is there any way we can legally get out of this house purchase? This trasaction has physically ruined me-im suffering from Depression because of this stupid idea that we could afford to own. We live in Michigan-can anyone help me?
2007-12-17 02:00:21 · 22 answers · asked by jeacysmama 2 in Business & Finance ➔ Renting & Real Estate
we have signed the final papers, we have the keys and have been in here since November 30th-at this point i would try anything to get away from my feelings...
2007-12-17 02:11:54 · update #1
we are still waiting on all of our paperwork AND the title which was going to take another 1-2 weeks to get over into our name-this is a mudular home on its own land
2007-12-17 02:14:22 · update #2
Nope. You and the seller had a contract. The seller did their part. You signed the deal with the bank for yours. You don't get to unwind it now and say "psyche!"
Suppose you were the seller, and had finally sold a house. Wouldn't you be torqued if 3 weeks later someone said "oops, didn't mean it, want my refund. Here's your house back."?
If you haven't closed yet, you can possibly refuse to close and just forfeit your deposit.
2007-12-17 02:03:16 · answer #1 · answered by Anonymous · 5⤊ 0⤋
There's really not any easy way out of it unless there is something about the property that the previous owner did not inform you about prior to closing. When you say you signed on the house I assume you mean you closed on it (ie signed all the paperwork, gave checks, and received keys). If you haven't closed and you have just signed the contract then there is still hope for you to get out of it but if you have closed it's not going to be easy at all. I had a client who was physically sick because of a house they bought and the previous owner didn't disclose everything and the only thing they were able to do is sell the house again. If you have closed and received your mortgage from a bank or mortgage company then they must believe you are capable of paying your monthly mortgage payment without putting yourself below the poverty line or anything. If they didn't believe that you wouldn't have been approved for the mortgage and you would not be able to finance the home, therefore unable to buy. Even when you sign the contract to buy the house the deal is not fully completed until you have keys in hand and closed. In the case that you have only signed the contract there should be a section that explains what happens if you back out of the contract since no matter how you look at it, the contract is a legally binding document. Since I am not sure how the purchase contracts look for Michigan I can't tell you exactly where to look, but I know for New York it is somewhere around where you put how much of a deposit you are putting down and whom is holding it. Hopefully this helped you a bit, but next time think before leaping. I have made a similar mistake in the past but it wasn't as big as buying a house I couldn't afford.
2007-12-17 02:13:08 · answer #2 · answered by sweetpea082303 2 · 0⤊ 0⤋
I don't think that there is anything that you can do after three weeks. My only thing would be to talk to the relater and see. As a fellow Michigander, I would say that your mistake was simply buying a house in Michigan; I am getting out of this place as soon as I can. I don't know what the law says though as far as if there is anything you can do, but you may have waited too long. I would just talk to someone a little more official than those you will find on YA.
2007-12-17 02:05:32 · answer #3 · answered by thesoccerchick87 3 · 0⤊ 0⤋
Tell us more so maybe we can help you.
What is wrong? Is there a problem with the house that wasn't disclosed to you? Or is it a matter of thinking you can afford it and then finding out you can't? It will make a difference in whether or not you can get out of the contract.
Also if you were suffering from a psychiatric illness when you signed the contract, that could possibly affect if you can be excused from the contract. I have seen that happen on rare occasions.
Please give us more info and we will try to help you.
2007-12-17 02:08:35 · answer #4 · answered by Criss_Mousse 3 · 0⤊ 0⤋
You are WAY too far into this purchase to back out now. It sounds like you have taken occupancy already. The time to have expressed your feelings about this was back before you ever wrote this offer.
Buyer's remorse is not uncommon. I once had a client who actually refused to move into the property after closing, due to such remorse. I ended up putting it right back on the market for another buyer. And THAT cost the client dearly.
2007-12-17 05:25:55 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
I live in MI too and the economy here is a bad one right now! You need to speak with your real estate agent or the loan agent and see what they say can be done about it. Did you sign the FINAL papers, like where you got the key and are living in the new house now? If you haven't signed those then you can probably go back on the deal. Check the paperwork you did sign and see what it says too. Good Luck!
2007-12-17 02:05:28 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Unfortunately, no.
Buying a home is very stressful, especially during the holidays. Perhaps you should talk to someone about the depression.
Can you rent the home for enough to cover your mortgage and expenses? You could put it on the market again, too.
Sit down with your partner and go over your finances. Find out where every penny is going and stop any financial bleeding.
2007-12-17 05:49:12 · answer #7 · answered by godged 7 · 0⤊ 0⤋
Well first, you may want to think this over first.
Owning is often less expensive than renting. We purchased the home we were renting and our payments are less than the rent was and that includes the property taxes and insurrance. Also remember that if you get a fixed rate loan your "rent" won't go up. We are making the same payments we started 10 years ago, no way you could do that with renting.
2007-12-17 02:13:36 · answer #8 · answered by countryguyhfc 5 · 0⤊ 0⤋
At your signing there was a form that stated you have three days to change your mind. You should have gotten a copy of this form.
The notary, title company person or whoever was overseeing the signing should have explained everything you were signing.
You said it's been three weeks.....so the answer would be NO.
You could try and put the house back on the market and try to break even....but until then your stuck with it.
2007-12-17 02:10:12 · answer #9 · answered by Anonymous · 1⤊ 0⤋
To the best of my knowledge, the only way out of the purchase would be if the seller told you something about the house that wasn't correct, or neglected to tell you something about the house that was important.
If your trying to get out of the purchase because you realize you can't afford it, the best thing to do would be to put it back up on the market, or find someone to rent it out.
good luck hon
2007-12-17 02:12:14 · answer #10 · answered by Anonymous · 0⤊ 0⤋