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nvaupel
Guest
What is the name of your state? Maryland/Home Improvement Retail Installment Contract. Real Estate or Contract Law Help needed.
We signed the aforementioned type contract for new windows and installation. The financing came back declined, , but the contract was marked "N/A" through the section regarding financing approval contingency (and the signature lines that accompany that section). Are we still bound to the contract?
Another question involving the same contract; before signing the contract we made the representative fully aware of the fact that we do not currently own the home, however, have contracted to purchase it. processed, we did not want to sign the contract if it meant that we had to proceed immediately, we wanted to wait until AFTER the settlement to proceed (for obvious reasons - to be the homeowners and to not affect the appraisal). We were given to quotes, one full price quote - that is good for one year, and one discounted quote - that was only available if we agree that day; either way, we were assured that it was not necessary to proceed immediately. Based on that information, we felt it best to take advantage of the current discount and agreed to that quote and signed the contract, with an estimated start date in 6 weeks, but we were again assured that the date could be changed, as it states in the contract, it was only an estimate. A few days after the right of rescission had passed (which as a side note, we were not given the rescission form), we received a phone call that the financing paperwork was being reviewed and they wanted to take measurements. We sent over our Real Estate contract and letter of intent to purchase and explained to the finance dept. the same situation that we had explained to the representative and said we did not want to start the process for at least another 45-60 days. Only after receiving the letter rejecting the loan application were we aware they had started the process.
I am terrified that if we try to address this, we will: 1. Either be sued for misrepresentation (having signed the contract not being the homeowners, though we fully disclosed the situation and never represented ourselves otherwise); 2. Be liable for the 50% cancellation charge (which could be as much as $6,000 to $10,000+ depending on what they interpret as the full contract price); and most importantly, this denial and financing request will have an adverse effect on obtaining the mortgage to purchase the house!
Help!! I feel like I am in a mess of trouble and do not know where to begin!?!?!?!?
THANK YOU for any assistance you can give me....
We signed the aforementioned type contract for new windows and installation. The financing came back declined, , but the contract was marked "N/A" through the section regarding financing approval contingency (and the signature lines that accompany that section). Are we still bound to the contract?
Another question involving the same contract; before signing the contract we made the representative fully aware of the fact that we do not currently own the home, however, have contracted to purchase it. processed, we did not want to sign the contract if it meant that we had to proceed immediately, we wanted to wait until AFTER the settlement to proceed (for obvious reasons - to be the homeowners and to not affect the appraisal). We were given to quotes, one full price quote - that is good for one year, and one discounted quote - that was only available if we agree that day; either way, we were assured that it was not necessary to proceed immediately. Based on that information, we felt it best to take advantage of the current discount and agreed to that quote and signed the contract, with an estimated start date in 6 weeks, but we were again assured that the date could be changed, as it states in the contract, it was only an estimate. A few days after the right of rescission had passed (which as a side note, we were not given the rescission form), we received a phone call that the financing paperwork was being reviewed and they wanted to take measurements. We sent over our Real Estate contract and letter of intent to purchase and explained to the finance dept. the same situation that we had explained to the representative and said we did not want to start the process for at least another 45-60 days. Only after receiving the letter rejecting the loan application were we aware they had started the process.
I am terrified that if we try to address this, we will: 1. Either be sued for misrepresentation (having signed the contract not being the homeowners, though we fully disclosed the situation and never represented ourselves otherwise); 2. Be liable for the 50% cancellation charge (which could be as much as $6,000 to $10,000+ depending on what they interpret as the full contract price); and most importantly, this denial and financing request will have an adverse effect on obtaining the mortgage to purchase the house!
Help!! I feel like I am in a mess of trouble and do not know where to begin!?!?!?!?
THANK YOU for any assistance you can give me....
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