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Seller Has Three Mortgages |
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I have put an offer in on a house. The offer was above the listing price. Our price more than pays off the seller's original mortgage, however, the seller's has a 2nd & 3rd mortgage. We have been waiting for 6 weeks while the banks try to find a solution. We've been told they might come back and ask for more money. That seems highly unethical and possibly illegal to list the house for one amount, then say they need more money. Isn't that 'bait & switch'? If a financially sound offer comes in over your asking price, aren't you obligated to take it? |
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You should have been informed about those other mortgages before you made your offer. But it's no use trying to hold the sellers to your contract if they can't deliver clear title because they can't pay off the debts. My guess is that if you don't want to come up with more money (and that's understandable) you should be able to get out with your deposit returned. And if you were misled, possibly a suit for any money damages you actually suffered (though again, if the sellers don't have any money, getting a judgment against them doesn't do you much good anyhow.)
It's just an unfortunate situation all around, but even when things are unfair, there's often nothing you can do about it.
As for seller being obligated to take any offer -- I'm not sure that's true. I expect it would take quite a bit of legal fees and a court case to decide whether that applied in a particular situation. |
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Edith
Originally published on October 2, 2007 |
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