Jesus S asked:
I live in Kansas. The house is in Kansas and the listing agent is saying that we will be sued by the repo bank for not going through with this. The FHA apprasal didn’t pass twice. We had to work on it ourselves to make it pass and it wasn’t ours yet. We just don’t want the house anymore. Can we be sued?
Dizzy_Lizzy
on Dec 18th, 2009
@ 5:37 am:
Caffeinated Content
If I read you correctly, the lender wouldn’t approve you for the amount of the agreed-to sales price.
If that’s the case, you’re safe so long as the sales contract contained a contingency that you would buy only if you were approved for financing.
Since I only hear talk of one agent, I assume you didn’t have your own. If that’s the case, the seller’s agent may have conveniently left that little clause out. If that’s what happened, I’m sorry, but yes you can be taken to court.
Next time you want to buy, either find a buyer’s agent who will look out for you or hire an attorney to make sure you know what you’re signing.
kansasjenni
on Dec 20th, 2009
@ 12:46 pm:
house repo
Depends on what your contract says and what you cancelled for. If you canceled within the option period you should be okay. If you cancelled due to an inspection report (problems with the house) you should still be okay.
es
on Dec 23rd, 2009
@ 3:06 am:
house repo
No one can answer your question intelligently because no one knows what your contract says. See a lawyer immediately. The provisions of your contract will prevail–you need to read your contract and understand what you signed. Good luck.