cancel a purchase of a house

clemnts · Joined: 14 Aug 2009 Posts: 1 1.00 Dollars($)

My son's purchased a house per internet last night from an auctioneer. This house had been a foreclosure. They went to look at it after the agreement to purchase. They did not want it because of basement walls caving in. Do they have a three day cancelation period in the state of WI. How can they get out of buying this?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

I think you need to check the tersms of the aution.

Generally they have 3 days before you cna cancel

adonis · Posted: Fri Aug 14, 2009 8:08 pm Post subject:

Welcome clemnts,

Wisconsin has a 3-day cancellation period for consumer transactions. This provision applies for any consumer transactions which involves extension of credit. It also applies to cash transactions of $25 or more. However, the 3-day right to cancel applies to transactions which are done through a face-to-face contact. You should also note that the cancellation must be in writing.

gmakerley · Posted: Sat Aug 15, 2009 6:43 am Post subject:

this is too bizarre...they bought this property sight-unseen? whether there is 3 day rescission or not, this is a foolish move.

i truly hope that others reading this won't be silly enough to think that an internet auction is the right way to buy real estate.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

George,

I absoutley agree with you

But we can suggest what we knw. Its up to the buyer how they want to spend thier money

My 2 cents

fredwaltz · Joined: 17 Aug 2009 Posts: 60 1.12 Dollars($)

Internet buying could lead to this kind of sitution in future so often.So hence george is suggesting it to refrain from this.
I agree with george on this fact.

gmakerley · Posted: Mon Aug 17, 2009 8:31 am Post subject:

sunny, i don't disagree that it's up the buyer - after all, if we didn't have millions of foolish buyers out there, we wouldn't have to invoke the phrase "caveat emptor" so many times in our lives.

and, believe me when i say that i don't use the term "foolish" loosely. anyone who decides to purchase a home sight unseen is foolish in my book.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

No arguments with that statement George

If I want to buy soem thing b spending so much money, I would go and see it first

fredwaltz · Joined: 17 Aug 2009 Posts: 60 1.12 Dollars($)

I had seen in past that there were some guys who were selling land on moon and people were crazilybuying it.I am just putting this example because lot more people do it in order to have some foolish pretendence of prestige.

I know some of the guys who did it just to get limlight cheap publicity.

gmakerley · Posted: Fri Aug 21, 2009 10:57 am Post subject:

and you can call up some foolish 800 number and have a star "officially" named after you, too.

this has been going on for(almost)ever - they used to call the purveyors of this idiocy "snake oil salesmen."

let's face it - we people are gullible. give us enough real-sounding information and we'll buy just about anything.

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