Ask Me Help Desk - Breaking Contract

I have a real problem here.:(

We put a downpayment on a home and all the paper work is done except the final closing.
Now the problem is... we currently live in Florida and my husband is a disabled vet 100% and in the state of Florida he is not required to pay property taxes except the advolarum part.
Now we assumed that the taxes would be the same in ny... not so.. the taxes are 6000 and our part of that is 4000 even with any discounts for his disabilities.

Now under careful consideration we have realised that... the amout of taxes 400 a month will take our finances out the door.
We have been approved... dont ask me how but they approved us.

I am actually afraid that we will eventually loose the house.:(

Can you tell me is there anything we can do... I understand we will more then likely loose the deposit... but what else..

Can you help... we are supposed to close on the 27th of feb

Quote:

Originally Posted by susangg56

I have a real problem here.:(

we put a downpayment on a home and all the paper work is done except the final closing.
now the problem is....we currently live in florida and my husband is a disabled vet 100% and in the state of florida he is not required to pay property taxes except the advolarum part.
now we assumed that the taxes would be the same in ny....not so..the taxes are 6000 and our part of that is 4000 even with any discounts for his disabilities.

now under careful consideration we have realised that ...the amout of taxes 400 a month will take our finances out the door.
We have been approved....dont ask me how but they approved us.

i am actually affraid that we will eventually loose the house.:(

can you tell me is there anything we can do ...I understand we will more then likely loose the deposit....but what else..?

can you help...we are supposed to close on the 27th of feb

The seller could and may sue you for non-conformance if you fail to close. Not only will you lose your deposit, but they could sue for damages. The taxes and other loan cost must be disclosed to you on the loan application at the time you applied. Did you apply through a bank, a sub-prime lender or what. I would suggest that you talk with an Attorney ASAP. This is not a good spot for you to be in. Good Luck & God Bless...

Yes this is much much more serious than merely losing the deposit.

With that if you want to back out, talk to the seller, explain this, and ask them to release you with only losing the down payment you put down.
They may agree, they may not, if they don't, they can as noted sue you for various fees, and loses.

Also the real estate brokers could even have suit against you for loss of commssion, although I doubt they would do it.

So I will agree an attorney is a great idea at this time, although just asking the other side ( not actually breaking the contract at this time) but asking if they would let you.

The seller may have a contract on another home, where they are committed with money spent and other costs you are not even aware of.