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is this legal and f i dont come up with extra money is the deal off
Contribute extra to companies 401k with the intention of withdrawing it for house down payment?Finding problems with house after purchaseMade an offer to buy an apartment, but the actual size is smaller than the one that was promised
I am purchasing a house apparently the seller owes more on it than what he listed it for. his realtor is now asking me if i can come up with 4000 dollars to be able to close. is this legal? If I don't come up with this money (that is technically not my responsibility) will the deal really fall through?
house
asked 3 hours ago
user83725user83725
61
New contributor
user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
I am purchasing a house apparently the seller owes more on it than what he listed it for. his realtor is now asking me if i can come up with 4000 dollars to be able to close. is this legal? If I don't come up with this money (that is technically not my responsibility) will the deal really fall through?
house
asked 3 hours ago
user83725user83725
61
New contributor
user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
1
you could wait for the bank to repossess it and buy it at accurate market price at that point in time.
– CQM
3 hours ago
In your country of interest, do mortgages remain with the land?
– Lawrence
21 mins ago
Do not discount the possibility you're being lied to.
– corsiKa
5 mins ago
So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?
– Tas
3 mins ago
add a comment |
I am purchasing a house apparently the seller owes more on it than what he listed it for. his realtor is now asking me if i can come up with 4000 dollars to be able to close. is this legal? If I don't come up with this money (that is technically not my responsibility) will the deal really fall through?
house
asked 3 hours ago
user83725user83725
61
New contributor
user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
I am purchasing a house apparently the seller owes more on it than what he listed it for. his realtor is now asking me if i can come up with 4000 dollars to be able to close. is this legal? If I don't come up with this money (that is technically not my responsibility) will the deal really fall through?
house
house
asked 3 hours ago
user83725user83725
61
New contributor
user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 3 hours ago
user83725user83725
61
New contributor
user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 3 hours ago
user83725user83725
61
New contributor
user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 3 hours ago
user83725user83725
61
asked 3 hours ago
user83725user83725
61
61
New contributor
user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
1
you could wait for the bank to repossess it and buy it at accurate market price at that point in time.
– CQM
3 hours ago
In your country of interest, do mortgages remain with the land?
– Lawrence
21 mins ago
Do not discount the possibility you're being lied to.
– corsiKa
5 mins ago
So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?
– Tas
3 mins ago
add a comment |
1
you could wait for the bank to repossess it and buy it at accurate market price at that point in time.
– CQM
3 hours ago
In your country of interest, do mortgages remain with the land?
– Lawrence
21 mins ago
Do not discount the possibility you're being lied to.
– corsiKa
5 mins ago
So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?
– Tas
3 mins ago
1
1
you could wait for the bank to repossess it and buy it at accurate market price at that point in time.
– CQM
3 hours ago
you could wait for the bank to repossess it and buy it at accurate market price at that point in time.
– CQM
3 hours ago
In your country of interest, do mortgages remain with the land?
– Lawrence
21 mins ago
In your country of interest, do mortgages remain with the land?
– Lawrence
21 mins ago
Do not discount the possibility you're being lied to.
– corsiKa
5 mins ago
Do not discount the possibility you're being lied to.
– corsiKa
5 mins ago
So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?
– Tas
3 mins ago
So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?
– Tas
3 mins ago
add a comment |
1 Answer
1
active
oldest
votes
It is certainly legal to ask you, but you are of course not required to 'donate' another 4000 - that is your choice.
If the deal falls through because of these 4000, it is the seller's fault, and you could sue him for your damages - whatever you invested/paid to get into this closing. Probably not much, but I wouldn't know. Also, chances are that if he is underwater with his home mortgage, he doesn't have the money to pay you even if you win in court, so you'd end up getting only a worthless sheet of paper.
The deal should not fall through for 4000, though. Normally his bank will accept the deal, and he will end up owing those 4000 to his bank still. The amount is probably small compared to the complete mortgage, and the bank would prefer to get the big chunk now and run after the 4000, instead of potentially getting less or nothing later.
So basically, the seller is just trying to sucker you into covering his 4000-problem.
answered 3 hours ago
AganjuAganju
21.9k43577
This does assume that the agreement to purchase has reached the binding stage.
– DJClayworth
2 hours ago
1
Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.
– chepner
1 hour ago
If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.
– corsiKa
6 mins ago
add a comment |
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1 Answer
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It is certainly legal to ask you, but you are of course not required to 'donate' another 4000 - that is your choice.
If the deal falls through because of these 4000, it is the seller's fault, and you could sue him for your damages - whatever you invested/paid to get into this closing. Probably not much, but I wouldn't know. Also, chances are that if he is underwater with his home mortgage, he doesn't have the money to pay you even if you win in court, so you'd end up getting only a worthless sheet of paper.
The deal should not fall through for 4000, though. Normally his bank will accept the deal, and he will end up owing those 4000 to his bank still. The amount is probably small compared to the complete mortgage, and the bank would prefer to get the big chunk now and run after the 4000, instead of potentially getting less or nothing later.
So basically, the seller is just trying to sucker you into covering his 4000-problem.
answered 3 hours ago
AganjuAganju
21.9k43577
This does assume that the agreement to purchase has reached the binding stage.
– DJClayworth
2 hours ago
1
Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.
– chepner
1 hour ago
If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.
– corsiKa
6 mins ago
add a comment |
It is certainly legal to ask you, but you are of course not required to 'donate' another 4000 - that is your choice.
If the deal falls through because of these 4000, it is the seller's fault, and you could sue him for your damages - whatever you invested/paid to get into this closing. Probably not much, but I wouldn't know. Also, chances are that if he is underwater with his home mortgage, he doesn't have the money to pay you even if you win in court, so you'd end up getting only a worthless sheet of paper.
The deal should not fall through for 4000, though. Normally his bank will accept the deal, and he will end up owing those 4000 to his bank still. The amount is probably small compared to the complete mortgage, and the bank would prefer to get the big chunk now and run after the 4000, instead of potentially getting less or nothing later.
So basically, the seller is just trying to sucker you into covering his 4000-problem.
answered 3 hours ago
AganjuAganju
21.9k43577
This does assume that the agreement to purchase has reached the binding stage.
– DJClayworth
2 hours ago
1
Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.
– chepner
1 hour ago
If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.
– corsiKa
6 mins ago
add a comment |
It is certainly legal to ask you, but you are of course not required to 'donate' another 4000 - that is your choice.
If the deal falls through because of these 4000, it is the seller's fault, and you could sue him for your damages - whatever you invested/paid to get into this closing. Probably not much, but I wouldn't know. Also, chances are that if he is underwater with his home mortgage, he doesn't have the money to pay you even if you win in court, so you'd end up getting only a worthless sheet of paper.
The deal should not fall through for 4000, though. Normally his bank will accept the deal, and he will end up owing those 4000 to his bank still. The amount is probably small compared to the complete mortgage, and the bank would prefer to get the big chunk now and run after the 4000, instead of potentially getting less or nothing later.
So basically, the seller is just trying to sucker you into covering his 4000-problem.
answered 3 hours ago
AganjuAganju
21.9k43577
It is certainly legal to ask you, but you are of course not required to 'donate' another 4000 - that is your choice.
If the deal falls through because of these 4000, it is the seller's fault, and you could sue him for your damages - whatever you invested/paid to get into this closing. Probably not much, but I wouldn't know. Also, chances are that if he is underwater with his home mortgage, he doesn't have the money to pay you even if you win in court, so you'd end up getting only a worthless sheet of paper.
The deal should not fall through for 4000, though. Normally his bank will accept the deal, and he will end up owing those 4000 to his bank still. The amount is probably small compared to the complete mortgage, and the bank would prefer to get the big chunk now and run after the 4000, instead of potentially getting less or nothing later.
So basically, the seller is just trying to sucker you into covering his 4000-problem.
answered 3 hours ago
AganjuAganju
21.9k43577
answered 3 hours ago
AganjuAganju
21.9k43577
answered 3 hours ago
AganjuAganju
21.9k43577
answered 3 hours ago
AganjuAganju
21.9k43577
21.9k43577
This does assume that the agreement to purchase has reached the binding stage.
– DJClayworth
2 hours ago
1
Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.
– chepner
1 hour ago
If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.
– corsiKa
6 mins ago
add a comment |
This does assume that the agreement to purchase has reached the binding stage.
– DJClayworth
2 hours ago
1
Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.
– chepner
1 hour ago
If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.
– corsiKa
6 mins ago
This does assume that the agreement to purchase has reached the binding stage.
– DJClayworth
2 hours ago
This does assume that the agreement to purchase has reached the binding stage.
– DJClayworth
2 hours ago
1
1
Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.
– chepner
1 hour ago
Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.
– chepner
1 hour ago
If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.
– corsiKa
6 mins ago
If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.
– corsiKa
6 mins ago
add a comment |
user83725 is a new contributor. Be nice, and check out our Code of Conduct.
user83725 is a new contributor. Be nice, and check out our Code of Conduct.
user83725 is a new contributor. Be nice, and check out our Code of Conduct.
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1
you could wait for the bank to repossess it and buy it at accurate market price at that point in time.
– CQM
3 hours ago
In your country of interest, do mortgages remain with the land?
– Lawrence
21 mins ago
Do not discount the possibility you're being lied to.
– corsiKa
5 mins ago
So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?
– Tas
3 mins ago