You already own it. Sub to is a means of acquiring the house...Buying the house subject to the existing loan.
I think what you mean is, can you sell your house on a contract for deed? If that is the case then yes you can. You can also L/O the house if that is what you want to do too. Do what makes sense.
Yes I only put down 500.00 and am willing to lose it and write it off as a very valuable lesson learned, as I learn all my lesson the hard way. My attorney is away for 6 weeks and I am scrambling to find one now to look at my contract which is the standard realtor contract, not one that is made for me the buyer. But the realtor claims the seller has moved out already and he claims that I must buy the house now, I think no way.
Please consult with your Real Estate Attorney on this... ASAP.
Not sure how your contract reads but are there ANY sort of clauses within it that say something like. "subject to final inspection by buyer...", "subject to approval of loan with acceptable terms", etc. Any clause within the contract that you can use to back out of this deal with?
The way I see it is that the Seller made a promise to sell and You made a promise to buy (on paper and signed by both parties, right?). You most likely (correct me if I'm wrong) gave a deposit put into escrow (which you could lose if it was a non-refundable deposit). So, what you would be doing is breaking the contract. But AFAIK they can not FORCE you to buy the property. What does the contract say about breaking the contract with undue cause. Don't think you can use the "they told me it was gonna cash flow but it isn't going to." excuse as due cause to break the contract -but worth a try if you have the fact and figs. that the RE Agent gave to you- because it was (correct me if I'm wrong again) most likely not put in writing within the contract.
File a complaint with the state board of realtors against this agent. Also talk to the owner/broker of the agency he works for. Call the state attorney generals office and get their opinion.
I wouldn't worry too much about the libel suit. They could sue you for specific performance which would, in effect force you to buy the house but they are very unlikely to do so as such cases on single families are practically unwinnable and damn expensive to boot.
Yes I have an Email from the Realtor that states exagerated figures and also the bottom line of being able to take 18k out in less than 12 months. How much is legality is put in Emails is unknown but it is all I got in writing from him stating this as the numbers he projected and I am 100% sure are totally bogus and it would take 3-5 years to take 10k out of it if that.
Another thought about backing out of the deal: They can sue you for ANYTHING if they want, doesn' t mean that they will win. If you were in their position, what would you do: (1) sue and in the meantime continue to make mortgage payments, insurance payments, etc. on a vacant house until the case comes up in court and hope that you win (could take quite awhile to do that and you may not even win), or (2) get really angry but walk away from the deal and try to find another buyer quickly.
This update is that I walked away and will not be sued by anyone, but the sellers are thinking about action againgst my realtor, not me. But all your quick respones were great, thanks.
Yes, I would say you are being bullied. If your earnest money deposit is small enough, you might want to consider just walking away.
Consult your attorney to determine your exact liability should you default on your contract.
You might try to reopen the negotiation. If you are unhappy with the ROI, would you be happier with a lower purchase price?
Subto your own home.....?
You already own it. Sub to is a means of acquiring the house...Buying the house subject to the existing loan.
I think what you mean is, can you sell your house on a contract for deed? If that is the case then yes you can. You can also L/O the house if that is what you want to do too. Do what makes sense.
Yes I only put down 500.00 and am willing to lose it and write it off as a very valuable lesson learned, as I learn all my lesson the hard way. My attorney is away for 6 weeks and I am scrambling to find one now to look at my contract which is the standard realtor contract, not one that is made for me the buyer. But the realtor claims the seller has moved out already and he claims that I must buy the house now, I think no way.
But is he right can he sue me???
Please consult with your Real Estate Attorney on this... ASAP.
Not sure how your contract reads but are there ANY sort of clauses within it that say something like. "subject to final inspection by buyer...", "subject to approval of loan with acceptable terms", etc. Any clause within the contract that you can use to back out of this deal with?
The way I see it is that the Seller made a promise to sell and You made a promise to buy (on paper and signed by both parties, right?). You most likely (correct me if I'm wrong) gave a deposit put into escrow (which you could lose if it was a non-refundable deposit). So, what you would be doing is breaking the contract. But AFAIK they can not FORCE you to buy the property. What does the contract say about breaking the contract with undue cause. Don't think you can use the "they told me it was gonna cash flow but it isn't going to." excuse as due cause to break the contract -but worth a try if you have the fact and figs. that the RE Agent gave to you- because it was (correct me if I'm wrong again) most likely not put in writing within the contract.
File a complaint with the state board of realtors against this agent. Also talk to the owner/broker of the agency he works for. Call the state attorney generals office and get their opinion.
I wouldn't worry too much about the libel suit. They could sue you for specific performance which would, in effect force you to buy the house but they are very unlikely to do so as such cases on single families are practically unwinnable and damn expensive to boot.
Yes I have an Email from the Realtor that states exagerated figures and also the bottom line of being able to take 18k out in less than 12 months. How much is legality is put in Emails is unknown but it is all I got in writing from him stating this as the numbers he projected and I am 100% sure are totally bogus and it would take 3-5 years to take 10k out of it if that.
Thanks for all the quick replys!!
Another thought about backing out of the deal: They can sue you for ANYTHING if they want, doesn' t mean that they will win. If you were in their position, what would you do: (1) sue and in the meantime continue to make mortgage payments, insurance payments, etc. on a vacant house until the case comes up in court and hope that you win (could take quite awhile to do that and you may not even win), or (2) get really angry but walk away from the deal and try to find another buyer quickly.
I would probably pick #2.
glieberman,
I would probably pick #2 as well...
M
[addsig]
Thanks Everyone,
This update is that I walked away and will not be sued by anyone, but the sellers are thinking about action againgst my realtor, not me. But all your quick respones were great, thanks.