0⤋
Does you the financial page of the purchase agreement state that if you are not qualified to carry two mortgages, the purchase agreement becomes null and void or cancellable?
Are you sure the monies you put down are Non refundable?
Did you use a Realtor? If not, do you not have an Attorney?
I strongly urge you to contact an "real estate attorney" today to know what your options are.
2006-09-29 10:57:05 · answer #2 · answered by Alterfemego 7 · 0⤊ 0⤋
See a lawyer, who can read the fine prints of the contract.
2006-09-29 09:53:33 · answer #3 · answered by WC 7 · 0⤊ 0⤋
dang wish I would be able to walk away from $55K and not worry about it.
2006-09-29 09:59:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋