I bought a house on contract for deed. I put 10% down. I no longer want the house. Can I be sued?

Answer 1

You can defintely be sued by the seller or mortgage holder if you try to walk away from the contract. You signed a contract. Your putting 10% down constituted acceptance on your part.
You need to stick with it, please. Perhaps close on the escrow and then later esell the property at a profit!

Answer 2

It depends on the exact wording of the document. If you had an option to buy, then you can't be sued.

However it sounds like you had a land sales contract. This would mean you have an obligation to buy. However there is normally language in the contract that deals with what happens if you default, so look over your contract carefully.

What normally happens is you will forfeit your downpayment. Even if the seller could sue you, they are normally satisfied with keeping the down payment and looking for another buyer.

Answer 3

if so, you could definitely cancel your deal and get your earnest funds returned. Your evidence is in the contract which you have already signed. It says that the deal is difficulty to a clean inspection for wood destroying bugs besides as various different issues alongside with quailfying for a private loan, and so on. between different issues, no lender is going to lend you the money if the domicile is infested with termites. purely furnish a duplicate of the inspection checklist to the lender and that they would be happy to instruct down your man or woman loan. this would possibly not injury your credit in any respect, by skill of ways. i've got long undergone it greater desirable than as quickly as myself! even in the adventure that your contract would not point out those maximum courts could rule on your want in case you sponsored out of the deal considering a prudent man or woman would not purchase a house that grow to be infested with termites and ought to no longer be forced to purchase domicile without the money to realize this. And in case you haven't any longer have been given any kind of written contract in any respect, then the entire deal is null and void as real property transactions could desire to be in writing. Your real property agent will probable be returning your examine on Monday besides, so do no longer difficulty approximately it!

Answer 4

That is hard to say. Without seeing the actual paperwork that you signed I don't know what outs there might be. There are escape clauses with just about any contract. I truely depende what clauses you have included.pp

Answer 5

yep, if you signed a contract to buy the house. But theu may just keep your down payment.
You also might mess up your credit real bad.

Answer 6

you might want to consider all the investment you put into and that you would probably walk away from it. You have some options; #1 stay, refinance to a mortgage into your own, #2 sell it after refinancing it, #3 default and lost all your investment.

Answer 7

You will not get sued, but definitely will loose your 10%

Answer 8

nope..but dont expect your 10% down back..that is the downside of backing out...during the agreement the agree not to sell it to anyone else..and if you back out they keep down payment...