Ogivemeahome
New Member
Last June I was in the process of buying a home. The day of closing I was informed that the house didn't appraise at the proper amount for the loan because there were no comps in the area. Hubby and I rushed around and filled out a Contract for Deed so that we could still move into the house. We also signed a contract stating that if we didn't secure financing within one year we would pay the seller $5,000. I have been trying to get the house into our name since then, but haven't had any luck. Mainly because the seller wants too much money for it and it is appraising $25,000 less then the Contract for Deed states. We are unable to secure financing on this property and the seller isn't willing to lower his price. A few weeks ago we also found out that the seller didn't disclose that the house is to be torn down by eminent domain for a highway. We were not from this area so we didn't know about the DOT widening the highway and the house is to be demolished. This house was also listed FSBO and we didn't get representation.
From my understanding a Contract for Deed just sets the terms and price of a property. I am also under the assumption that we have just been renters, am I correct? I should be able to just give 30 day notice and be on my way? Had I known that the property was to be demolished I would have never moved my family into it. With the sellers failing to disclose the house was under eminent domain can I get out of having to pay the $5,000?
Any help would be appreciated!
Thanks
From my understanding a Contract for Deed just sets the terms and price of a property. I am also under the assumption that we have just been renters, am I correct? I should be able to just give 30 day notice and be on my way? Had I known that the property was to be demolished I would have never moved my family into it. With the sellers failing to disclose the house was under eminent domain can I get out of having to pay the $5,000?
Any help would be appreciated!
Thanks
