N
nhoj
Guest
NH Realestate Law
We made a deposit of $500 to buy the home we were currently renting from the owner. We signed a Purchase and Sale agreement. The owner/seller dragged his feet for a number of reasons, one being that he defaulted on his mortgage and had to clear things up. 5 months later the P&S expired and now the seller has increased the selling price by $8k. This is the amount he had to borrow to stop the home from forclosure. In other words he wants us to pay for his failure to keep current on the mortgage. We don't feel the home is worth the extra and quite frankly do not wish to do business with him any longer. We have been preapproved for VA loan and want our $500 back. In addition we feel we should not be responsible for the appraisal which was an additional $600. The seller says we should pay for half of the appraisal because he is still willing to sell us the home (for$8k more!). I say no way. The P&S is expired and he was the one who changed the selling price. Should he give us our $500 back? And are we responsible for half the appraisal? I should also add that the owner was paying closing costs. The appraisal is listed as a closing cost.
We made a deposit of $500 to buy the home we were currently renting from the owner. We signed a Purchase and Sale agreement. The owner/seller dragged his feet for a number of reasons, one being that he defaulted on his mortgage and had to clear things up. 5 months later the P&S expired and now the seller has increased the selling price by $8k. This is the amount he had to borrow to stop the home from forclosure. In other words he wants us to pay for his failure to keep current on the mortgage. We don't feel the home is worth the extra and quite frankly do not wish to do business with him any longer. We have been preapproved for VA loan and want our $500 back. In addition we feel we should not be responsible for the appraisal which was an additional $600. The seller says we should pay for half of the appraisal because he is still willing to sell us the home (for$8k more!). I say no way. The P&S is expired and he was the one who changed the selling price. Should he give us our $500 back? And are we responsible for half the appraisal? I should also add that the owner was paying closing costs. The appraisal is listed as a closing cost.
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