First Time Buyer Pressured into Signing

[gummo669]

What is the name of your state? Louisiana

Recently i was thinking of buying a home and my realator stated to me and my wife that the paper we were signing was just to put the house on hold. We believed her. When we had the inspection done it took over a week for a responce which is a breech of contract. We told our relator and emailed a list of homes we wanted to see, then the next day the seller said they would do the repairs. When i finially got the actual amount of the house payments it is more then i expected going off of my good faith estimate and it is just too much on a single income. I cancelled the buying of the house to find out that it was a legal binding contract and now i am being pressured even more. I was pressured into signing the paper and all the time i was saying i am a first time home buyer what is this and they, the 2 relators said it was just to put the house on hold. Can i go on with my life? I was not informed by my relator that i would need flood insurance or the fact that the state had the insurance. I have offered to reinburse the seller for the costs of the repairs, i have stated that i will give them the elevation certificate, and i will give them the home inspection.What is the name of your state?What is the name of your state?

[danno6925]

Just be sure to get it straight on what you signed - was it an option to purchase or an agreement to purchase? There's a BIG difference!

If it was an option to purchase they had you sign, simply walk away and find a new realtor. Any money you put up was to have the option to purchase the property, which you're not going to exercise. No need to pay more money for repairs or any of that other junk, just leave that sleeping dog lie there and run like you're being chased!


It should say what it was in bold letters on the top of the 1st page. If it was an agreement, then you may need to do some dancing to get yourself outta this. However, that's not to say it's impossible. Read the document from front to back - every word. Look up any and all contingencies to see what your outs may be. Don't bother asking your realtor - she's probably not going to be all that motivated to help you cancel her paycheck!! One way to get out of an agreement to purchase could be to call the seller directly, and explain things to them. Worst they can likely do is to keep any money you've already coughed up for a deposit.

It sounds to me like you've lost all faith in your realtor. If that's the case, fire her and let her know why you're doing it - she deserves to hear the truth.

[Gadfly]

I'm just really concerned that you could sign something without being sure what it was you were signing. Look at the contract and then get back with us.

[seniorjudge]

Originally Posted by Gadfly

I'm just really concerned that you could sign something without being sure what it was you were signing. Look at the contract and then get back with us.

And tell us how you were pressured.

[lcannister]

Originally Posted by seniorjudge

And tell us how you were pressured.

The usual way these things are done, tied to chair, gun to head!

[HUD-1]

If the contract had a financing contingency and you found that they payments would be more than you can afford on one income, why didn't/don't you give the buyer the rejection letter from the lender?