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Home Buying in 06513 : Real Estate Advice

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  • Local Info3
  • Home Buying7
  • Home Selling0
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Activity 5
Wed Apr 27, 2016
Victor_olaya asked:
Tue Oct 27, 2009
Fred Glick answered:
I am not a lawyer but, the buyer can file what is called a lis pendens against the property so that you cannot sell until the litigation they filed is done.

They can sue you for specific performance. If they followed what they had to do in the contract and you did not, then they should win monetary damages.

Think about the predicament you put them into. If the shoe were on the other foot......

Do get a real estate attorney if you do not want to proceed.
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Sat May 2, 2009
David answered:
I have paid some money before loan precessing started. Can I say because loan broker can not deliver loan at promising time, I should ask for money back from loan broker?
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Fri Dec 26, 2008
Phil answered:
Yes, If you cant afford the loan, make it a point to your lender and ask for a letter stating they will not fund the deal. You should be able to walk away with your deposit since it is a contingency on most contracts. The sooner you get this to the seller, the less of an issue it will be. ... more
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Fri Sep 26, 2008
Depending if appraisal, survey, title and or other items have been ordered and received you will have to pay for those items as well as any mortgage application items. Also in your contract there is a default clause that describes the most injurious part of backing out of the contract. You need to read that. It will say somthing like the sellers can sue you for specific performance. Consult with an attorney.

It means that the seller would exercise his right to have you fulfill your obligation and if not, they would be rewarded 3 times the cost of damages brought upon his suit. It happens but not often. Be careful.

Best thing is to be open and get with your realtor or seller and communicate with them why you want out. That way you might be able to get some of your earnest monay back. Good luck
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