Home Buying in River Rouge>Question Details

Cutep, Home Buyer in River Rouge, MI

Can I cancel the contract if my agent was dishonest and not lose my earnest deposit or extend the closing date for a week or so?

Asked by Cutep, River Rouge, MI Sun Apr 10, 2011

I do apologize guys, but I should have mention that this is a forclosed property and I'm paying CASH for the house. The agent advised us to offer all the money we had and I asked about other fees in the end and he said " the bank pays the back taxes, water and closing cost. We explained to him that the offer was all we had and now he's coming up with taxes for this year and a closing cost that's not on the contract. I fell as though I have been set up and cheated out of my money. The only dollar amount on the contract is the offer I made for the property. He should have mentioned that we would have to pay for these things and we would have bidded less money which I tried to do in the first place and now what is the agent telling us, "Oh you can just walk away"

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Sorry you are in a bad situation.

I imagine that it says in your purchase agreement that taxes will be prorated as of the date of close. The bank IS paying the back taxes. You are to pay the portion of the taxes only for the period that you will own the home. Since taxes are paid in advance in Michigan, the buyer almost always has some tax money to pay at close. It sounds like this might not have been explained clearly to you.

The only other closing costs I can think of might be recording fees (like $20) and possibly a closing fee from the title company. If that fee is high, see if you can negotiate it down.

Is your agent also the listing agent or do you have your own buyer's agent?
0 votes Thank Flag Link Sun Apr 10, 2011
Maureen Fran…, Real Estate Pro in Birmingham, MI
You should address these questions to your agents Broker. You can walk away and lose your earnest money deposit or you could extend the closing date. Extending the closing date may cause the seller to charge a per diem fee for that option. Read the sellers addendum that you had to sign. Most all of the scenarios that you are asking about should be addressed in the sellers addendum. Could you get the shortage from a family member that you could pay back at a later date? Explore all your options before you decide to cancel. Good luck!
Web Reference: http://www.JohnGitre.com
0 votes Thank Flag Link Sun Apr 10, 2011
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