About eight months ago, my husband and I bought a house from someone and we were told we did not have to pay any closing costs. The previous owners said they would. ($3000.00, I think.) Well, when we got there, the mortgage lady had apparently gave us the wrong information, and the seller said we had to come up with almost $900.00. We didn't have that much money on us so the seller said he would give us the money, and to pay us when we got the chance, and if we never got around to it then that was ok. Well, today I got a message on my answering machine from him saying that he was wondering if we were ever going to pay him because he had been waiting on us to call but we never did. Are we obligated to pay him? I had every intention on paying him, but money has been very tight lately, and Christmas is coming up and we don't have the extra cash. What should I do?
2006-12-07 11:45:51 · 10 answers · asked by Jessica T 2 in Politics & Government ➔ Law & Ethics
Quote "I had every intention on paying him" unquote.
What should you do? pay him.
2006-12-07 11:50:56 · answer #1 · answered by racquel 4 · 2⤊ 0⤋
From a legal standpoint, you had an oral contract with this person. They can be enforced, but not easily, and the cost of enforcing it far outweighs the $900 debt, so anyone with common sense would not pursue it legally. Since he did not put a lien on the property (which he can't do unless he has a written note), he doesn't have much recourse. Ethically, if you agreed to pay him, you should. Explain your situation with it being Christmas, and see if he wouldn't mind setting up installments to repay the debt.
Also, your Real Estate Agent/Broker is NOT responsible for the financial transaction. Your Mortgage Lender/Broker is. Legally, they are not required to guarantee closing costs. And they only need to disclose before you sign your closing package. You had a crappy Mortgage Lender/Broker. Unfortunately you have no legal recourse against them since you signed. However, I would strongly recommend a letter to your local Better Business Bureau and phone call to his superior.
2006-12-07 11:59:38 · answer #2 · answered by Joe L 3 · 0⤊ 0⤋
Not enough information. If he just gave you the money and did not secure it with a second mortgage or promissory note then I don't think he can force you to pay.
Most mortgage companies make buyers sign a statement that the seller is not giving them any money.
On the other hand, if you promised to pay him back, even without any paperwork, I think you should pay him back. Just phone him up and explain the reasons and set up a payment plan and stick to it. You might be surprised one day when you need a reference, the fellow might be really able to help you.
2006-12-07 11:56:37 · answer #3 · answered by plezurgui 6 · 0⤊ 0⤋
morally you know the answer. you made the promise, you should keep it. at the very least, you should contact the seller and explain your situation to him/her/them. if you signed anything to the effect that you would repay them, you are definitely responsible and can be sued for the balance due the sellers. can you really look at your reflection in the mirror, eye to eye, DIRECTLY, EYE TO EYE, and not feel shame or remorse for having "duped" these sellers out of their portion of the proceeds of the sale of the house you're now living in? did you have a realtor involved in your transaction? if you don't respond soon, that realtor or realtors will be on your back soon enough anyway if they have scruples. any unscrupulous realtor is soon discovered and banned from our little world of licensed real estate agents if they condone such a practice as "under the table" transactions. just a word to the wise, only because you've asked. good luck to you!!! blessed be!
2006-12-07 11:52:50 · answer #4 · answered by vrandolph62 4 · 0⤊ 0⤋
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2006-12-07 12:05:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Be upfront and apologize, explain your circumstance and tell him you will send a check every month until it is paid, all the while thanking him for his understanding. Send whatever you can afford immediately. Then, what you should have done, file a complaint with the real estate and tell them you will file with the real estate board if you don't receive satisfaction. NEVER take anyones word in business, make them write it or, you write it and ask them to sign.
2006-12-07 11:58:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Frequently it's a matter of communication. Just let him know what you just told us, that you will pay him but are strapped for Christmas. Then stay in touch if the plans change. Most people are extremely patient if they are told whats going on.
2006-12-07 11:51:27 · answer #7 · answered by Ring Questions 2 · 1⤊ 0⤋
You are probably going to have to pay him unless you have something in writing that shows he said "if you never get around to it, thats ok". Quite frankly, that sounds like baloney, anyway.
But you could go after the Real estate broker who misrepresented the deal. The broker is legally responsible to forclose any problems with the deal. If they don't, they can be liable. However, you too must have that in writing.
2006-12-07 11:51:15 · answer #8 · answered by Eric K 5 · 2⤊ 0⤋
Your word requires that you pay. If it is not in writing, you can avoid paying if you truly believe you don't owe the money. Check your agreement to purchase.
2006-12-07 11:53:40 · answer #9 · answered by Anonymous · 0⤊ 0⤋
pay the guy, the only reason you have a house for christmas is because of this guy's 900. dead beats
2006-12-07 11:49:21 · answer #10 · answered by mike_14213 2 · 1⤊ 1⤋