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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Q about getting out of contract...
We have been in contract on a house since March and the homeowners of the house have been dragging their feet about moving out and delaying it by not closing out permits, and they were supposed to bring down their pool and as of yesterday when i drove by its STILL up.... and we are still waiting to close, about to be married and leave for our honeymoon which leaves us 3 days to close before the june 30th tax deadline. On top of this, we have an expired rate lock that we're supposedly still committed to for 2 months even though rates are lower now. I'm beginning to just "want out" at this point and not deal with these homeowners.. can I back out at this point and not lose the down payment I put down?
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Posted 6/7/10 7:28 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Q about getting out of contract...
Unless the time period was specified in contract (i.e. contract is nullified if the closing does not occur by June 30th) then legally, you cannot back out of the contract and expect the deposit back.
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| Posted 6/7/10 7:54 AM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Q about getting out of contract...
What is your "on or about" closing date in the contract? Legally, you have 30 days AFTER that date to close.
Your attorney has to send them a "time is of the essence" letter putting them on notice that they must close.....
As far as taking down the pool and getting the proper permits, that won't bar you from closing. Your attorney can hold $$ in escrow for that.
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| Posted 6/7/10 9:52 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Q about getting out of contract...
This happened to my sister--she had to wait the 30 days until the contract was void so she didn't lose her deposit. They wanted out but it certainly wasn't worth losing $50K over.
I don't get people like this. You llisted your home...accepted my offer...signed the contract. W-T-F is the hold up????
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| Posted 6/7/10 12:41 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Q about getting out of contract...
Posted by Mill188
What is your "on or about" closing date in the contract? Legally, you have 30 days AFTER that date to close.
Your attorney has to send them a "time is of the essence" letter putting them on notice that they must close.....
As far as taking down the pool and getting the proper permits, that won't bar you from closing. Your attorney can hold $$ in escrow for that.
On or about was May 30th... it seems every time we call the laywer he has not heard anything back from them.. its so frustrating at this point i would rather just walk away then play their games.  thanks all..
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| Posted 6/7/10 1:44 PM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: Q about getting out of contract...
you can also back out and get your deposit back if you can't get a mortgage. I know a few people who had their mortgage people draw up a letter stating they wouldn't be approved for the loan.
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| Posted 6/7/10 2:20 PM |
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Ma-n-Pa2008
Mommy's Big Boy
Member since 3/09 2584 total posts
Name:
Melissa
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Re: Q about getting out of contract...
oh i'm so sorry to hear this!! i hope it all works out soon!
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| Posted 6/7/10 3:16 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Q about getting out of contract...
Posted by jenbill61210
Posted by Mill188
What is your "on or about" closing date in the contract? Legally, you have 30 days AFTER that date to close.
Your attorney has to send them a "time is of the essence" letter putting them on notice that they must close.....
As far as taking down the pool and getting the proper permits, that won't bar you from closing. Your attorney can hold $$ in escrow for that.
On or about was May 30th... it seems every time we call the laywer he has not heard anything back from them.. its so frustrating at this point i would rather just walk away then play their games. thanks all..
if you walk away before june 30 you will lose your down payment. depending on how much you put down, you need to decide if its worth it. plus your lossing everything else you have paid for until this point. the laywer, the bank fees, the home insepection. in the end, is it still worth it??
 I'm sorry you are going through this. I would just wait it out if I were you. I went through something similar and we actually walked away after waiting 3 months for them to sign back the contracts. then they signed them after we were done. we really loved the house so we went back and signed new contracts. (and our attorney charged a 2nd time because we needed him to review new contracts) they played Soooooo many games with CO's and repairs and closing dates and securing the place they were buying. it was soooo stressful. but I am so glad we waited because I really love my house. After its all said and done, I am happy we waited and I look back now and say ahh it wasn't that bad. (even though I hated every single second of it durning the time)
so my only advice from someone who's been there done that, is hang in there, go get married, enjoy your honeymoon, and when you come back, if they still want to sell to you, deal with it then. IF you walk away now, IMO you have more to lose then gain, and your never going to find a house and close before the wedding. and you still wouldn't get the tax credit since contract date had to be on or before April 30.
 it will all work out!!
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| Posted 6/7/10 3:49 PM |
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MrsRitaB
Love of my life! <3
Member since 4/10 4669 total posts
Name:
Ri
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Re: Q about getting out of contract...
Posted by Leeners
Unless the time period was specified in contract (i.e. contract is nullified if the closing does not occur by June 30th) then legally, you cannot back out of the contract and expect the deposit back.
unfortunately this
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| Posted 6/7/10 4:25 PM |
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mavaesq
LIF Infant
Member since 6/09 126 total posts
Name:
Valerie
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Re: Q about getting out of contract...
In order to get the first time homebuyer credit your attorney should have made the real estate contract "time of the essence" with regard to the June 30 close date.
"On or about May 30" means you may close up to June 30. However, your attorney cannot send a time of the essence letter until June 30.
If the only issue that is holding the closing up at this point are the open permits, contact your attorney and see if the seller and if your bank would be willing to close in escrow. This just means that a certain sum of money would be withheld from the Seller until the open permits are closed and a final CO is issued for each. At least you will be able to close before the June 30 deadline and obtain the first time home buyer credit.
Good luck!
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| Posted 6/8/10 10:21 AM |
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