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The property is to close in two weeks nad out the blue we get a call from the sellers realtor stating the seller owes $8000 on a previous loan which obviously is not in the disclosure. What are my options as the potential buyer. My loan will be canceled in less time than the seller can make payment. Will I be able to get reimbursed at all? Any suggestions or ideas are welcome Thanks in advance from a 1st time home buyer
THanks for the input. Im not expecting my money to be return from the inspector and apprasier but feel the seller and his realtor hold some responsibility. I dont understand how the seller didnt realize that it was an outstanding balance. Yes, I agree. I would expect the sale to go through, the difference be forwarded to pay the differnce and the seller gets whats left. I hope my back extends the loan until this matter comes to an agreement. I just want the house. Im suppose to close in less than two weeks. Also is there anything that could have been, or needs to be put in the contract to protect me from this happening again?
I don't understand the problem. The seller is not required to list any mortgage against the property to you. The title company would or should have all the liens against the property that are recorded. The title company would make sure these liens are paid, guaranteeing you a clean title and only recording the lien you placed on the property to acquire the property. As long as there are sufficient funds in the escrow to cover the liens against the property either with your funds paying for the house and/or the seller adding funds to cover all liens. The title company would make sure of that. You might would want to contact your escrow closing agent of title rep to find out if this new discovery would hinder the closing of your transaction. If there are reasons for the cancellation of the sale, your lender might extend your pre-approval for 90 days, as the cancellation was not of your doing. As for any reimbursement of funds to you, you should be speaking with your real estate agent about this matter as this is the person that should be fighting for you. You might be entitled to any earnest money, down payment or other escrow cost you might have prepaid. You would not be reimbursed for your appraisal, or inspection. If you think you should be reimbursed for these fees, you would have to go to small claims court and sue the seller, as those that performed these task had nothing to do with the transaction and was only doing their jobs. I hope this has been of some benefit to you, good luck. "FIGHT ON"
Your question is confusing. So the seller has another mortgage for $8000? Is it with the home as collateral? As a buyer this isn't your problem, it's the seller's problem. You can offer to pay the loan off, or a portion of the loan, but you would have to have cash as no bank will finance a home for more than what it's worth. You will get your money back that is in escrow, but no one is going to pay you for the seller not disclosing a lien on the property. If they want to sell the home the seller and the seller's realtor. You should speak to your realtor for advice, but unless you are willing to pay off the loan to release the lien, there's not much for you to do. If you want to be reimbursed for the cost of inspections, etc, you would have to go to small claims court. It's a risk you take when buying a home. A friend of mine spent $1000 that she invested in purchasing a home because the seller wouldn't let her make repairs needed to pass the new-jersey inspection (because she changed her mind about moving).
Where is the problem? You pay for the house, and the sellers bank gets paid off first. The seller then keeps the left over money. That's the way it works now, has in the past and always will in the future.
This relies upon on what form of money the broking incredibly desires. many times a broking won't decide for that style of furnish except they are very desperate. (only because of the fact the domicile has been on the marketplace for a twelve months does no longer mean he's desperate.) additionally to "low ball" the asking value AND ask him to pay your final expenses isn't very sensible. He would possibly no longer even respond back to you with a counteroffer. If the home is listed for 144K, then your furnish might desire to be 140K with him paying final expenses. it extremely is drastically a greater functional furnish. the main suitable element you need to do is get a superb approved Realtor in contact. they are specialists at negotiating. in addition they are going to discover out if the home is well worth what the broking is looking. If the domicile would not appraise equivalent to the asking value, then you certainly are answerable for the version in that transaction if the broking would not prefer to diminish the value.