Putting an offer on a home........(law ?)

by love11 37 Replies latest social relationships

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  love11

  Love....you need to get an OFFICIAL denial letter

  I know, my husband apparently didn't believe me when I told him that.

  I know from experience that buying a house can be a big strain on a relationship. My suggestion is to go make up with your hubby and not stress too much. I think it will all work out ok...

  Thank you, I've been in tears over this. I know you can't control what other people do, but if someone told me, "Don't do this, we could be sued." I wouldn't do it!!!

  But with that said, I dont' want us to be apart. Maybe because I don't want to lose anymore family, or maybe it's because I love him. Even when he's stupid. Does that make me stupid? Probably. But if we get sued it will just be the straw that broke the camels back, I don't think we could recover from that.

  So I'm going to make up with him, when I finish steaming. Then I'll just wait and hopefully won't ever be served with papers.
• 

  love11

  Should we try and contact our agent to see if the offer was officially rejected ? Or should we just leave well enough alone and hope the problem goes away?
• 

  kls

  Should we try and contact our agent to see if the offer was officially rejected ?

  Yes do everything to cover your butts and see if you can put these fears to rest.
• 

  G Money

  OK...
  
  Was your offer in writing? Verbal offers are worthless. Next, there are many ways to opt out of a contract as there are usually contingencies written into the contract and for review or reports and for inspections such as:
  
  Zoning, Pest Inspection, Financing, Title Report, Sellers Disclosure Statement, Property ID or Natural Hazard Disclosure, etc.
  
  Now... you may want to rethink your decision. If you are buying at a good price and prices are rising, you'd be foolish to wait. So what, you pay a little more in interest, you can always refinance later. Spending 2-3,000 in extra interest while saving $10-20,000 isn't a bad deal. Interest is also tax deductable. You cannot turn back the hands of time and make the prices lower. Also, as time goes on, you'll build equity and may be able to get a better loan as you've built up equity, possibly to the point where you have at least 20% and could get a conventional non FHA loan and not have to deal with MIP (mortgage insurance). Fannie Mae and Freddie Mac use computerized underwriting and are becomign more flexible.
  
  Be careful of what you say to the sellers if you sumbitted a written offer and you want to back out. I have a background in real estate and law. PM me if you need more info.
• 

  love11

  kls

  I want to put this to rest but I'm not sure what to say that would cover our butts.
• 

  damselfly

  Call your agent and see if they accepted it. Is your offer good for a period of 24 or 48 hrs?most likely they will counter offer in which case you can decline.

  And always get a house inspection!!!! There will always be something that comes up so that you can back out of the offer.

  When I was trying to sell my house after my ex and I split, it sold 3 times! One couple couldn't get a mortgage, another just flat out changed their mind and the third got a "family friend" that convinced her it needed $10,000 worth of plumbing ( not true we checked into it ) I did not sue them for backing out even I was very pissed. Most sellers will be very understanding if you back out.

  Take care
• 

  love11

  G Money- do you know the laws in the US?

  Also, my husband told her that we are waiting till next spring because my father would help us out with a down payment then. So would that be considered in one of the contigencies?

  It was contingent on financing, seller paying for closing costs, and inspection.
• 

  garybuss

  1. Was there a sunset clause?
  2. If there was a sunset clause has the offer's end date expired?
  3. How were you "defaulting on the offer"?
  4. What's up in the air?
  
  
• 

  love11

  damsel-

  From the beginning it was considered more of a practice run by everyone involved because they already were negotiating with other buyers. I just hope this practice run doesn't bite us later. If nothing comes of this- it was a good learning experience. At least we know how it works now, but I still feel bad that we didn't wait till they responded back to us. I'll be sitting on pins and needles until I find out what is going to happen.

  My husband e-mailed her earlier today and asked if they officially accepted/rejected our offer. She hasn't responded yet.
• 

  EvilForce

  If she emails you telling you it's been rejected you are ok.
  But...use this as a learning experience. Never put an offer on a house you are not ready to buy....and make sure it's the one you want before buying it. Real estate laws vary by state. So what is common and accepted in one state may not be that way in another. Backing out of buying a house after an offer has been accepted can be an expensive ordeal.
  Good luck !