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What happens if you walk away from a house closing

 
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Asked by

Lemuel


What happens if you walk away from a house closing?
0     In Ontario Cont.25

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    Q. I bought my first house alone can i add my boyfriend to the house after the closing cost?


    I bought my first house alone can i add my boyfriend to the house after the closing cost?

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    Q. Can a buyer who bought a house walk away after closing?

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    I rented out my house for 18 months with the buyers. they were supposed to buy the property after 12 months but didn't. they purchased the house with the agreement between him and i via a handshake that i would give him money under the table after closing since the mortgage companies wouldnt give it to him during closing. we closed 29 days into the month and they never paid the monthly rent. since they never paid the rent, i believe that my payoff balance went up because i was charged nearly $1400 in interest charges because there was no monthly payment made. since i am giving them back money, i am going to take that out of the funds we agreed upon. i tried avoiding the situation all month long and explained the situation well before closing and now that i am acting on it, they are upset and want me to eat that $1400. now they are trying to say i owe for some fixes on the house that was never addressed before. can they get upset and walk away from the deal after we closed on the house? they have lived in it since early 07. i should re state what i mean. instead of walking away after closing, i mean legally undo closing somehow or undo closing as if we never did it. we closed and all these issues came about after the sale of the property the money under the table was 10k so that they could get siding on the house and they wanted to roll the money into the loan. there was a purchase agreement and everything was done legally. but now they are saying that they shouldn't have to pay august rent out of the 10k because we didn't tell them we were going to do that. but we then forwarded them about 6 emails where we did tell them over the last 3 weeks...and even one email where they said that was fine they wouldn't make us pay it since it's their fee. ultimately if this went to court we would win i believe because all our conversations are via email so we have documented proof of what we were going to do, and also proof they didn't pay august rent.

    Wow, this is messed up, I'm sorry I answered your more recent question so frankly. You were not only trying to pull one over on the system, you were trying to pull one over on the Yahoo community to get an answer that you wanted. Here's the answer- if your buyer cannot get all the financing from their lender at the time of closing, you're dealing with the wrong buyer- they can't afford your property. You did not make this transaction legally, so if you go to court, your emails don't mean squat. It's really a shame, now you've lost the home, the equity, and you've done something illegal that can possibly get you fined, you may have to pay these buyers more money, god only knows what's going to happen. There's a system of laws in place because property transactions are HUGE DEALS. Follow the rules, or pay the consequences. YOU are why people don't trust investors or FSBO anymore.

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    Q. I want to walk away from a house purchase / closing?

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    You run the risk of being sued for performance. This is breach of contract. You need to provide more info regarding the contract and if any contingency clauses warrant your legal right and ability to retract this agreement.

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    Q. If i buy a house for 160k, can i take out the loan for 170k and walk away with 10k at closing?

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    the value of the house is about $200k, so i wouldn't be taking out more than the value of the house... i have heard of a lot of people buying a home, and walking away with a check at settlement in this situation. most people i have talked to use this money to furnish the house or do home improvements.

    Your mortgage lender will give you a loan for the cost of the house you are purchasing. You can not take out a loan for more than the value of the home. You are using the home as collateral for the loan. No lender will give you more than what the collateral is worth and that they can get back if they have to foreclose on the property. Sorry that this doesn't help.

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    Q. How do you truly buy a house with no money and walk away with a refund check at closing?

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    Have bad credit; want to buy a house without any money down.

    get the carleton sheets no down payment books. They rally work if you follow the directions.

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    Q. Are you allowed to walk around your house naked?

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    I live in the united kingdom and my house is pretty closed off but you could probably still see in.. i heard that you're not allowed to walk around your home naked unless the curtains are closed. if i get out of my bed or even the shower, i'll walk around naked until i'm bothered to get ready.

    Well, then, you will also walk around naken until you are bothered by the police to cover up or "come along with." Have a polite day.

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    Q. Walk through for a new house?

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    I juat bought a house and i am closing on monday. i am doing the final "walk-through" this weekend. so, i have 2 questions: does the seller of the house need to be present? i would rather them not be there so can i request that they not attend? thanks!

    No seller should not be there. But you may want to say something before hand to make sure. Also, it is a good idea to check out the sewage drain. Sewage damage is usually not part of your house insurance.

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    Q. Is a house buyer entitled to make many visits into a home before closing?

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    We are getting ready to close on our house we are selling. the buyer keeps making requests to come into the house to perform various measurements and to check things out. aside from a "final walk-through", do we "have" to let the buyers in? i always thought that you did not enter the home from contract signing to closing aside from the final walk through.

    No, you do not "have" to. Any "inspections" should be arranged through the realtors. If they just want to measure for furniture, etc., you might be a little accomodating.

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    Q. Closing on a house soon. got a question about the walk through.?

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    Me and my wife are scheduled to close on our first house in a week. we are scheduled to have our walk through in 2 days (tuesday) but they still haven't put carpet in, put up our blinds on the windows or put in the stove and fridge. sunday, they don't work and i am assuming monday will be carpet, blinds and appliances day. shouldn't all of this have been done by now this late in the process? a week away from closing and things still aren't finished. should i be worried or even mad if we go to the walk through and there still isn't any carpet or appliances?

    I do not know what the heck Kemperk is talking about there. Most contractors push the envelope, and if there are deadlines, I would not be surprised if they are out there tomorrow making it happen. You have some time until close, do not freak out if everything is not done on Tuesday. Treat it as a "punch list" of things that need to be done, and set a deadline, such as Thursday.

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    Q. If a new house is under contract can the seller still have buyers walk through the house?

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    I have a house under contract and should be closing in about three weeks. the housing developmnent is new and not built all the way up, i recenly found out that every weekend people are being walked through the house, that should be mine. i just wanted to see if this is the way it usally is?

    Yes, because the house isn't yours until you close. The seller can have anyone they want in the house. Know that with new construction, it is STANDARD to ask clients to remove their shoes outside...not bring in drinks, etc.

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    Q. Can you still walk away from buying a house if it's three days away from closing?

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    Unless you have a contigency in place to walk away, NO. You are setting yourself up for a few law suits. One, from the buyer, who can sue you for specific performance (compelling you to comply with the contract you signed on for). Two, from your agent, for compensation for finding you a suitable property and you bailed. Three, from the sellers agent, who listed a suitable property, and you bailed. If any of the above sue, they will win.

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