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1HOPE4U
ParticipantAfter reviewing his docs my buddy says that the only contingency he’s found in regards to loans is at the front end–pre approval for loan within a short period after he’s signed the purchase contract. However, he signed the purchase contract back in June.
He did say that there are statements that the “seller may refund the deposit if he defaults…” but that is so vague and noncommittal. “May” carries a lot of uncertainty and unexpressed conditions. Hoping my friend does recoup those funds and I for the life of me, cannot see how someone in their financial situation should be penalized for bowing out of a loan. They’ve made the mistake of falling for that trap but are acting responsibly to pull themselves out of a greater disaster.
He probably does need to speak to a good real estate lawyer…any recommendations on who he can contact? I believe the builder he’s affiliated with is either Pulte or John Laing Homes. Thanks guys for all your insights.
ParticipantAfter reviewing his docs my buddy says that the only contingency he’s found in regards to loans is at the front end–pre approval for loan within a short period after he’s signed the purchase contract. However, he signed the purchase contract back in June.
He did say that there are statements that the “seller may refund the deposit if he defaults…” but that is so vague and noncommittal. “May” carries a lot of uncertainty and unexpressed conditions. Hoping my friend does recoup those funds and I for the life of me, cannot see how someone in their financial situation should be penalized for bowing out of a loan. They’ve made the mistake of falling for that trap but are acting responsibly to pull themselves out of a greater disaster.
He probably does need to speak to a good real estate lawyer…any recommendations on who he can contact? I believe the builder he’s affiliated with is either Pulte or John Laing Homes. Thanks guys for all your insights.
ParticipantAfter reviewing his docs my buddy says that the only contingency he’s found in regards to loans is at the front end–pre approval for loan within a short period after he’s signed the purchase contract. However, he signed the purchase contract back in June.
He did say that there are statements that the “seller may refund the deposit if he defaults…” but that is so vague and noncommittal. “May” carries a lot of uncertainty and unexpressed conditions. Hoping my friend does recoup those funds and I for the life of me, cannot see how someone in their financial situation should be penalized for bowing out of a loan. They’ve made the mistake of falling for that trap but are acting responsibly to pull themselves out of a greater disaster.
He probably does need to speak to a good real estate lawyer…any recommendations on who he can contact? I believe the builder he’s affiliated with is either Pulte or John Laing Homes. Thanks guys for all your insights.
ParticipantAfter reviewing his docs my buddy says that the only contingency he’s found in regards to loans is at the front end–pre approval for loan within a short period after he’s signed the purchase contract. However, he signed the purchase contract back in June.
He did say that there are statements that the “seller may refund the deposit if he defaults…” but that is so vague and noncommittal. “May” carries a lot of uncertainty and unexpressed conditions. Hoping my friend does recoup those funds and I for the life of me, cannot see how someone in their financial situation should be penalized for bowing out of a loan. They’ve made the mistake of falling for that trap but are acting responsibly to pull themselves out of a greater disaster.
He probably does need to speak to a good real estate lawyer…any recommendations on who he can contact? I believe the builder he’s affiliated with is either Pulte or John Laing Homes. Thanks guys for all your insights.
October 3, 2007 at 9:04 PM in reply to: Better to Close On A Home Sale At The End of The Month? #86900ParticipantWhat would be legitimate loopholes to back out on an agreement?
ParticipantThanks to all who responded and provided the great info. Yeah, that is quite scary to later find out that taxes are going to be collected on something you thought you could write off.
Also, I guess I’ll need to amoritize payments through the term of the loan and compare that amount (of the higher priced home) with that of the home with MR fees.
For places such as Del Sur and 4s Ranch, which do charge MR fees, is it probable that those MR fees will increase b/c of the lack of buildout and current market of slowed building/new home purchases? Or in other words, are those who are currently living in those areas left with an increasing bag of MR fees/taxes b/c there are less occupied homes/families to foot the MR fees?
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