I am a first-time home buyer, and I was overwhelmed by the whole transaction. Are sellers required by New York
I am a first-time home buyer, and I was overwhelmed by the whole transaction. Are sellers required by New York law to let prospective buyers know if they are going through bankruptcy? I did not find out about the seller’s bankruptcy until after escrow was opened, when I received some paperwork from the title company. There was then an enormous hassle getting the approval of the Bankruptcy Court to sell the house to me.
Ok any solusion to this situation? my loan time running out and my interest rate lock expired as of to day 7/21/06 and the bank telling me that I have to pay $1400(1/8 of a point ) to keep it good for another 30 days … but there is no sign that the clossing day any time soon. Contract is up on 8/15…any advice PLEASEEEEEEE HEEEELP
Regards to all
P.s. I like all answers but I have to pick one ..cant chose all
THX
July 2nd, 2009 at 1:27 pm
You did not have to be informed however their attorney should have had that problem with the court settled before the house was sold to you. And also should have informed your attorney. I know how difficult it is in NY to close, you are overwhelmed with paper work and attorneys. Good luck in your new home!!
July 3rd, 2009 at 9:24 am
If your contract to purchase the house was any good at all, it should have had a clause allowing you out of the deal scott-free if the sellers were going through bankruptcy. All the contracts for my buyers have that clause and if the seller doesn’t want it, I damn sure find out why.
July 6th, 2009 at 5:39 pm
Your lawyer should be fired. That’s there job. Looks like you gave them $1500 for nothing.