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-   -   backing out of the house i bought (http://www.diychatroom.com/f19/backing-out-house-i-bought-1318/)

this old house 11-17-2005 12:37 PM

backing out of the house i bought
 
hi there i just bought a house a week ago . and im not living in it becouse it needs a roof on it. and it needs alot of stuff done to it before i can move in.i bought from a bank.and took a fha loan to do some improvements. 6200. now i want to know is there a way to get out of it. somebody please help im in over my head.

jproffer 11-17-2005 02:04 PM

Just a thought but...have you talked to the bank you bought from? If you are past the legal allowable contract cancellation period (in IL it's 3 days and even then only under certain conditions. I don't know what it is, if anything, in your state), could go against your credit report even if both parties agree to cancel.

THEBIGPUNN 11-17-2005 03:30 PM

you only want out cause it needs a new roof?! what are the other problems? i think in MI 24 or 48 hours is all you get to cancel a contract. depending on the deal you got you may be able to break even by selling it by owner. otherwise, through word of mouth you should be able to find someone who can do the roof and other improvements. just get several estimates and make sure all materials are included for each estimate.

Teetorbilt 11-17-2005 06:20 PM

Was the condition of the home in any way misrepresented? Please say that you had it inspected prior to purchase.

slickshift 11-17-2005 09:22 PM

Sorry I can't answer the legal question
But just in case someone else runs across this I would like to respond to:
Quote:

Originally Posted by Teetorbilt
Was the condition of the home in any way misrepresented? Please say that you had it inspected prior to purchase.

Probably the best money that one could spend on a house is the inspector
Never rely (only) on one recommended by the Realtor
Use one recommended by friends or co-workers or other new home buyers

Never use the cheapest inspector
They are cheap for a reason

Check their background/experience

There are alot of expenses with buying a home, but you really can't afford be stingy with this one

slickshift 11-17-2005 09:31 PM

PS I'm not a rep for Home Inspectors Inc. lol
Just have had lots of calls from people whose homes "passed" inspections, then a month later find something unbelievable and call me

PPS I'm also a home buyer who has had real inspectors find things I missed (not much, but still...I'm glad I called a pro ;))

Mike Swearingen 11-17-2005 11:16 PM

If you've closed on this house and the remodeling loan, it's most likely yours now.
If it has no structural problems, and only needs new roofing and cosmetics, I recommend that you get going on it. The last thing that you want on your credit rating is a foreclosure, deed-in-lieu-of-satifaction, etc. for ten years.
Enlist family and friends to help you with the minor repairs, cleanup and painting a.s.a.p.
Don't forget to clean up the outside, especially the front.
You can list it immediately with a real estate company, even while you're doing the improvements. Get an experienced realtor to advise you.
It depends entirely on your local real esatate market, and the location and condition of the house, but you may be able to come out O.K.
Good luck!
Mike

CGofMP 11-18-2005 08:53 PM

I second the opinions offered about home inspectors.

The VERY best money I spent when buying our home was shelling out an additional 300 plus for a good inspector.

The seller had provided a home inspection. Put bluntly it SUCKED. It looked like it could have been thorough but in the end it certainly was not.

I enlisted a local World Inspection Network franchaisee who came out and spent hours going through the place with me. His report was 32 pages long and was exceedingly thorough.

Not only did this give me a good negotiating tool and got me some bucks off the house, but it gave me a great starting point for home improvements that I needed to do. I still refer to the document 18 months later from time to time.

If you are buying a place ALWAYS get a VERY GOOD inspector.

747 11-18-2005 11:40 PM

LOL I CAN'T HELP MYSELF. i BET HE WAS WATCHING THAT ONE SHOW ON TV WHERE YOU BUY A HOUSE FIX IT UP A LIITLE BIT A MAKE A BUNCH OF MONEY:D NOW THAT HE BOUGHT THE HOUSE HE IS LOOKING AT IT SAYING I'M IN WAY OVER MY HEAD.:D

FHA LOAN THATS GOVERMENTAL YOU COULD REALLY GET SCREWED DEFAULTING ON THAT. BEST TO DO LIKE MIKE SWEAR SAYS GRAB SOME FAMILY AND FRIENDS AND GETTING ROCKING ON THAT HOUSE. iT LOOKS EASIER ON TV THEN IN REAL LIFE.

JustaFramer 11-19-2005 12:56 PM

Quote:

Originally Posted by 747
iT LOOKS EASIER ON TV THEN IN REAL LIFE.


Sage advise :cool:


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