my friend told me there is no way to get out of it and i will lose my money. i have already put down $9000 but am i stuck now? i thought i did my research but this is a new development which wasnt around when i was looking....
2007-03-26 13:28:37 · 6 answers · asked by PharmDiva 2 in Business & Finance ➔ Careers & Employment
Detail that I left out is this is a new house being built. They have not broken ground yet. Will be ready in late fall. Does that make a difference how i handle this?
2007-03-26 14:21:53 · update #1
There are too many if's here to give you a straight yes or no. One thing for sure, don't play games with any of the inspections like one person said. You could be out way more than $9000 with a fraud conviction.
The first thing that you should do is go over your contract with a magnifying glass. Try to find an out.
If you just plain back out of the deal they don't automatically get to keep all of your money. They only get to keep actual damages which ends up being advertising.
You didn't say if you were just using an agent of if you signed a contract with a buyer/broker. If you are just with an agent, be careful what you say to them. They are ethically bound to take that information to the seller, whereas the buyer/broker actually works for you and will help you try to get out.
A real-estate attorney might not be a bad idea. He could give you ideas on how to mitigate any loss.
2007-03-26 13:45:23 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
It depends on your state and on your specific contract. Check with a lawyer. It's certainly worth the $150-$300 consultation when you may loose out on $9,000.
But before you spend any money read your contract carefully. Are there any contingencies that may let you out? Does the house need any repairs? Did you ask for a specific type of loan that you are not able to get? I'm sure it wont be to hard to get rejected by a loan officer.
2007-03-26 20:34:24 · answer #2 · answered by baktum2 2 · 0⤊ 0⤋
You usually lose at least half your earnest money. Title companies don't like to get in the middle of that stuff. They may even give you all your money back, and let you figure it out with the potential seller.
Definitely check with a lawyer and find out.
2007-03-26 20:43:52 · answer #3 · answered by zeebarista 5 · 0⤊ 0⤋
Usually there's a termite or inspection "out" clause. You don't have to find termites either, or fault with the inspection, you just have to say, ah bullshit, I don't like the results of this inspection, I'm out.
2007-03-26 20:31:17 · answer #4 · answered by All hat 7 · 0⤊ 0⤋
$9K as earnest money? If you are still in your inspection period, your agent should be able to help you get out of the contract.
2007-03-26 20:35:31 · answer #5 · answered by nolimitsladies.com 2 · 0⤊ 0⤋
you will lose your original escrow down payment
2007-03-26 20:35:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋