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If you really don't want the place then I would pay for a real estate attorney and they will handle the legal issues for you. I appears to me that your Realtor is not representing you. I don't think there's much they can do to you except to keep your earnest money.
Were I in your shoes, I would sit down with an attorney for the 30-60 minutes. As someone who has been through court before, a decent attorney will be at least 250/hour in most areas - but the 500 is probably excessive. I would pick an attorney with a $50 consult fee and closer to 250/hour than the 500/hr rate. Most "research" for your issue will probably be done by interns from a law school (don't worry, they will most likely be qualified and usually past the first/foundational year) or newer associates, and the attorney will probably be doing oversight, guidance and any proceedings - should the case go forward, most of the hours are usually in research and drafting. Even if you put out a little money, you will gain some knowledge that may apply toward your future real estate dealings.
Knowing how the law relates to your issue is powerful. Many real estate laws are designed to protect both buyers and sellers. Buyers are protected from fraud, inability to finance, etc. Seller are protected from having held their property off the market for someone for an extended period of time to compensate for actual and opportunity costs.
Note: I am not an attorney, and the above is a personal opinion - not a legal opinion.
Your signed contract should specify which Title Company you are using. It was settled as part of the negotiating that happened when you first made your offer and it was accepted.
I've been a lender for over 35 years and I've never heard of the company that was providing the new financing demand a Title Co.
Since your Realtor wrote the contract, they were aware of the portion that stated which Title Company would be used.
A contract to purchase contains everything. That's why you hired a Realtor.
If I were in your shoes, would have your Realtor contact their company's attorney (who is probably on retainer) and resolve this matter for you.
If they don't handle it to your satisfaction, then you can contact either the Mortgage Bankers Association or a Real Estate Attorney (the latter will cost $, but if you can't get help any other way...)
Good Luck in your struggle,
Dorene LuBawy
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Word of advice from one home buyer to another. DO NOT sign anything to buy a house until you find a house that meets ALL of your "prioritized" criteria (size, price, schools, location, value, etc). It took me 9 months to find the "best deal at the time" in the #1 high school district in Georgia (Walton High School, Cobb County). Then once you find your house & sign, STOP LOOKING at other houses. In the 30-60 days it takes to close on the first "great deal" you will find another "great deal" and end up wasting your time & money trying to dump the first one and get the second one. Been there, done that, got lucky.
If you insist on driving yourself & family crazy always trying to "find the best deal" then add a conditonal "backout clause" to your contracts. Agents hate these clauses because they want to count their money as soon as you sign something so you will have to insist on using it. In spite of what agents tell you, its legal in most if not all states and if they don't like it, then dump the agent and get another one. Unless you contracted with a "buyer agent", they don't represent your interests anyway, legally they represent the "seller" which is why they seem to turn against you when a confflict arises while the "deal" is being worked out.
... and, it's free and anonymous
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Please help. I signed the contract to buy a short sale home. I want to back out.
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rokaw2000
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The settlement date is in few days, either party agrees to use other party's title Co. According to my agent, seller's bank attorney is telling my agent that they can take my lender to a court for it. My lender told me that seller's bank cannot force me to use their title co. I don't know which one is right.
Meanwhile, my agent is telling me that if I don't go to the settlement I will lose the earnest money & the seller's title fees. Another prob.is I really don't want to buy that house.I spoke to my agent about it and faxed a doc. about not liking the condo rule but it was already a day late. If I back out, in addition to losing the earnest money and seller's title fees, the seller's bank is gonna come after me for the differences.Ex,if they put this house back on market and the house sold it for less than what I had a contract with, they will collect the difference from me.Is it true?
I really don't want the house.Can they force me to buy it? I know I screwed up but I just want them to keep my money and leave me alone.
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