buying a home

[alexiscirce]

What is the name of your state?az
we just bought a new house,actually it wont be finished until april...we went over so many diffrent financing scenarios,and now we cant afford any of them,being just one year out of bk,the down payment of 40,000 will just cause a huge hardship for our family...can we get out of this contract?can we also get our $5,000 earnest back?

 

[CAlandlords]

What is the name of your state?az
we just bought a new house,actually it wont be finished until april...we went over so many diffrent financing scenarios,and now we cant afford any of them,being just one year out of bk,the down payment of 40,000 will just cause a huge hardship for our family...can we get out of this contract?can we also get our $5,000 earnest back?

That all depends on what your contract says.
Can you not AFFORD the loans or will you not QUALIFY for them? And have you removed the financing contingency? If you can't qualify for the financing you specified in the contract and you have not removed the finance contingency yet, then yes, you can most likely cancel and get your deposit back. But if you qualify for financing but just don't feel you can make the payment then, no you cannot cancel. If you are beyond the finance contingency period or have no finance contingency at all, no you cannot cancel for financing reasons.

 

[alexiscirce]

That all depends on what your contract says.
Can you not AFFORD the loans or will you not QUALIFY for them? And have you removed the financing contingency? If you can't qualify for the financing you specified in the contract and you have not removed the finance contingency yet, then yes, you can most likely cancel and get your deposit back. But if you qualify for financing but just don't feel you can make the payment then, no you cannot cancel. If you are beyond the finance contingency period or have no finance contingency at all, no you cannot cancel for financing reasons.

yes we qualify,but we can only qual with 40,000 down and we dont have it...we just purchased another home,and used the funds for that...yes,we are still in the 30 day time period of financing....

 

[CAlandlords]

yes we qualify,but we can only qual with 40,000 down and we dont have it...we just purchased another home,and used the funds for that...yes,we are still in the 30 day time period of financing....

What financing terms did you specify in your contract?

 

[alexiscirce]

What financing terms did you specify in your contract?

we didnt specify any terms we were going into this as an investment and had no idea what we would be in for as far as financing . we want out basically because the down payment is way more than we can afford and there is a two year prepayment penalty on this loan that is availableand payment would be 3000.00per month what should we say or do to get our money back ? just because there is a loan that works for them do we have to agree to the terms of that loan?because there is one even if we dont have the money to put down?

 

[CAlandlords]

we didnt specify any terms we were going into this as an investment and had no idea what we would be in for as far as financing . we want out basically because the down payment is way more than we can afford and there is a two year prepayment penalty on this loan that is availableand payment would be 3000.00per month what should we say or do to get our money back ? just because there is a loan that works for them do we have to agree to the terms of that loan?because there is one even if we dont have the money to put down?

If you don't have the money to put down and therefor don't qualify for the loan, then you should be able to get out of the contract and get your deposit back since you have not removed the finance contingency yet. I am assuming you do not have someone representing you? Are you buying straight from the builder/their agent?

 

[alexiscirce]

yes we are buying from the builder there agent . and they are making it sound like we have to take the financing even if we dont have the money to do it i wrote them a letter x plaing that we couldnt do the down because we just closed on our owner occupied it took more than we antisapated for that loan .they wont respond to us we only have about 7 days before the 30 days run out . i think they are just trying to avoid us till it has passed ?? hey thank you for responding this is helpfull ..

 

[CAlandlords]

yes we are buying from the builder there agent . and they are making it sound like we have to take the financing even if we dont have the money to do it i wrote them a letter x plaing that we couldnt do the down because we just closed on our owner occupied it took more than we antisapated for that loan .they wont respond to us we only have about 7 days before the 30 days run out . i think they are just trying to avoid us till it has passed ?? hey thank you for responding this is helpfull ..

They could be doing that. Just make sure you cancel the contract before the contingency period is up. If they try to tell you that you either cannot cancel or won't get your deposit back, go see an attorney and have them review your contract before the 7 days are up!

 

[pojo2]

we didnt specify any terms we were going into this as an investment and had no idea what we would be in for

Absolutely scary!

 

[HomeGuru]

There is more to this scary story. But I have heard enough. Boo Hoo.