Cancel a purchase of a house.

Guest

My two son's purchased a house per internet last night which was a foreclosure. They looked at it after the fact and decided since basement walls were caving in they did not want it. Can they cancel and if so how do they do it? They did not put anything down and when they tried to get out of it the seller said "you have it." Isn't there a three day cancelation law in the state of WI?

jenkin7 · Posted: Fri Aug 14, 2009 11:13 pm Post subject:

Hi clements,

There is a 3 day cancellation law applicable in all the states. It is known as right of rescission and is granted by the Federal Govt. in Truth in Lending Act. If a mortgagor wants to back out of the deal, he can do so within the 72 hours or 3 days of closing on the loan. Some lenders can even provide a period of rescission longer than 3 days.

I believe you have not entered into any kind of agreement with the seller and have not signed any legal document. Am I right? If the answer is 'yes', then you can easily cancel the purchase. You are not legally bound in any way to purchase the house.

gmakerley · Posted: Sat Aug 15, 2009 6:45 am Post subject:

http://www.mortgagefit.com/wisconsin/cancel-purchasehouse.html#114310

you can see the answers to your question located on this link.

please don't post the same question over and over again (everyone!). this only leads to confusion, and conflicting answers as well.

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