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I'm sad and disappointed

Z

zombiekiller

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A little background. A couple years go my parents moved out of state so I bought their house. Well, now they want to move back here and they want their house back. I've been scrambling around looking for a new place to buy.

About a month ago, I found this house near a river. Really like it. So, earlier this month I started the process of buying it. Today, my agent called me in to explain something.

The bank that owns the house wants me to sign an addendum to the contract. It's about 20 pages long. My agent had a bad feeling about it because they called her like 5 times today rushing her to get me to sign the addendum. So, she forwarded the new contract to my attorney. My attorney set off a big red flag.

Somewhere in the 20-some pages of addendum, there is a page that states no matter what once I sign it I have to buy the place. So, if my bank decides tomorrow that they won't lend me the mortgage, I will still have to buy the house. If tomorrow a tornado goes through and takes away the house, I will still have to buy it. There is absolutely no way out once I sign it.

Both my agent and attorney are advising I pull out now. They will get back the $2500 earnest deposit I gave them.

I am sad and disappointed. What a let down. I like the place. But I'm not going to sign a piece of paper that will chain me to that place even before my inspector gets a chance to look at it. And there is no way out.

Anyone in real estates here? Is this a normal thing to make people sign?
 
Nope. How long has the house been on the market? Have you done a professional inspection yet? Absolutely DO NOT agree to that condition.
 
Don't sign.
Let your attorney make his own contract and let the bank signed it if possible.
 
everything is negotiable. your attorney will tell them it's a no go and hopefully they will remove that clause from the contract, if not i'd walk. banks are getting weirder and weirder by the day, last month i had a bank deny a mortgage they had approved and committed to a day before the closing was set to take place. don't trust em.....
 
I don't see what you're sad about - you had an attorney that did their job and saved you from being trapped by a contract with malicious intent. You should be thanking that person with a little something extra in their Christmas card.
 
If a bank wants you to sign that fast something is very wrong. Don't. You'll find another house. This screams highly unethical if not illegal.
First red flag I saw before even finishing your post:
I found this house near a river.
Click to expand...
Is this in a flood plain? Have you checked? Has the house been damaged by a recent flood?
Find these things out and any and all history you can on the house and don't sign anything committing yourself to buy until you are completely satisfied that the house is structurally sound and safe and you know what repairs are needed.
 
cityboy-stl said:
If a bank wants you to sign that fast something is very wrong. Don't. You'll find another house. This screams highly unethical if not illegal.
First red flag I saw before even finishing your post: Is this in a flood plain? Have you checked? Has the house been damaged by a recent flood?
Find these things out and any and all history you can on the house and don't sign anything committing yourself to buy until you are completely satisfied that the house is structurally sound and safe and you know what repairs are needed.
Click to expand...
I've already checked up with all of that. Yes, it's in a flood plain. I've already set up flood insurance for it. I was all ready to buy it. Why, oh why did they have to back me into a corner?

Yes, I will walk away. The scary part, that my attorney explained, is in the addendum there is no way out. So, say I sign it today and tomorrow someone burns down the house. I will by contract still have to buy it.

The house has been on the market for more than a year. Why the hell did they have to put that into the addendum and drive me away? It's like they don't want to sell the house.
 
If I was you're in your situation I'd tell my parents too fucking bad. I mean, I actually bought this shithole from you people, and you still want to take it from me? Fuck off.

But of course you are likely on better terms with your parents than I am.
 
MoufOfKhaos said:
I don't see what you're sad about - you had an attorney that did their job and saved you from being trapped by a contract with malicious intent. You should be thanking that person with a little something extra in their Christmas card.
Click to expand...

Well, I am glad that my agent and attorney caught that. I'll be thanking them for a while. But I'm also sad and disappointed because I already got used to the idea of moving there early next year. Now, the hard part is telling m boyfriend about it. He's also gotten used to the idea of moving there early next year.
 
Don't be sad. Remove your attachment/emotion from that house near the river. There might be a body or two buried in that place. Why do you think the bank has 20+ pages for you to sign? :lol:
 
HunterM said:
Don't be sad. Remove your attachment/emotion from that house near the river. There might be a body or two buried in that place. Why do you think the bank has 20+ pages for you to sign? :lol:
Click to expand...

See, everything seemed so smooth. We had already started planning what we're going to do with the place. You're right. We have developed an emotional attachment to it.
 
cityboy-stl said:
If a bank wants you to sign that fast something is very wrong. Don't. You'll find another house. This screams highly unethical if not illegal.
First red flag I saw before even finishing your post: Is this in a flood plain? Have you checked? Has the house been damaged by a recent flood?
Find these things out and any and all history you can on the house and don't sign anything committing yourself to buy until you are completely satisfied that the house is structurally sound and safe and you know what repairs are needed.
Click to expand...

BINGO!


that's the first thing I thought of
 
You said it was bank owned---meaning a foreclosure---this is not going to be a straight forward real estate deal. You have to have the inner fortitude to deal with this kind of deal---and unless you are rich --I'd get out of it now.
 
Sad..............I'd be happy my attorney was doing his job and looking out for me. There has to be some hidden shit in that house. Thats' to fishy. So dump that one and keep looking your likely to find a better one any way's and your parents will just have to wait a bit longer.
 
You hired a lawyer who saved you from a bad contract; You would be really sad if your lawyer failed to notice the bad contract.
 
Your parents sold you your house it's yours to do as you please. You can also say No. You can tell them that they can buy a house nearby if they like. I don't see why you should be made to move on their whim. You're a grown up now.

The advice given is right. Pushy tactics often mean something fishy and underhand. I would look for something else, on higher ground, if that's the only way out. But remind your parents it was their choice to move first, and they can always find somewhere new.
 
I think the bigger issues is....
Why are you looking for a new place and not your Parents?
It's your house, not their back-up plan.​
 
Also, you should report them of making you sign something without explaining to you what exactly they want you to sign. It´s illegal.
 
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