Home Buying in Madison>Question Details

tuckerorourke, Home Buyer in Madison, WI

Offer accepted on a new home, now partner about to lose his job. Afraid of being sued, what can we do before close of escrow next week?

Asked by tuckerorourke, Madison, WI Sun Feb 17, 2013

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6
Judy Braund’s answer
If your partner is about to lose his job, this should be disclosed to your Realtor. If you do not have a Realtor, then the Seller's, immediately. This happened to one of my clients, the Seller's were very understanding and returned the security deposit. Lenders sometimes do another credit check and other verification prior to closing. Until he has lost his job, you may not be able to cancel out of the contract. Discuss this in detail with your agent and have them guide you as what to do.
Judy Braund
Keller Williams Crossroads, Madison, WI
0 votes Thank Flag Link Sun Feb 17, 2013
"Close of escrow?" You aren't really in Madison are you?
1 vote Thank Flag Link Sun Feb 17, 2013
Good Morning,
You need to contact your realtor, your lender and a real estate attorney ASAP. If you need a referral for a rela estate attorney, please let me know and I can get you a name.
Donna
0 votes Thank Flag Link Mon Feb 18, 2013
Job loss is an extenuating circumstance. This is beyong your partner's control. Although you run the risk of losing the earnest money deposit, it is best to disclose this to all parties involved: your realtor, loan officer and lawyer( if you use one for the settlement).

Sometimes, you may be surprised that there are individuals who are resilient and empathetic to other people's predicament. And hopefully, your EMD will be returned.

Best.
0 votes Thank Flag Link Mon Feb 18, 2013
Are you past your financing contingency deadline (loan commitment)?
Web Reference: http://keithandkinsey.com
0 votes Thank Flag Link Sun Feb 17, 2013
Regret to hear of your situation.

You are not likely to get sued, but more likely to loose your Earnest
deposit, in the event you have removed all your contingencies.
If you have not done so, then you have a great chance of backing out
of the contract.

You may also want to check with your partner's employer if they can
keep him on the job till you close the deal. As to get a Home Loan you
need to have a Job, to qualify.

Good luck.
Ruth
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Sun Feb 17, 2013
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