Home Selling in New Jersey>Question Details

Gem76, Home Buyer in New Jersey

can i be held to a committment letter once signed and returened it had many documents that were needed and several letters need to be written about?

Asked by Gem76, New Jersey Thu Nov 12, 2009

funds r not in my account, inquiries letters need to be written, i took a 5,000 loan , got furniture for 2,000, just got into a car accident i was told they could put a judgement aganist me whih would lead to me filing bankruptcy again what r my optoins

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If I understand correctly, you are in the process of buying a home. The purchase is contingent on you obtaining a mortgage. Your banker/broker gave you a committment with conditions, which you signed. Now you want to back out but are worried that since you have a committment the seller will sue for specific performance and hold you to the sale.
You must speak to an attorney. Many clients ask me if it is worth it to hire an attorney or should they try to save money by relying on the expertise of a Realtor and others involved in the transaction with real estate knowledge. I always encourage the use of an attorney. It is not fair to ask anybody to play legal eagle for you. Especially not an overworked Realtor. Besides, we're not buying a cookie here! It's a once in a lifetime purchase of a home.
Once it gets sticky as in your situation, you have no choice but to consult with an attorney. Don't rely on laymans' advice if it might drive you to bankrupcy!
Good luck! Hope things get easier for you.
0 votes Thank Flag Link Sun Nov 15, 2009
I am a little confused by your question.

Are you referring to an offer you made as your profile says home buyer.

So you made an offer on a property and then had all those loans/accident since the offer? And want to know if you are held to buying the home which could result in the judgement you are saying could occur?



Sean Dawes
0 votes Thank Flag Link Thu Nov 12, 2009
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