Ok so here is the situation. I was planning on buying a condo, but backed out at the last minute. I called them and left a message that i was backing out and they keep calling me now wanting to take. Finally yesterday they left a message saying "ok we understand you want to back out, but now we just need you to sign some papers so you can back out" Is this for real? I am suspecting they are just trying to get me to sign something saying that i agree to pay for the appraisal or they want the 500 dollar deposit that I didnt give. What will happen if i just avoid them completely? Is there REALLY some paperwork you have to sign to back out?
2007-12-09 06:54:23 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I signed a purchase agreement and was approved for the loan. I just had one more thing to do to get on a certain program and i could close. I just dont know what this paperwork is that i would have to sign to back out. It sounds like they just want me to come in so they can either get me to fill out paperwork saying i will pay them something or so they can try to sell me on getting the place anyway.
2007-12-09 07:07:37 · update #1
If you signed a contract with them you are still leagaly 'tied' to the property. Technically they can sue you for abandonment. It would be in your best intrest to hire a lawyer and have your lawyer look at the paperwork. You will have to sign a cancellation agreement if you are not going close on the property.
2007-12-09 07:20:33 · answer #1 · answered by sspice5757 2 · 1⤊ 0⤋
Here is why you need to call them back, and do it THEIR way.
You left them hanging with a written contract which THEY are still legally bound to...you cannot verbally back out of a contract, you have to sign a release with them so they can put the property back on the market, otherwise, you can always come back at any time and claim that they sold "your" home.
That is the paperwork they want you to sign. You cannot contract NOR end a contract verbally in real estate.
If you don't do it their way, and they are forced to sit on it, not only will they keep your earnest money (and you STILL have to pay it since you signed a contract agreeing to), since you were approved for financing, they can take you to court to force you to close on the sale...and if the home value has FALLEN, you can bet money they will make good on it.
So act like an adult, own up to your responsibility and understand that they trying to help you.
If you are worried about paying for the appraisal, the builder doesn't do that, the lender you were working with does...and they will be sending you a bill soon for that, because it wasn't their fault you backed out.
GROW UP!
PS: Understand that builders are more likely to sue than an individual Realtor....they could care less about repeat business.
2007-12-09 09:09:06 · answer #2 · answered by Expert8675309 7 · 1⤊ 1⤋
To all sellers out there - This is exactly why you require the buyer to make a substantive deposit (with an initial deposit paid at the signing of the sales contract and then a second & larger deposit paid within 2 weeks of the first deposit) - otherwise, you get this exact scenario - where buyers become gun shy at the last minute and you have little to hold their feet to the fire.
2007-12-09 07:19:00 · answer #3 · answered by Anonymous · 2⤊ 1⤋
You and the seller have a legally binding contract. In order to cancel the contract, you need to put in WRITING that you want to cancel the contract. Everything in real estate needs to be in writing.
If they have no deposit, what are they going to do. Sue you. If they are dumb enough to not get a deposit or only take 500, they will not sue.
You can have them fax you the paperwork to sign and fax it back to them. Or have the guts to show up in person, sign the release forms and get a copy for your records.
TO ALL BUYERS: this is the reason to get a large deposit. We get $25,000 before we build. Period.
2007-12-09 07:41:04 · answer #4 · answered by Anonymous · 0⤊ 2⤋
Depends on what state you're in and what the contract says. It's interesting that you never gave the deposit that you agreed to. You more than likely are in breech of contract just for that. It's best that you cancel the contract in writing to tidy things up, but I if you don't I doubt the sellers or agents can do anything.
2007-12-09 08:05:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
what did you sign already. If you did not sign anything, then there is likely nothing they can do to you without spending time and money on the court. An if its only $500 deposit and a $300 appraisel, its likely not worth it for them, tb
2007-12-09 07:01:43 · answer #6 · answered by redwine 6 · 1⤊ 1⤋
They have a legal binding offer from you on this property and cannot accept another offer to purchase until you release them from your offer. What if they take another offer and YOU change your mind AGAIN, and want the condo ? Now they are contractually obligated to sell the unit to two different parties.
Get off your dead one and release these folks from the contract so they can move forward.
2007-12-09 10:00:26 · answer #7 · answered by acermill 7 · 1⤊ 1⤋
did you sign papers saying you would pay the cost of the apprasial? Or make any other type of payments? If nothing they really have nothing on you, except to black list you from other realators.
2007-12-09 07:03:31 · answer #8 · answered by spiritwalker 6 · 1⤊ 1⤋