purchase of another this coming up wednesday. The buyer of my house just called and says that her soon-to-be ex-husband decided not to sign the homestead paper that he is required to sign in order for her to get her mtg. since they are still legally married. Our entire house is packed and everything is paid for and scheduled to be hooked up at the house we're buying this wednesday. Isn't this specific performance and is there anything we can do?
2007-03-26 00:25:53 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
What does your contract say? If your sale contract is contingent upon the buyer receiving a mortgage and if the mortgage is being denied due to the actions of a third party (the estranged husband) then she almost certainly can cancel the deal and get her earnest money back. There is no specific performance issue in this case and nothing you can do to force her to complete the sale.
Even if you don't have that contingency clause, attempting to force specific performance would be futile unless your buyer had the cash on hand to complete the purchase. Your only redress would be to keep her earnest money and your contract probably specifies exactly that.
If the estranged husband is blocking the sale he obviously has ulterior motives in mind. He's either looking for something OR is just being a jerk by making life miserable for his estranged wife. Your attorney may be able to contact him and see what he wants to get the deal to move ahead again. He may be willing to accept a token payment in exchange for signing the papers but there's probably no way that he can be compelled to do so as long as they are still legally married. This might not even be legal in your state and your attorney can advise you on that.
This will not affect your obligation to complete the purchase of your new home unless you have a contingency in your purchase agreement for the successful sale of your old residence.
2007-03-26 00:35:13 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
As posted above, hopefully your purchase agreement for the second house has a clause to which the transaction is conditional upon the closing of your house, if not you maybe held to specific performance yourself in going threw and purchasing the second home even though you have not sold your house
I am sure your house sell has a clause which the sell is contingent upon a qualifying for a mortgage, unless you can show the buyer intentionally refuses in good faith to get a note you will be out of luck holding them to specific performance
who ever advise you to make an offer on a house without first closing on your old home: bad advice, or made an offer on second home without a condition of closing on first house
2007-03-26 02:37:45 · answer #2 · answered by goz1111 7 · 0⤊ 0⤋
You can get a lawyer, but that will actually make the process longer. You can go to the guys house and put a gun in his face and make him sign it, which is what I am sure you want to do.
I just want to say something about the current state of the real estate industry. You should have been able to complete this deal without this domino cycle, but real estate professionals try to make everything seem so complicated so they can pretend to earn their gillion dollar commission, which in most cases is about 3%. It is sick.
My first action would be to call your agent and get them on task.... that is what you are paying them for right. If they do not get back to you in a few hours start calling lawyers. Let the agent know too. Because even scumbag agents do not like lawyers. It is time to get everyone motivated to close this freakin deal.
2007-03-26 00:31:54 · answer #3 · answered by Anonymous · 0⤊ 1⤋
i'm hoping you had a loan approval contingency interior the contract, which ought to be in any Realtor purchase contract! the only way out of this, may be via you notifying broking provider that your loan became no longer authorized and denied! you'll have your lender or loan broking provider assist you out with the DENIAL LETTER you may opt to furnish to agent or broking provider workplace! is amazingly trouble-free interior the present industry for this to take place! shoppers have become pre-authorized, and then denied on the top earlier ultimate because of the fact of transformations interior the lending marketplace standards at the instant 2nd! different than that, the activity of an agent is to discover you a house that suits your standards. The agent did purely that, so as this is why they try to get commision! I assure you, that thios be counted is out of your associates hand. Your contract is unquestionably with broking provider no longer agent! wish it helps!
2016-12-15 09:07:21 · answer #4 · answered by fette 4 · 0⤊ 0⤋
Ugh this is a nightmare.
Call your agent or lawyer. I think it's to 'late' to back out once everything is in place? They may be liable - it depends on the state -
I think buying and selling a home rank up there with the best high and most stressful times.
Good Luck. Get your agent on the phone (now)
or theirs. Call your real estate board.
2007-03-26 00:29:16 · answer #5 · answered by kelly e 7 · 1⤊ 2⤋