Now the sellers said they can not sell because they are selling it for less and where not able to get a loan for the remainder of the price.. They said we could move in there rent free until they are able to get the loan they said it would take about 8 weeks. I am lost what to do we have over a thousand dollars invested and would eat it if we didn't buy the house. Plus the real estate agent said she would make sure everything was in writing so we wouldn't get screwed except if they don't get the loan we have to move out.. Help
2007-11-15 03:38:35 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Don't move in unless you own it.
They can't sell because they owe more than the selling price. They obviously want to sell to you so they recognize your offer is fair (or more than fair). They so desperately want to sell to you that they are willing to take a huge risk and allow you to move in without owning it.
Think about this scenario. You move in waiting for them to get loan approval. They don't and they can't. Now they have a renter in a place they can't afford. The allow it to go into foreclosure (since they can't pay). It sells to someone else. They want you out and give you 30 days notice (or less). Now you have to move again and don't get the house.
Because they can't sell, they are the ones in breach of contract and any downpayment or earnest money has to be returned. The only thing I can see you being out is a home inspection (maybe $300). You don't pay the lender until you close, you don't pay your attorney until you close.
good luck!
2007-11-15 06:36:26 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Wow, you need some magic, smile. You're right, it's risky to move into the house under these circumstances. Just a bad idea. I suggest you call your agent's broker, or better yet get an appointment. Ask for some help to get this sale back on track. It's not really a bad reflection on your agent, but do it even if it is. You are represented by both the agent and the broker, so use all your resources to find a solution. Sometimes a broker-to-broker effort can shed new light on the problem. Remember, ask for help - it's part of the magic.
2007-11-15 11:58:48 · answer #2 · answered by dcbob42 1 · 0⤊ 0⤋
Unless your contract states that the sale is conditional on them qualifying for a loan for the remaining balance, the sellers are in breach of contract. If you choose to walk away then they will have to return your earnest. I would also request that they compensate you for any other charges you may incurred (inspections,appraisal,etc.) and take it to small claims court if they refuse.
Either way, I wouldn't move in until they can close on the house because that can cause some serious problems if they can't get a loan.
2007-11-15 13:07:42 · answer #3 · answered by goheels08 2 · 1⤊ 0⤋
If the seller backs out you should not lose money.
Do not move in to rent with the understanding that if the current owner does not get their financing in order you will need to move out. Move on and purchase another house.
2007-11-15 12:34:44 · answer #4 · answered by ebosgramma 5 · 0⤊ 0⤋
Hi,that's a very dodgy predicament.Have you give them the thousand dollars if not then put it in a bank & sit tight untill they get sorted.Good Luck
2007-11-19 11:38:55 · answer #5 · answered by Ollie 7 · 0⤊ 0⤋
If the $1000 is earnest money you should be able to get it back. If it isn't you really are screwed. Sorry.
And you mean "were" not "where".
2007-11-15 11:44:19 · answer #6 · answered by yaafm 2 · 0⤊ 0⤋
Talk to a lawyer.
2007-11-15 11:46:53 · answer #7 · answered by M 6 · 0⤊ 0⤋