Buyer wants to buy on contract starting Nov ending in May. Worried not binding & don’t want to start over?
By admin on Dec 28, 2009 in Renting & Real Estate
Jeanne J asked:
A buyer has made an offer using a contract for deed; house is 239,900; want to put 1000 earnest money; get an FHA loan (he has been pre-approved for FHA as well as conventional) and we are worried that come next May if he didn’t get the money we would get the house back. He will make $1100 monthly payments for 6 months, 600 going to the house, rest to taxes and insurance. If this falls through, we do not want to go through litigation.
Can’t get blood out of a turnip they say. It is our only solid offer. Would it be better to pass on this and keep marketing and try to get a buyer who can buy now? Most have houses to sell which is a problem as well. Buyer also wants an FHA mortgage which I understand the appraisal is much harder to pass. Our house is nice but it could be a problem.
A buyer has made an offer using a contract for deed; house is 239,900; want to put 1000 earnest money; get an FHA loan (he has been pre-approved for FHA as well as conventional) and we are worried that come next May if he didn’t get the money we would get the house back. He will make $1100 monthly payments for 6 months, 600 going to the house, rest to taxes and insurance. If this falls through, we do not want to go through litigation.
Can’t get blood out of a turnip they say. It is our only solid offer. Would it be better to pass on this and keep marketing and try to get a buyer who can buy now? Most have houses to sell which is a problem as well. Buyer also wants an FHA mortgage which I understand the appraisal is much harder to pass. Our house is nice but it could be a problem.
We do have an attorney but I still worry that any contract could be broken.
We have no mortgage on the house but we have purchased another one which we would like to move into. No mortgage on that one as well but keeping up with utilities, taxes and insurance on both homes can be costly.
