LeahO
Jun 3, 2007, 10:14 AM
Hello:
We are currently in a contract for deed in Minnesota and we are looking to disolve the contract with out defaulting on it. We have asked the sellers to mutually desolve the contract and they said no. We have a clause in the contract for deed that states that we were responsiable for putting in a drain tile system and they were responsiable for fixing the out of code sockets in the house. We spent a lot of money trying to fix the water problem in the basement to no soulution. We have also had a ton of plumbers and electirtions in the house that tell us all the same thing it is not up to code and it is not safe. The Sellers did not fix their part of the electrical outlets that were stated in the Contract for Deed. We had an inspector in the house that recorded the out of code electrical outlets. The house is a mess plumbing wise and electrical wise. We want out. We let the sellers know that we are not looking for any of the equity that is in the house or any money back... we just want to go. They still say no. We have hired a laywer.
My question... what happens at the end of the contract... in 2 months... if we just walk away does it effect our chances to purchase another home and does it go on our credit? We have spent the last year improving our credit scores enough to buy a home and we do not want to blow it... But we do not want this Lemon of a house more. It floods every spring no matter what we do. Help
Leah
We are currently in a contract for deed in Minnesota and we are looking to disolve the contract with out defaulting on it. We have asked the sellers to mutually desolve the contract and they said no. We have a clause in the contract for deed that states that we were responsiable for putting in a drain tile system and they were responsiable for fixing the out of code sockets in the house. We spent a lot of money trying to fix the water problem in the basement to no soulution. We have also had a ton of plumbers and electirtions in the house that tell us all the same thing it is not up to code and it is not safe. The Sellers did not fix their part of the electrical outlets that were stated in the Contract for Deed. We had an inspector in the house that recorded the out of code electrical outlets. The house is a mess plumbing wise and electrical wise. We want out. We let the sellers know that we are not looking for any of the equity that is in the house or any money back... we just want to go. They still say no. We have hired a laywer.
My question... what happens at the end of the contract... in 2 months... if we just walk away does it effect our chances to purchase another home and does it go on our credit? We have spent the last year improving our credit scores enough to buy a home and we do not want to blow it... But we do not want this Lemon of a house more. It floods every spring no matter what we do. Help
Leah