is this legal and f i dont come up with extra money is the deal off












1















I am purchasing a house apparently the seller owes more on it than what he listed it for. his realtor is now asking me if i can come up with 4000 dollars to be able to close. is this legal? If I don't come up with this money (that is technically not my responsibility) will the deal really fall through?










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  • 1





    you could wait for the bank to repossess it and buy it at accurate market price at that point in time.

    – CQM
    2 hours ago











  • In your country of interest, do mortgages remain with the land?

    – Lawrence
    44 secs ago


















1















I am purchasing a house apparently the seller owes more on it than what he listed it for. his realtor is now asking me if i can come up with 4000 dollars to be able to close. is this legal? If I don't come up with this money (that is technically not my responsibility) will the deal really fall through?










share|improve this question







New contributor




user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
















  • 1





    you could wait for the bank to repossess it and buy it at accurate market price at that point in time.

    – CQM
    2 hours ago











  • In your country of interest, do mortgages remain with the land?

    – Lawrence
    44 secs ago
















1












1








1








I am purchasing a house apparently the seller owes more on it than what he listed it for. his realtor is now asking me if i can come up with 4000 dollars to be able to close. is this legal? If I don't come up with this money (that is technically not my responsibility) will the deal really fall through?










share|improve this question







New contributor




user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.












I am purchasing a house apparently the seller owes more on it than what he listed it for. his realtor is now asking me if i can come up with 4000 dollars to be able to close. is this legal? If I don't come up with this money (that is technically not my responsibility) will the deal really fall through?







house






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user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.











share|improve this question







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user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.









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asked 3 hours ago









user83725user83725

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user83725 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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  • 1





    you could wait for the bank to repossess it and buy it at accurate market price at that point in time.

    – CQM
    2 hours ago











  • In your country of interest, do mortgages remain with the land?

    – Lawrence
    44 secs ago
















  • 1





    you could wait for the bank to repossess it and buy it at accurate market price at that point in time.

    – CQM
    2 hours ago











  • In your country of interest, do mortgages remain with the land?

    – Lawrence
    44 secs ago










1




1





you could wait for the bank to repossess it and buy it at accurate market price at that point in time.

– CQM
2 hours ago





you could wait for the bank to repossess it and buy it at accurate market price at that point in time.

– CQM
2 hours ago













In your country of interest, do mortgages remain with the land?

– Lawrence
44 secs ago







In your country of interest, do mortgages remain with the land?

– Lawrence
44 secs ago












1 Answer
1






active

oldest

votes


















4














It is certainly legal to ask you, but you are of course not required to 'donate' another 4000 - that is your choice.

If the deal falls through because of these 4000, it is the seller's fault, and you could sue him for your damages - whatever you invested/paid to get into this closing. Probably not much, but I wouldn't know. Also, chances are that if he is underwater with his home mortgage, he doesn't have the money to pay you even if you win in court, so you'd end up getting only a worthless sheet of paper.



The deal should not fall through for 4000, though. Normally his bank will accept the deal, and he will end up owing those 4000 to his bank still. The amount is probably small compared to the complete mortgage, and the bank would prefer to get the big chunk now and run after the 4000, instead of potentially getting less or nothing later.

So basically, the seller is just trying to sucker you into covering his 4000-problem.






share|improve this answer
























  • This does assume that the agreement to purchase has reached the binding stage.

    – DJClayworth
    1 hour ago






  • 1





    Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.

    – chepner
    46 mins ago











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1 Answer
1






active

oldest

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1 Answer
1






active

oldest

votes









active

oldest

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active

oldest

votes









4














It is certainly legal to ask you, but you are of course not required to 'donate' another 4000 - that is your choice.

If the deal falls through because of these 4000, it is the seller's fault, and you could sue him for your damages - whatever you invested/paid to get into this closing. Probably not much, but I wouldn't know. Also, chances are that if he is underwater with his home mortgage, he doesn't have the money to pay you even if you win in court, so you'd end up getting only a worthless sheet of paper.



The deal should not fall through for 4000, though. Normally his bank will accept the deal, and he will end up owing those 4000 to his bank still. The amount is probably small compared to the complete mortgage, and the bank would prefer to get the big chunk now and run after the 4000, instead of potentially getting less or nothing later.

So basically, the seller is just trying to sucker you into covering his 4000-problem.






share|improve this answer
























  • This does assume that the agreement to purchase has reached the binding stage.

    – DJClayworth
    1 hour ago






  • 1





    Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.

    – chepner
    46 mins ago
















4














It is certainly legal to ask you, but you are of course not required to 'donate' another 4000 - that is your choice.

If the deal falls through because of these 4000, it is the seller's fault, and you could sue him for your damages - whatever you invested/paid to get into this closing. Probably not much, but I wouldn't know. Also, chances are that if he is underwater with his home mortgage, he doesn't have the money to pay you even if you win in court, so you'd end up getting only a worthless sheet of paper.



The deal should not fall through for 4000, though. Normally his bank will accept the deal, and he will end up owing those 4000 to his bank still. The amount is probably small compared to the complete mortgage, and the bank would prefer to get the big chunk now and run after the 4000, instead of potentially getting less or nothing later.

So basically, the seller is just trying to sucker you into covering his 4000-problem.






share|improve this answer
























  • This does assume that the agreement to purchase has reached the binding stage.

    – DJClayworth
    1 hour ago






  • 1





    Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.

    – chepner
    46 mins ago














4












4








4







It is certainly legal to ask you, but you are of course not required to 'donate' another 4000 - that is your choice.

If the deal falls through because of these 4000, it is the seller's fault, and you could sue him for your damages - whatever you invested/paid to get into this closing. Probably not much, but I wouldn't know. Also, chances are that if he is underwater with his home mortgage, he doesn't have the money to pay you even if you win in court, so you'd end up getting only a worthless sheet of paper.



The deal should not fall through for 4000, though. Normally his bank will accept the deal, and he will end up owing those 4000 to his bank still. The amount is probably small compared to the complete mortgage, and the bank would prefer to get the big chunk now and run after the 4000, instead of potentially getting less or nothing later.

So basically, the seller is just trying to sucker you into covering his 4000-problem.






share|improve this answer













It is certainly legal to ask you, but you are of course not required to 'donate' another 4000 - that is your choice.

If the deal falls through because of these 4000, it is the seller's fault, and you could sue him for your damages - whatever you invested/paid to get into this closing. Probably not much, but I wouldn't know. Also, chances are that if he is underwater with his home mortgage, he doesn't have the money to pay you even if you win in court, so you'd end up getting only a worthless sheet of paper.



The deal should not fall through for 4000, though. Normally his bank will accept the deal, and he will end up owing those 4000 to his bank still. The amount is probably small compared to the complete mortgage, and the bank would prefer to get the big chunk now and run after the 4000, instead of potentially getting less or nothing later.

So basically, the seller is just trying to sucker you into covering his 4000-problem.







share|improve this answer












share|improve this answer



share|improve this answer










answered 2 hours ago









AganjuAganju

21.9k43577




21.9k43577













  • This does assume that the agreement to purchase has reached the binding stage.

    – DJClayworth
    1 hour ago






  • 1





    Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.

    – chepner
    46 mins ago



















  • This does assume that the agreement to purchase has reached the binding stage.

    – DJClayworth
    1 hour ago






  • 1





    Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.

    – chepner
    46 mins ago

















This does assume that the agreement to purchase has reached the binding stage.

– DJClayworth
1 hour ago





This does assume that the agreement to purchase has reached the binding stage.

– DJClayworth
1 hour ago




1




1





Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.

– chepner
46 mins ago





Even if it hasn't, the OP is under no obligation to raise his offer to cover the seller's unexpected expense. The amount the seller still owes does not determine the market value of the house.

– chepner
46 mins ago










user83725 is a new contributor. Be nice, and check out our Code of Conduct.










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