Posted on: 27th Oct, 2007 10:24 pm
We are in the process of a land home deal with a manufactured home and land - we were at the table with cashiers check to close the deal and they realized that the title information on the land we were purchasing was incorrect and needed changing - we are now waiting on old divorce papers and are getting tons of pressure from the mortgage company that we have to close this by the end of the month or start over. I don't like the pressure and have taken time to closer review the whole deal - and little things are really starting to bother me - Can we still back away from the deal??
hpotter,
Welcome to the forums!
You can always back away from a deal before closing. After closing you can only back out on refinances and that is within 3 days.
So if you don't feel comfortable, tell them what to do with it. The lender probably just wants his/her check. I'm trying not to be judgemental but if the title isn't correct why would you, them, or anyone want to close? You... wouldn't... they....want their check.... anyone else... wouldn't close. So you see it is hard not to be judgemental when someone is trying to force you to do something you don't want to do.
By the way what would be so bad about starting over? So what, you have to get new paycheck stubs, which you have anyway, a new bank statement, shouldn't be a big deal. What changes if you don't close? Probably nothing except when the LO or lender rep gets paid.
If you get any additional information you would like to add just let me know. But as I stated above... If you don't feel comfortable then don't close... It's as easy as that.
Best of luck!
Welcome to the forums!
You can always back away from a deal before closing. After closing you can only back out on refinances and that is within 3 days.
So if you don't feel comfortable, tell them what to do with it. The lender probably just wants his/her check. I'm trying not to be judgemental but if the title isn't correct why would you, them, or anyone want to close? You... wouldn't... they....want their check.... anyone else... wouldn't close. So you see it is hard not to be judgemental when someone is trying to force you to do something you don't want to do.
By the way what would be so bad about starting over? So what, you have to get new paycheck stubs, which you have anyway, a new bank statement, shouldn't be a big deal. What changes if you don't close? Probably nothing except when the LO or lender rep gets paid.
If you get any additional information you would like to add just let me know. But as I stated above... If you don't feel comfortable then don't close... It's as easy as that.
Best of luck!
Hi hpotter,
If you don't like the deal you can back away from the deal. If the title information on the land is incorrect, you should verify it thoroughly. Only if you feel good about it, you can go for the closing.
Thank you,
Larry
If you don't like the deal you can back away from the deal. If the title information on the land is incorrect, you should verify it thoroughly. Only if you feel good about it, you can go for the closing.
Thank you,
Larry
I am the purchase of a house -- If I back out of the contract,what penalties do I face? I have given a $1000.00 binder for the house... The inspection has been done also -- Can the attorney(mine) and the Real Estate agent come after me at all?
If in doubt, back off. The power is in your hands until the papers are signed and cash handed over.
If you're getting nervous, take a breather and reevaluate. Could be room here for you to negotiate actually if the vendor is urging you to close.
If you're getting nervous, take a breather and reevaluate. Could be room here for you to negotiate actually if the vendor is urging you to close.
praspa, the normal loss in a case like this is your $1000 deposit - nothing more. they'll simply remarket the home and sell it to the next person. i sincerely doubt you have to concern yourself with anyone coming back to you with demands for money.
well i about to close in a few day, but my husband and i were getting a divorce, know my husband dont want a divorce and i was wondering if i back out what will happen, i gave earnest money too, but if that is all i loose it wont be as bad, as if i buy house and still married, my husband has a house already. need a answer soon please help. Thank you
Hi lola!
Welcome to forums!
You will have to check out the documents that you received in order to find out what repercussions may take place if you cancel the deal. You can even contact a local attorney who will help you in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to check out the documents that you received in order to find out what repercussions may take place if you cancel the deal. You can even contact a local attorney who will help you in this matter.
Feel free to ask if you've further queries.
Sussane