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Conditional sale on a property

 
   
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FTDA

Jun 1, 12 12:38

Post #1 of 13 (680 views)
Conditional sale on a property Quote | Reply
Okay. So the stress is killing me.

I have one condition to the sale...subject to financing.

If I can get financing for the property but it will cause undo hardship on our finances due to the terms is this enough to not waive the condition and void the sale?
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Jesus fish and Darwin fish leading school of smaller Jesus fish: FTDA's minivan.

Loving all religions...day 6.


Bretom

Jun 1, 12 12:55

Post #2 of 13 (659 views)
Re: Conditional sale on a property [FTDA] [In reply to] Quote | Reply
No. Typically you only get to withdraw if the Lender refuses to lend and only then if you've done everything reasonably required to get the loan. A sale contract is binding - your reasons may be legitimate but from the buyer's perspective you're asking for an option.

Your terms should be locked anyway.


"Are you sure we're going fast enough?" - Emil Zatopek


AutomaticJack

Jun 1, 12 12:56

Post #3 of 13 (655 views)
Re: Conditional sale on a property [FTDA] [In reply to] Quote | Reply
In NYS: According to my lawyer, only if the "Subject to Financing" clause spells that out as a condition, and it has to state what the breaking point is. Otherwise, if you can get the loan you have to proceed or you have violated the contract. What the seller decides to do in that case is up to him, but he can take the escrow and move on.

I'm in the middle of selling and buy a home and this came up this week with my buyer. In NYS the buyer has to put up 3.5% of the selling price as escrow just for this type of contingency.

Of course, between what I'm selling and what I'm buying, nearly a million dollars is changing hands, so the rectums are a little tighter about the entire deal in my case.


YaHey

Jun 1, 12 13:32

Post #4 of 13 (625 views)
Re: Conditional sale on a property [FTDA] [In reply to] Quote | Reply
If you really want out of the contract, give up the deposit, cancel the contract, and move on. Chalk up the cost to experience.

Seriously, you should not move. Getting a new home should be a happy occassion, with the only stress being the moving/packing stress. If you really are not sure, then it is not worth it.

Keep your current house, you don't need the extra space.


rick_pcfl

Jun 1, 12 13:33

Post #5 of 13 (622 views)
Re: Conditional sale on a property [YaHey] [In reply to] Quote | Reply
Or keep the land as a place for them to go play. You might find that you enjoy being there enough that you would rather live there.
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Rick Smith - Founder of Bus Bulletin
Parent notification software designed for pupil transportation ~ Providing information while it still matters.
http://www.BusBulletin.com


FTDA

Jun 1, 12 14:08

Post #6 of 13 (602 views)
Re: Conditional sale on a property [rick_pcfl] [In reply to] Quote | Reply
My wife took them there today. They love the peace and quite, the trees to explore around etc.

I am the one stressing out. Looking for ways to back out etc. I honestly do not remember a time since I was a GD teenager that I have been this emotional.

Time to pull my twig and berries fom my mangina, swallow a harsh pill of HTFU and get going with this project.


Country living here I come.
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Jesus fish and Darwin fish leading school of smaller Jesus fish: FTDA's minivan.

Loving all religions...day 6.


rick_pcfl

Jun 1, 12 14:17

Post #7 of 13 (597 views)
Re: Conditional sale on a property [FTDA] [In reply to] Quote | Reply
Trust me, you will love it. There are just as many things they can do in the country as they can where you're currently living.

You sound a lot like me, I often second-guess my decisions. It drives me crazy.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Rick Smith - Founder of Bus Bulletin
Parent notification software designed for pupil transportation ~ Providing information while it still matters.
http://www.BusBulletin.com


FTDA

Jun 1, 12 14:38

Post #8 of 13 (582 views)
Re: Conditional sale on a property [rick_pcfl] [In reply to] Quote | Reply
This is the rub, I do not second guess my decisions. I spend a ton of time researching every nuance and then move ahead. I did this here. I just never realized I was so attached to the lifestyle and memories of this current home.

Thank you for your support internet stranger! Anytime you head up to northern Sask I will take you fishing for 20lb + Northern Pike. Evenb the 10lb'ers fight like bull sharks.
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Jesus fish and Darwin fish leading school of smaller Jesus fish: FTDA's minivan.

Loving all religions...day 6.


rick_pcfl

Jun 1, 12 17:15

Post #9 of 13 (551 views)
Re: Conditional sale on a property [FTDA] [In reply to] Quote | Reply
Thanks for the invite, that sounds like fun. And, if you ever decide to do IM FL, look me up; I'll take you fishing for redfish, trout, sharks or whatever is biting.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Rick Smith - Founder of Bus Bulletin
Parent notification software designed for pupil transportation ~ Providing information while it still matters.
http://www.BusBulletin.com


last tri in 83

Jun 2, 12 14:30

Post #10 of 13 (486 views)
Re: Conditional sale on a property [FTDA] [In reply to] Quote | Reply
That is a very grey area. You could easily lose your deposit unless you have a very "nice" seller.

_____________________________________________
To err is human, to forgive, canine


FTDA

Jun 2, 12 19:54

Post #11 of 13 (453 views)
Re: Conditional sale on a property [last tri in 83] [In reply to] Quote | Reply
Not going to back out. It is a done deal.
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Jesus fish and Darwin fish leading school of smaller Jesus fish: FTDA's minivan.

Loving all religions...day 6.


JenSw

Jun 2, 12 23:26

Post #12 of 13 (435 views)
Re: Conditional sale on a property [FTDA] [In reply to] Quote | Reply
Big change is always stressful. Even if it is on to better things it is never easy. You'll love it, just take a deep breath and go with it.
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Jen - @ultragrrl

"In order to keep a true perspective on one's importance, everyone should have a dog that worships him and a cat that will ignore him." - Dereke Bruce


last tri in 83

Jun 3, 12 10:03

Post #13 of 13 (388 views)
Re: Conditional sale on a property [FTDA] [In reply to] Quote | Reply
Then why bring it up?

_____________________________________________
To err is human, to forgive, canine

   
 
 
 
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