jwstewar
Active member
I can't believe the mess my in-laws have gotten into. A couple of weeks ago they were out test driving a car (because they don't like their 2008 Grand Marquis because it is RWD - duh we told them). Well they found a house "they fell in love with." Put a bid in on it right then and there. I know stupid...stupid. Anyway, the people accepted the offer. They were putting a fair amount down and then hoping to sell their house and all but pay the new one off. The bank approved the loan with no problems. They were to have closed around Wednesday. All of a sudden they find out Fannie Mae won't back the loan because they say the house isn't worth what they are paying. Then this gets the inlaws to thinking they are going to get out of there house what they thought they would. I could've told them that. Finally 5:00 Fridaycomes around, Fannie Mae finally says they will back it. Well, they are still having soon-to-be-buyer's-remorse. They signed the original bid/purchase contract. Can they get out of this and how much will it cost them?
BTW, they were unaware until after the bid was accepted there was a driveway easement on the property and it was a Modular home. After the bid was signed the realtor still performed an Open House. We were at the Open House and there was a couple there that after they left, the realtor told us they made a "Cash Offer." Don't know if it is true or not, but can the seller make them pay damages because of a lost sale?
BTW, they were unaware until after the bid was accepted there was a driveway easement on the property and it was a Modular home. After the bid was signed the realtor still performed an Open House. We were at the Open House and there was a couple there that after they left, the realtor told us they made a "Cash Offer." Don't know if it is true or not, but can the seller make them pay damages because of a lost sale?