parrotgirl's Profile
- parrotgirl
- 2002
Author's Posts
October 6, 2008
Break contract or not?
A couple of months ago I entered into a contract on a one bedroom apartment. I put 10% of the $380,000 purchase price down at contact. I am scheduled to close at the end of October. The apartment is great and I can afford the monthly payments (only slightly higher than our current rent). The apartment is priced around or a little lower than comps in the past year.
I have been getting cold feet watching the news this past month and have been thinking about walking away and losing my deposit. Is that crazy? Also, is there anyway I could recover even part of the 10% deposit? I've already passed the board interview otherwise I would think of talking about my love of piano playing, etc.
Author's Comments
p.p.s. people that are really interested in buying a property don't post a link to it in an attempt to solicit competition.
Posted by: parrotgirl at October 10, 2008 6:42 PM in response to Open House Picks: Price Cut Edition
posts about lehman seem particularly prescient
Posted by: parrotgirl at October 10, 2008 4:58 PM in response to Quote of the Day
I've never had strong feelings about recessed lighting until I saw this listing......
Posted by: parrotgirl at October 7, 2008 10:14 PM in response to House of the Day: 414 Vanderbilt Avenue
"it won't matter since the US will have become just another part of the European Community, no longer the greatest free market democracy on the face of the earth."
Right........except for the fact that we're nationalizing companies right and left -- AIG and warrants in companies the gov't purchases mortgage backed securities from -- during this administration.
Posted by: parrotgirl at October 7, 2008 10:06 PM in response to Quote of the Day
OK -- here's more detail. I am currently month-to-month in my rental apartment, which I love and have lived in for about 3 years. My rent payments are the same as my monthly mortgage and maintenace payments would be. I am am scheduled to put another 10% down at closing (for a total of 20% down). There is a financing contingency and I have already received a loan commitment. Damages for failure to close are limited to the 10% contract payment so the seller shouldn't be able to seek specific performance.
I should speak to my lawyer, but I'm a little embarrassed to even be thinking about doing this.
Posted by: parrotgirl at October 7, 2008 10:04 AM in response to Front Page Forum: Walk Away from Downpayment?
I do have financing secured. My contract of sale limits the seller's remedy to the contract deposit for damages so I don't think they could seek specific performance.
Posted by: parrotgirl at October 7, 2008 9:55 AM in response to Break contract or not?
I have not discussed this as a real possibility with lawyers. I've read the contract and I'm pretty certain that there's no way to avoid losing the deposit, but that is also the limit of what I will lose.
Realistically, I doubt I will walk away. I have a relatively stable job and a decent amount of liquid funds post-purchase. I may lose some money, but so be it.
Posted by: parrotgirl at October 10, 2008 6:46 PM in response to Front Page Forum: Walk Away from Downpayment?