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Discussion Starter · #1 ·
So I get a phone call from the seller of the house that I am ready to buy and all I am waiting for is the loan application to go through. He just lost his job and wants to back out. He signed a purchase agreement and I want the house.

Do I have legal right to continue through?
 

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yes, you have the legal right to buy the house at the terms that were included in the purchase agreement

problem is getting him out of the house, making sure he doesn't damage the heck out of it when he is forced to sell, etc

if you really really want the house you probably need to get a lawyer, which is gonna cost you bucks and time

maybe you signed an arbitration agreement with the purchase agreement (usually the option is included as standard, you either accept or decline at the time of the offer) arbitration would be cheaper but still takes time and then you still have to deal with getting the dude out of the house physically

best bet is to get the loan approved so that you are 100% ready and able to buy the property, get your deposit money back, and start looking for another home, sucks but the process to get what you are legally entitled to may be too much for you to put up with

the realtor *if you are working with one, is due the commission, because the home was techinally sold, and it is the sellers decision to back out, he may think twice about backing out if he realizes he still has to shell out the commission (another advantage of working with a realtor and not dealing with a for sale by owner)

if you are not working with a realtor (shame on you), you may have avoided this nightmare

people think that the realtors job is a piece of cake and they can handle selling their home or buying a home on their own, well 90% of the time they may be right, but the other 10% get screwed, do you want to get screwed on the biggest purchse decision of your life *yes, im a realtor
 

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Your right Al, I would ask Z-man, or a professional, but if they signed an agreement to sell, I think they are bound by it!

Good Luck!
 

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The seller is a pretty nice guy so I was thinking if I made a deal with him to sell the house and he would be my renter until he found another job and move out.

Also, I am demanding proof that he lost his job. If he cannot provide that I am definitely going forward with the purchase.
 

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first house I bought the sellers were having a new one built. After we made an agreement their kids talked thme into not moving, so i lost out. the realtor said I could take them to court but what judge would throw old peeps out on the street? I found a better house after that anyways.
 

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Buy the house and make him pay you rent until he finds a new job.
 

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Discussion Starter · #8 ·
QUOTE(Snowmaker @ Feb 21 2004, 12:40 PM)Buy the house and make him pay you rent until he finds a new job.

I was thinking of doing that. it would start me off on my first rental.
 

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QUOTE(Goose @ Feb 21 2004, 11:51 AM)people think that the realtors job is a piece of cake and they can handle selling their home or buying a home on their own, well 90% of the time they may be right, but the other 10% get screwed, do you want to get screwed on the biggest purchse decision of your life *yes, im a realtor
...that happened to Puppetshow recently...it sucks for the realtor, too.

I think that it is a good idea to let the guy rent, Cotty. I know you want the house, but if he lost his job, he may not have a choice.

or YOU CAN ALWAYS BUY MY HOUSE...............
I'll give you a great deal.


 

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Discussion Starter · #11 ·
QUOTE(Saleena362 @ Feb 21 2004, 12:56 PM)QUOTE(Goose @ Feb 21 2004, 11:51 AM)
people think that the realtors job is a piece of cake and they can handle selling their home or buying a home on their own, well 90% of the time they may be right, but the other 10% get screwed, do you want to get screwed on the biggest purchse decision of your life *yes, im a realtor
...that happened to Puppetshow recently...it sucks for the realtor, too.

I think that it is a good idea to let the guy rent, Cotty. I know you want the house, but if he lost his job, he may not have a choice.

or YOU CAN ALWAYS BUY MY HOUSE...............
I'll give you a great deal.



Where is your house at?
 

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QUOTE(cotty @ Feb 21 2004, 01:14 PM)Does anyone know a good Lawyer I can use for this? I am going for the house.
Cotty-

I will pm you a name & number of a real estate attorney that I work w/.....gotta find her card.
 

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QUOTE(cotty @ Feb 21 2004, 01:15 PM)QUOTE(Saleena362 @ Feb 21 2004, 12:56 PM) QUOTE(Goose @ Feb 21 2004, 11:51 AM)
people think that the realtors job is a piece of cake and they can handle selling their home or buying a home on their own, well 90% of the time they may be right, but the other 10% get screwed, do you want to get screwed on the biggest purchse decision of your life *yes, im a realtor
...that happened to Puppetshow recently...it sucks for the realtor, too.

I think that it is a good idea to let the guy rent, Cotty. I know you want the house, but if he lost his job, he may not have a choice.

or YOU CAN ALWAYS BUY MY HOUSE...............
I'll give you a great deal.



Where is your house at?
Marine City...big Victorian home two blocks from the St. Clair River and two blocks from the Belle River. There's even a small marina at the end of my street.
The house is awesome, it's just way too big for me.
 

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Discussion Starter · #17 ·
Now I just found out that he didn't really lose his job yet but is anticipating it in the next 3 weeks.

He is trying to work out a deal with me. Now I am really pissed. Why should I have to move into an apartment and look for a different house. Just because he can't afford his dream house why do I have to give up mine. He should move into an apartment and look for a house not me.

Does anyone know if you can extend a purchase agreement? So I would extend it for 6 months which would give him time to find a new job or a new place but at the end I would buy the house for the same price.
 

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Cotty:

I have an excellent attorney that I've used several times and have referred some of my friends to him that have been very pleased as well. He's a [email protected] buster (and the one you want in your corner). Even if you just call him he can steer you in the right direction ~ I highly recommend him.

Mark Haddad - tell him you're a friend of Shannon Gino's
263-5990 His law offices are located on 16/Garfield

Check out his fancy web site too

The Law Offices Of Haddad & Haddad

Good Luck!
 

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QUOTE(Goose @ Feb 21 2004, 01:51 PM)yes, you have the legal right to buy the house at the terms that were included in the purchase agreement

problem is getting him out of the house, making sure he doesn't damage the heck out of it when he is forced to sell, etc

if you really really want the house you probably need to get a lawyer, which is gonna cost you bucks and time

maybe you signed an arbitration agreement with the purchase agreement (usually the option is included as standard, you either accept or decline at the time of the offer) arbitration would be cheaper but still takes time and then you still have to deal with getting the dude out of the house physically

best bet is to get the loan approved so that you are 100% ready and able to buy the property, get your deposit money back, and start looking for another home, sucks but the process to get what you are legally entitled to may be too much for you to put up with

the realtor *if you are working with one, is due the commission, because the home was techinally sold, and it is the sellers decision to back out, he may think twice about backing out if he realizes he still has to shell out the commission (another advantage of working with a realtor and not dealing with a for sale by owner)

if you are not working with a realtor (shame on you), you may have avoided this nightmare

people think that the realtors job is a piece of cake and they can handle selling their home or buying a home on their own, well 90% of the time they may be right, but the other 10% get screwed, do you want to get screwed on the biggest purchse decision of your life *yes, im a realtor
Text book anwser
a+
 

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Discussion Starter · #20 ·
Thanks for the information.

I just got off the phone with his realtor and she is pissed at him for calling me. He has a job for at least 4 months and is now realizing that he might not be able to afford his new house if he gets laid off. The realtor has assured me I have 100% legal right to the house, which I already new but the question is getting him out of the house.

I want to be a nice guy and help him out but where will interest rates be in 3, 4, 6 months down the road when he is ready to sell. Also where will I live in a month.

Thanks again for all the advise, I really appreciate it.

I will post back on how it turns out. <_<
 
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