If I was going to purchase a home on contract but found out they were in pre-foreclosure and have forbearance agreeement, can I void contract?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I was going to purchase a home on contract but found out they were in pre-foreclosure and have forbearance agreeement, can I void contract?

We did not do a contract extension after I found out owner would have to get caught up on payments before being able to do owner carry, is original contract void? They have $500 in escrow that I would like returned because I feel they were misleading on the original contract as they did not disclose they had not been making payments for over 6 months, is this a valid request? What is my recourse? I do not want this home in this condition.

Asked on August 24, 2012 under Real Estate Law, Kansas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

From what you have written you do not under the laws of all states have a factual and legal basis to rescind the purchase of the home you are in contract for because the sellers failed to tell you they were in pre-foreclosure. The reason is that such does not affect value or desirability of the home.

I suggest that you consult with a real estate attorney to review your purchase contract to see if there are some "contingencies" that you have not waived that would allow you to cancel the contract without any recourse by the sellers.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption