Home Buying in 33309>Question Details

ERICKA, Home Buyer in Miami, FL

I'm supposed to close on an FARBAR AS IS contract next week. Can I cancel without being sued as long as I forfeit the deposit and any other fees?

Asked by ERICKA, Miami, FL Mon Mar 19, 2012

I was just diagnosed with a serious health problem that may affect my ability to continue to work. The property is located in Oakland Park, FL and is a part of an estate. The representatives are out of town and are anxious to close. The probate court has approved the sale. Because of the contract the property has been off market since December. I am sure that the listing agent, lender and seller and seller's lawyer will be very angry

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Answers

12
In reality, if you can produce evidence of your serious health issue (Doctor's letter) then the Personal Representative/Executor for the estate may have sympathy and release you from your contractual obligation and may even return your deposit.

The Estate Attorney may recommend the Estate sue you for "specific performance" to require you to continue with your purchase. My guess is the attorney probably wants to get the estate closed and funded so he/she can also get paid so they will probably just immediately sell it to another buyer.

You may need to hire an attorney to represent your interests if they decide to "force" you to honor your contract.

All the best,
Alma Kee
http://www.SoldOnTampa.com
1 vote Thank Flag Link Tue Mar 20, 2012
It depends....on the WHOLE contract and attachments/addendums.....
0 votes Thank Flag Link Mon Sep 17, 2012
First and foremost - your contract is contingent upon financing ( unless you pay cash). In order to provide you with "commitment letter" your lender has to obtain "VOE" ( Verification of employment) where the probability to continue employment has to be listed. If your employer is aware of your health condition , they should disclosure so on above mentioned "VOE" form. That will result your loan to be denied and contract cancelled .
My opinion is based on years of experience as mortgage and real estate broker and does not constitute any legal advise. Please consult with a lawyer.
Good luck!

Iliana Ivanova P.A.
Licensed Real Estate Broker
Riverview Realty
0 votes Thank Flag Link Wed Mar 28, 2012
There are always extenuating circumstances....if you can demonstrate the need to cancel (and a serious medical condition certainly is), it would be my opinion that you could cancel with the loss of the escrow.....bear in mind I am not a lawyer and do not practice law......the sellers would have the option of suit, but they have the burden to prove damages as well.......they have to weigh the cost of pursuing legal action against the benefits of such an action. Again, just my opinion......I wish you the best in dealing with the medical condition, which is by far the more important issue!
0 votes Thank Flag Link Tue Mar 20, 2012
Have you contacted your lender and inform them that you may have to stop working soon. A loan denial will automatically get you out of a deal if you had not waived the finacing contingency. So call your lender, then call your attorney with what ever the lender told you to validate the answer and serach other options.

Tony Vega
Charles Rutenberg Realty
0 votes Thank Flag Link Tue Mar 20, 2012
I would highly recommend that you contact your attorney as soon as possible and let him know about your health issue and he can give you the correct anwer to your situation. Good Luck.

Barbara Easton-Irvin
Atlantic Properties International
http://www.FloridaLiving4U.com
0 votes Thank Flag Link Tue Mar 20, 2012
Ericka,
There are many, many aspects to this real estate situation that extends well beyond the contract to purchase the house. As others have noted, it may be worthwhile to consult an attorney.

it is hard for me to understand folks not wanting to do the right thing. Unfortunately the 'right thing' and the legal rights of others are not synonymous. We do live in a litigious society.

This added stress is unwelcome as you must sort through the issues regarding the path you are forced to walk. For you, and those important to you, your health needs to be the prime mission. Live with the expectation those involved will do the right thing, and celebrate each victory with real expressions of gratefulness. Consulting an attorney could prove beneficial.

I wish for you the very, very best.
0 votes Thank Flag Link Tue Mar 20, 2012
Under purchase agreement, FAR-BAR AS_IS contract, if the loan was denied, this contract is voidable,

But you have to refer to your Agent Broker and read all the addendums on the contract if no solution, you have go to a Real Estate Attorney.



Good Luck,

Pedro E Lopez P.A., CDPE
Certified Distressed Property Expert
Cell: 305-726-7138
http://www.PedroLopezRealtor.com
Solving the foreclosure crisis one home owner at a time.
0 votes Thank Flag Link Mon Mar 19, 2012
First, I truly hope your health improves. You need to speak to your agent, the broker and most importantly an attorney. These professionals will be able to guide you through this. Don't worry about who will be upset.

Best of luck.
Maria
0 votes Thank Flag Link Mon Mar 19, 2012
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Flag Fri Feb 7, 2014
Life is unpredictable and so that is why there are clauses that will let you escape the contract by forfeiting your deposit. Also in light of your health issue, perhaps the sellers will be understanding and will probably even release your deposit. Call your buyer's agent and all will be handled accordingly.
0 votes Thank Flag Link Mon Mar 19, 2012
Talk to your agent and an attorney asap. First calls tomorrow should be to both.

Good luck and I wish you good health.
0 votes Thank Flag Link Mon Mar 19, 2012
Hi, you are are asking a legal question, which should be addressed to a legal pro.
However, if you buy subject to a loan, with your new medical situation and medical/tests results, your lender may turn you down, therefore you can not close (IF you buy subject to obtaing a loan), therfore you should keep your deposit....
Again, I suggest you consult a real estate attorney; I'm not one and this is not a legal advice....
Best of luck
0 votes Thank Flag Link Mon Mar 19, 2012
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