Home Buying in 20910>Question Details

Wantoknow, Home Buyer in Fayetteville, NC

Bride is facing a purchasing contract which she can no longer afford. Can my neighbor's daughter get out of the apartment purchase contract?

Asked by Wantoknow, Fayetteville, NC Tue Feb 26, 2013

My neighbor’s daughter received $15k from family members to bring to closing. Can the daughter get out of the contract, which she signed, she has to return the $15k due to sudden urgency...and on top of that the summer wedding was cancelled? My neighbor’s daughter's realtor, friend of the groom family, had offered his realtor service as a wedding gift. This realtor promised a big discount in his commission but never signed his conditions...he says this young lady has to buy the Apartment.

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Their contract should detail the terms of voiding the contract. Generally, if she is obtaining a mortgage loan, and no longer has the downpayment, then she wouldn't qualify for the loan and couldn't buy the condo. No one is ever forced to buy anything, but if not within a valid contractual reason, it's considered a default and the deposit money would be lost.

As for the realtor, the commission is paid by the seller, so not sure how he's offering the buyer a discount on something she doesn't pay anyway.
2 votes Thank Flag Link Tue Feb 26, 2013
First of all, there are too many unknowns here, and we cannot really help you without reviewing the contract. And no offense, but it doesn't sound like your problem. I know you're wanting to help, but getting information 2nd or 3rd hand really isn't helping the situation. Just makes things more confusing. Your neighbor's daughter needs to review her purchase agreement, and probably get an attorney involved to see what's what.

Second, the buyer doesn't pay the realtor a commission, the seller usually does. If the deal doesn't happen, he doesn't get paid. Period.

Third...the buyer doesn't HAVE to buy. If she can't afford it, then it's easy to back out of the contract over loan conditions. (if she doesn't have down payment $$ she likely can't qualify for a loan).

But again...this sounds like third hand info, and it's hard to give you good advice when all the facts aren't available.
1 vote Thank Flag Link Tue Feb 26, 2013
No longer having the down payment may not be sufficient to invoke the financing contingency to get out of the offer. It really depends on the wording of the contract. I would strongly urge seeking the opinion of a real estate lawyer licensed in your area.
0 votes Thank Flag Link Tue Feb 26, 2013
If the buyer no longer has the funds adequate to settle under the terms of the contract then her financing contingency should be reviewed. Call an attorney if needed.
0 votes Thank Flag Link Tue Feb 26, 2013
Hi Wantoknow, I would need more details. Ultimately, the earnest money deposit may be loss. You would have to read the terms of the contract. Reasons to terminate without would require something like death or destruction of property. Consult a Real Estate Attorney for assistance. I personally know of a local Attorney. Would you like her contact information?
0 votes Thank Flag Link Tue Feb 26, 2013
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