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home buying questiong

Posted by on Nov. 20, 2012 at 9:13 AM
  • 13 Replies

So, i have gotten a shit end of the deal when i thought i was buying my house. I recieved a settlement and decieded to put a down payment on a house. Our credit isnt to perfect, so i entered into an option contract. How it was advertised to me, was that we give the down payment, we live in the house while paying it off and obtain a bank loan when able with in 5 years, or i loose the ability to buy. I did not know that the house was not up to county codes, bad windows, horrible electric in basement, broken railings, and a leak over the livingroom from the bathtub (which had been going on for years). I didnt know they would wait to last possible moment to pay taxes on the property, or the water (which neither have been paid in two years). I did not know that the company owes other companys money, this realistate company owns a dealership to, which we purchased our vehicles from and they are pieces of shit, well their mechanics they contracted with refuse service to them because the mechanics are owed alot of money, thousands. I also just found out that the owners of these companys were in court three times now for million dollar lawsuits that they lost. One owner just lost his house.

Since we moved in i have attempted to alter the contract due to their neglect and lack of responsibility. I even had a lawyer review the contract, he declared it voidable. It was all very stressful and my self, was pregnant, couldnt handle it because honestly i put 49000 into this house, and I could loose it. Ill never have that amount of money at one time again. This company needed that money for a law suit they just lost, litterally days before i signed my contract. They were on point and time to collect the money, but since day one the house was never finished per our agreement.


 I have a meeting with a lawyer next week. Ironically they finally called me back in reguards to the delinquant tax and water bill, which i was told dont worry we are taking care of it. Im nervous, this is not something i have experience with. Am i doing the right thing by going to a lawyer? Am i doing the right thing by wanted to get out of the contract? I want this house, i love it i dont want to move, but i do not feel secure in this house due to the constant reminders that the company owns this house and could loose it. Im scared, i feel bad when i talk to the landlord because they are family friends of my fiance, well some kinda friend considering. So anyone experience an option contract before? and one have any advice?

by on Nov. 20, 2012 at 9:13 AM
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Replies (1-10):
christina0607
by on Nov. 20, 2012 at 9:32 AM

I think you took a really big chance. You were basically renting until you could get a loan. I don't know that it was a very smart thing to do, and the time to get a lawyer would have been before giving them almost 50k.

however, you know that now. Yes of course get a lawyer. You said you already spoke to a lawyer who said the contract was voidable? Why didn't you immediately have that lawyer start work on it...is it the same lawyer? If it's voidable by you, is it not voidable ny them as well?

I know with an option contract you have the option to walk away, but typically they do not.

Just out of curiosity the $50k, did that include you cost of living there for the 5 years or are you paying a rent? Also I'm curious...if you don't mind sharing...what is the determined cost to you after the 5 years?

dommad2
by Tamara on Nov. 20, 2012 at 9:51 AM
1 mom liked this
Oh honey, I hope you learned from this! Get a lawyer, get out from under any responsibility on that house and move out!

Next time you buy a property please either work with a licensed realtor or do your own due diligence. Never, ever, ever buy another home without a home inspection! That $600 can save you tens of thousands long term.
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itsblissmas
by on Nov. 20, 2012 at 12:26 PM

 Oh man, that's awful. I am so sorry you are going through this. I have no experience in this area but considering you are there I DO think you are doing the right thing by getting a lawyer involved. I don't think you could get anywhere on your own at this point. Good luck to you and I really hope things turn around for you and soon.

hugs

MomOfTwins789
by on Nov. 20, 2012 at 12:30 PM
Did you not have an inspection? If you signed any kind of contract, there may not be anything that you can do...
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romanceparty4u
by on Nov. 20, 2012 at 1:23 PM

You're doing the right thing by going to a lawyer and getting out of the contract. There could be liens against this property that you are unaware of---and you'll lose the home anyway if the liens come due

Rent until  you can legitimately afford to get a loan to purchase a home. Consult with your attorney, and get out of that home.

FooLynRoo
by on Nov. 20, 2012 at 2:00 PM

Wow. you couldn't get a house with 50G down? 

How much is the house worth?

FooLynRoo
by on Nov. 20, 2012 at 2:06 PM

I think you did the right thing, if they aren't going to pay taxes and water bills, with the rent you pay - you risk losing the house.

The condition of the house - wel that's your fault you should have had an inspection before you went into a purchase contract.

and those things can be fixed - especially if you love the house.


If you really do love the house that much, have your lawyer draw up an ammendment, that would have you handle the tax and water payments.


Did you at least get a clean title on the house first?


MyBigFam6
by on Nov. 21, 2012 at 11:46 AM
Yea I investigated a lot of stuff and trusted these people cause they were family friends. Wrong choice. We had to leave the house we were in BC the landlord was selling it but she couldn't sell to us. No clue why.but we had to leave. I was pregnant I had two to four appts a week I became stressed. I was promised that out rent payments were going to the purchase. I was wrong. After we moved in we recirved the contract. At that point they had the money we covered our debts and were back to paycheck to paycheck. I fought to alter the contract and had a lawyer but it became stressful my body couldn't handle it. It was affecting the baby. I had to stop to tend to my home life. Now that the baby is born we are fixing our mistake.

The house rents for 1200 a month since I made the downpayment we pay 800. I requested a contract to be altered to where we would get money back if we left less 400 a month for every month we lived there. They still haven't done this.

I know we took a chance. It was immature but it was in the best interest considering the situation. While pregnant I saw a lawyer who reviewed it all. He wanted 300 an hour. That was OK but we couldn't afford it and as I said once I left his office I did what he said. We ended up loosing work. We ended up struggling with bills and pregnancy during the summer. Now things are OK so we have found a mother lawyer. I meet with him next week.


Quoting christina0607:

I think you took a really big chance. You were basically renting until you could get a loan. I don't know that it was a very smart thing to do, and the time to get a lawyer would have been before giving them almost 50k.

however, you know that now. Yes of course get a lawyer. You said you already spoke to a lawyer who said the contract was voidable? Why didn't you immediately have that lawyer start work on it...is it the same lawyer? If it's voidable by you, is it not voidable ny them as well?

I know with an option contract you have the option to walk away, but typically they do not.

Just out of curiosity the $50k, did that include you cost of living there for the 5 years or are you paying a rent? Also I'm curious...if you don't mind sharing...what is the determined cost to you after the 5 years?


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MyBigFam6
by on Nov. 21, 2012 at 11:48 AM
In our county the inspection is free! I had it done after we moved in BC the company wouldn't finish the work. The worked in the house up to a month or two in to living there. But everything was half assed. They would promise us workers would show up and I'd wait home cancleing things for days and no one would come. Or someone would come and fmscrew up. I learned big time and now I'm just tryna get the balls to do this BC I have three kids involved and I can't risk being on the steer.


Quoting dommad2:

Oh honey, I hope you learned from this! Get a lawyer, get out from under any responsibility on that house and move out!



Next time you buy a property please either work with a licensed realtor or do your own due diligence. Never, ever, ever buy another home without a home inspection! That $600 can save you tens of thousands long term.

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MyBigFam6
by on Nov. 21, 2012 at 11:57 AM
When I signed the contract I had papers proving there was an inspection. But I didn't realize they were limited inspections to only check for lead and asbestos. I was told the windows were brand new. They looked new except two. Two were suppose to be fixed prior to moving in. And the basement wiring was suppose to be fixed as well. I replied to two other please read. I explain how they 'dent's workers and nothing got done. And why I had to hold of on this fight for a while.

Nope no title thats the reason I got a lawyer in the first place. But as I said it all got hurtfull and I had to think about me and my baby.

I meet with a lawyer Monday. I have all documentation to verify my case. I also studied law this semester in school and discovered clauses and contract regulations to prove I have a case. I have learnt from this and have educated myself so this can not happen again.

I do love the house. What worries me is the company is falling apart they owe millions of dollars out. I rather go somewhere else then risk their banks foreclosure.


Quoting FooLynRoo:

I think you did the right thing, if they aren't going to pay taxes and water bills, with the rent you pay - you risk losing the house.

The condition of the house - wel that's your fault you should have had an inspection before you went into a purchase contract.

and those things can be fixed - especially if you love the house.


If you really do love the house that much, have your lawyer draw up an ammendment, that would have you handle the tax and water payments.


Did you at least get a clean title on the house first?



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