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NW Ohio,near Findlay | I am no lawyer, but I'm sure from state to state is different. Better get a lawyer, don't know if a title lawyer would do or not. I have worked for a friend that buys houses to rebuild and flip, why anyone would do this is beyond me. They usually buy foreclosure homes listed in paper, or wherever you find them. Some they buy knowing the person is still living in house, they have to get eviction notice served. Some are hoarder homes, Some of the people living in homes, try and deal with them on renting home, try to convince you they will now pay.
In your case, check and see if there is a law, not sure if that would be the word I want to use, buyers have a time line they can change their mind and not have to finalize the deal. Veterans have certain protective rights also.
If you just bought the farm with house on it, legally you don't know if the house was ever flooded, or any unseen problems with the house that you have to notify future buyer. This was a case for my friend on a house he bought. House went thru all foreclosure notices, my friend legally purchased the house, paid the down payment required. Then went to home, noticed a big sign on front door, please call this number, with was the next door neighbor. He advised them that the house was flooded numerous times, which was not disclosed in sale of house thru lender of house. Was not in flood area, and to look at area, which I did, after the fact, was no reason ever to expect area flooded. Come to find out, a railroad was near home and the drainage culvert was never big enough to handle a large rain, 2007 flood. This was the reason the owner just walked away from home, railroad said not their problem, as we all know, dealing with railroad drainage is a no win, without legal help. My friend did get their down payment back, but was a hassle, they had to get a lawyer. The owner of the house had a loan, may have been one to help low income people purchase houses.
Many posts on selling off houses on farms have been on AgTalk, most say just destroy them, but you say it's a nice home. Hard call to make, good luck, get expert help. | |
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Purchase Agreement question
