Ask Experts Questions for FREE Help !
Ask
    ohiogirl's Avatar
    ohiogirl Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Aug 2, 2007, 07:38 AM
    Rental/Purchase contract!
    I live in Ohio, and am in a rental/purchase contract for a home. The contract specifies that I get a loan for purchase after 12 months. At 8%or less.
    I cannot get a loan under 11% due to my credit issues, which I outlined to the landlord at the time I first met him. I put down a very large down payment as he assured me that I should be able to secure financing at 12 months, or I'd get my deposit back, and only forfeit the 'monies' he would be setting aside out of my rental payments each month.
    Now he tells me that I have to take whatever loan I can get regardless of the rate,(which I negotiated into the contract), or lose my down payment and leave.
    What recourse do I have?? Isn't this a 'predatory lending' situation?
    I can't afford for my monthly rent/payment to rise from $850 to $1350 with the 11% loan, and have no savings to go anywhere else! Help!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Aug 2, 2007, 08:58 AM
    What does the contract say about your not being able to get a loan for 8%? The seller can't change the terms of the contract at will.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #3

    Aug 2, 2007, 09:07 AM
    Scott is on the right track here. The terms can not be changed unless both parties agree. The seller may jerk you around and attempt to hold your momey but you would stand a good chance of recovery if you have to sue.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Aug 2, 2007, 01:47 PM
    He can not change the terms of the contract, period,
    ohiogirl's Avatar
    ohiogirl Posts: 2, Reputation: 1
    New Member
    		  
    #5

    Aug 2, 2007, 06:49 PM
    The contract says that I will secure financing of 8% or less by July 01, 2007,or if unable to do so, the owner will extend the contract for up to 90 days with no penalty. The landlord now says that the 90 days was to get 8%, but after that time I have to take any loan I can get, or lose everything, and get out.
    This is how 'regular' people end up homeless and on the street.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #6

    Aug 2, 2007, 07:08 PM
    Quote Originally Posted by ohiogirl
    This is how 'regular' people end up homeless and on the street.
    Hello ohio:

    No, this is how people who enter into contracts WITHOUT a lawyer end up on the street. All the 'regular' people I know, use attorney's when necessary.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #7

    Aug 2, 2007, 07:13 PM
    Based on what you are saying, I'm afraid he's right. It sounds like the contract states that you have to obtain financing or the contract is terminated. I would get an attorney to look over the contract to make sure. But if that's the case you can't change the terms of the contract either.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Getting out of a land purchase contract [ 1 Answers ]

We recently signed a contract to purchase a substantial amount of acreage for a specific purpose. We were not educated in this process, and trusted the sellers' and realtors' verbal word as well as tax record on the amount of acreage we would be purchasing. The contract was signed prior to the...

Lease to purchase contract [ 2 Answers ]

Hello! Trying to see if anyone might be able to help me with my problem, okay I sold my property to and investor group, I was in the process of losing the property which is a three flat, my loan was paid off in full, The term of the lease is that the buyer is now my Landlord and I'm the tenant,...

Breaking HUD rental contract [ 3 Answers ]

Hi, I am currently in a rental contract for an apartment that is HUD income-based housing. The lease runs Oct. 10 2006 to Oct. 31 2007. I live in Mount Pleasant, Michigan, but have just received a job offer to teach in Florida and am preparing to move there soon (I don't have a date yet, but am...

Purchase contract/contingencies removed [ 5 Answers ]

Hello there at the present time I am in contract to purchase some apartments, after contingencies were removed I find out that the seller is required to install hardwired smoke detectors prior to setting property for sale or while in escrow, Seller agent is required to inform seller of this city...

Can I get out of my contract for new home purchase? [ 2 Answers ]

We signed a contract with a builder for a new home with no contigencies. Then, 2 weeks later, our house we were selling didn't close. Now we're stuck with a contract to purchase, which the close date has past, no money to put down, and if we do even find a way to close, TWO mortgages. How can we...

View more questions Search