Home Buying in 95757>Question Details

Buyer, Home Buyer in 95757

I have already signed the document from the title company. However I find a job a little far away from the house. Can I quit the new house?

Asked by Buyer, 95757 Mon Feb 20, 2012

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Jeff Marr’s answer
Again, Jim Walker's response here is spot on, and his advice is free!

The one item I'll add: your lender's funder (assuming you're loan is still moving forward) will contact your current employer and verify you still work there the day of funding....if the answer is 'no', then your loan won't fund until they can find a 'yes' response...your loan would go into 'suspense' mode, until new employment is verified....

Hopefully you did the right thing and informed your lender and agent about this job change in a timely basis, and aren't using this as an excuse to back out of your contract!

best of luck, Jeff
1 vote Thank Flag Link Sun Apr 1, 2012
You should talk to a real estate attorney about that. Depending on what you've signed their could be legal consequences if you walk away from the deal.
1 vote Thank Flag Link Mon Feb 20, 2012
Review your contract as the answer lies in the document, and or consider consulting with an attorney who specializes in real estate, have all related documentation reviewed, and go from there.....
1 vote Thank Flag Link Mon Feb 20, 2012
You need to consult with an attorney to see if you can legally get out of the contract, without penalty. If not, then sometimes offering the seller part of your deposit can help in getting out the contract legally, but make sure all this is in writing and reviewed by an attorney.
0 votes Thank Flag Link Sat Oct 12, 2013
My colleagues have already addressed most of the issues surrounding your question.
I am assuming that you have already removed all contingencies and signed the loan docs,and other escrow documents, est HUD etc.
I agree with the others, you will need an attorney at this point. I would suggest you to pose your question with more details at http://www.lawguru.com, you can get some free advice from a lawyer there.

At the end you may conclude that the cost of this breach of contract may exceed the cost of commuting to your new job. At any rate, this is a business decision that you have to make.
0 votes Thank Flag Link Fri Feb 24, 2012
Buyer. You gave way too little information for anyone here to give you a useful answer. What document did you sign? Escrow instructions? Loan Papers? Statement of identity? Receipt of preliminary title report? These are all documents. And they mean different things.

Some of the agents that answered earlier thought that you meant you signed the final papers at close of escrow.
What about the loan? Did you have a loan contingency. Is your new lender going to fund your loan when they find out that you don't have the job that you had when you qualified? and that you are now at long distance commute. And just how far is a little far? 50 miles? a hundred miles. Lots of people commute, although I agree it seems nuts with $4 gas to purposely buy a house at a really long distance from work.

If this all happened the day before it was supposed to close escrow, you might have to give up the earnest money if canceling. If the house is already in your name, then you own it, and there is no giving it back to the seller.

The preceding is pure opinion of course. As I said, there is not enough information from Buyer to give informed advice. Even if there were, it is best handled by the agents who are already working the transaction, not us sideliners.
0 votes Thank Flag Link Thu Feb 23, 2012
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Hi Buyer 95757; It depends, it depends, it depends. There are so many variables. Your question should be: If I cancel my transaction, do I lose my deposit?

Erin Phillips
Keller Williams Realty
Web Reference: http://SoldByErin.net
0 votes Thank Flag Link Mon Feb 20, 2012
From your statement it sounds like you signed the closing papers and have removed all contingencies. If that is true, unless you have good reason for canceling - and I cannot imagine a scenario where a new job is going to be sufficient - you are likely going to lose your deposit.

Talk to your agent and a real estate attorney - since they can review the docs they would be in better position to advise you.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Mon Feb 20, 2012
I am interested in knowing if you informed your agent at any point during this transaction that there was a possibility you might accept a job offer which might jeopardize the transaction.

You need to tell your agent asap that you are no longer interested in moving forward. If you have already signed closing docs you may only be days away from closing escrow. As the other agents have stated, review your contract with a real estate attorney.

Keisha Mathews, REALTOR®
CDPE®, HAFA®, HRC®
Century 21 Landmark Network
Lic# 01439130
0 votes Thank Flag Link Mon Feb 20, 2012
WOW! I would assume that the efforts you've undertaken in buying this home- visiting lots of properties, negotiating the price, paying for inspections, and the appraisal would mean that you have created an emotional as well as financial commitment to this new home.

Title companies are closed today, as it's a holiday, I suspect. But if you have a legitimate reason to cancel this contract, I would contact an attorney, as well as your realtor. You would, of course, be expected to surrender your earnest money deposit as liquidated damages if your contract is standard to CA law. The bigger question is why this came up so late in the transaction. When you speak to an attorney, please make sure and take the whole contract, including if you signed documents such as required in a short sale that commits you not to sell the property within 90 days of purchase. All of these factors would need to be discussed with the attorney, not just the base residential purchase agreement.

Good luck!
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Mon Feb 20, 2012
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