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I found a house that I like and my agent turned in an offer for the asking price that was shown but the person selling the house is behind on their payments and now the bank will not let them sell the house unless the price is raised higher? Is this legal and what should I do?
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What do you want to do? You shouldn't try to force the buyers to sell the place to you, because you'd only be buying into a big mess that would cost you money.
You need that old mortgage paid off before you buy the house.
Otherwise, you won't be able to place another loan. Or if you did have the money to buy for all cash, you'd be taking over that old mortgage along with the property and if you didn't pay it of yourself, the lender would have the house sold at a foreclosure auction.
So if the owners can't pay off the mortgage, you certainly shouldn't buy it.
If you want to fight someone about this, talk with a real estate lawyer. |
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Edith
Originally published on November 21, 2007 |
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