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

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


Contribute extra to companies 401k with the intention of withdrawing it for house down payment?Finding problems with house after purchaseMade an offer to buy an apartment, but the actual size is smaller than the one that was promised













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















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













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.
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asked 2 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












  • 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







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










1 Answer
1






active

oldest

votes


















3














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











  • 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
    28 mins ago










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1 Answer
1






active

oldest

votes








1 Answer
1






active

oldest

votes









active

oldest

votes






active

oldest

votes









3














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











  • 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
    28 mins ago















3














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











  • 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
    28 mins ago













3












3








3







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











  • 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
    28 mins ago

















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

    – DJClayworth
    1 hour 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
    28 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













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
28 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
28 mins ago










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









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