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?
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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 11 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.
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