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Chris, Home Buyer in Waterford, MI

MY daughter bought a foreclosed property, and even has a signed purchase agreement. She was supposed to

Asked by Chris, Waterford, MI Wed Jun 25, 2008

close by the end of April but couldn't because of title issues. Her realtor and her mortgage broker say they're having problems getting their phone calls returned to see what's going on. In the meantime there has been some damage to home since she placed her offer. The house is not in the same condition as when she put her offer in. It was a great deal when she first put in her offer, but as time keeps passing, what are her chances that the house will stay that way? She doesn't want to look for another property. Can she renegotiate with the bank since it's not in the same condition as when the offer was first put in?

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Maybe the reason why the Bank hasn't closed it due to the Title issues. If you're having problems getting phone calls returned, and you have not been given a closing date, I would think is a good indication that there is a title problem. The Bank may or may not be willing to renegotiate, but it doesn't hurt to ask, that's if you can get through to talk to someone. Good Luck!
0 votes Thank Flag Link Wed Jun 25, 2008
Chris,

This is highly dependent of the way the contract is written. I have two thoughts on the matter but if you could tell us where you are, that would help a lot.

In Minnesota, the standard real estate contract states that "the risk of loss is upon the buyer" meaning that the buyer has the option of cancel the contract if the home is damaged, but not the seller.

Second, if the contract stated that she was supposed to close in April, the closing date has passed and neither party is likely required at this point to preform. I would talk to an attorney to confirm this in your specific situation. I hope that helps.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Wed Jun 25, 2008
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