my loan is approved...i gave the other seller attorney 10% down to be put in an escrow account, contract is sign by both party. my closing date is sometimes in aug. i think i may lose my job so i dont think i want to go ahead w/ the purchase.
what would i lose or how much money would i lose if i dont go thru with it? i haven't pay for any attorney fee yet (im a buyer). so far i pay $400 for appraiser. another $400 for ucc and lien search. i put $25,500 in an escrow account.
so how much would i lose if i dont go thru? please let me know. thx in advance.
2007-06-21 04:43:32 · 5 answers · asked by seafood10 3 in Business & Finance ➔ Renting & Real Estate
The fees you've paid are non-refundable, that much is true, but it depends on how the money in the escrow account is defined. If it's defined as earnest money, say bye-bye to it. If it's defined as down payment, I'm no lawyer, but you should be entitled to it back, since the transaction didn't go through, minus whatever fees they feel they can tack on to it.
2007-06-21 04:58:45 · answer #1 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
Sorry about your job situation. It's getting tough out there.
Look at your purchase contract VERY CAREFULLY in the DEFAULT section pertaining to the buyer. That will spell out what you can lose - typically, the entire good faith deposit - but there are exemptions from this, and only if you have NOT already passed the drop dead date.
The contract should give some criteria that will allow you, the buyer, to legitimately back out of the deal, although your loan has already been approved, and that is the most common reason to void the contract.
Anyway, look at it TODAY.
If you are unsure, call your realtor, call your lawyer, but do it TODAY, or you could lose your whole deposit.
If you are already past the date of no return, you could have your realtor or lawyer contact the Seller's attorney to explain the situation, and see if they can mitigate damages for you.
If the property has only been off the market for a short period of time (with an August closing that sounds likely), and sales are popping in the neighborhood, they may be willing to let you out of the contract and put the house immediately back on the market. If the local market is slow, they may fight you for the whole deposit.
It all depends on what the contract says under DEFAULT for the buyer.
2007-06-21 04:56:54 · answer #2 · answered by venicefloridarealtor 4 · 0⤊ 0⤋
Unless you have some sort of escape clause in the purchase offer, you are subject to lose the entire value of your escrow deposit. Your offer to purchase/purchase contract is legal and binding, and the seller has a right to expect you to honor same.
If you are strongly considering backing out of this deal, speak directly with the seller to see what he/she might do. You certainly have a sizeable escrow account, and the seller may understand and release you from your contract, or may release with some sort of split of the escrow. If the seller is a jerk, he can probably keep the entire escrow for your failure to perform on the contract.
Your appraiser and other fees are non-refundable in any fashion.
2007-06-21 04:53:26 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
if you loose your job you cannot close you will lose your escrow to the seller. do what you have to to keep job, or get another as soon as possible. you dont want to back out of deal, you will get reputation, gf of mine did that on day of closing, she so regrets it now. she didnt loose job just had cold feet. now if you read loan papers there should be something about your job, which is why you got approved loan company wont want you signing for mortgage with out a job. i remember actually the closing atty asking if there had been change in our employment. BE CAREFUL.
2007-06-21 05:02:46 · answer #4 · answered by rottonweiler 2 · 0⤊ 0⤋
First of all you should have never slept with a married man that is completely devoted to his wife and I do not know who turned who on but sounds to me you did. He also probably read your texts because he probably was suspicious. I think what you did is completely and honestly stupid because you left a marriage of 6 years and 2 children for a married man and on top of that you slept with someone else that is so absurd of you.You ruined your marriage and his marriage and you have a lot of guilt to be ashamed of. My best friend Nikki of of almost nine years now has two wonderful little boys got married in December of 2006 or 2007 and she started seeing this other guy phil on the side he didn't know about and he found out later on and he was so shocked that she would do that. her marriage was still fresh and she cheated and still is and has been talking about a divorce with him but the divorce has not even begun.I hate what she did but in the end shes going to get screwed over badly. I would say the best advice i would give you is to try to not talk to him because if hes ignoring you just leave it go. Also if your divorce is not final yet i suggest you try to work it out with him and get him back. well this is all i have for you i fear for the childrens safety.bye
2016-05-21 12:06:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋