If you buy a home within one year of your contract with the buyer's agent, you will owe them a commission as was agreed in your contract with them.
I can ASSURE YOU - - that even if you "think" you won't owe the commission based on any of your "technicalities", your broker WILL sue you and has about a 99% chance of winning. You will spend more in attorney's fees than you will if you simply pay the commission.
It doesn't matter that the agent was crappy, or that the agent didn't show you the house. The ONLY thing that matters is your written contract. And those contracts have been written, and rewritten over the past 50 years to be airtight. You ARE going to pay a commission if you buy a home.
FHA and VA loans are assumable, although they're not without their restrictions in doing so. Non-veterans can also assume VA loans, although it's about a six month long escrow to get it done and the veteran has to be willing to forfeit the portion of his benefit attached to the loan until it's paid off or otherwise refinanced into a non-VA loan, as it's not being replaced with another vet's benefit.
As for your realtor, it will depend on what your contract states. If she contributed nothing towards your offer and pending purchase contract with the cousin, she's likely not to be owed commission unless you do something to bring her on board.
I suspect you have not confirmed this with anyone, why? Because you THINK you can get by with this if no one tells the mortgage company.
Are you also assuming the Deed and will it be in your names or his until paid off.
First thing to know is that advice on this site is mediocre at best. You talked with a lawyer, your dad, and that is 100% better than anything here. If he doesn't know for certain I'm sure he can recommend someone who does.
You simply ask her to stop the contract. Wait 3 weeks and call her up. Ask what the number to the real estate commission is. Tell her you feel abandoned and you are filing a complaint unless she stops the contract. Tell her you are crazy and will cause her great harm by filing complaints. If she has a broker. Call them and give them hell. Simple right. Express yourself.
Personally I would let you out of a contract if you asked. Unless I showed you the property, everything is fine
You can not assume someone else's mortgage. You would need to qualify for a mortgage on your own. If you pay him and he does not pay his lender then the house will be foreclosed on and you will be kicked out with out rights.
"The buyers contract stated if we were to purchase a home it would be through her for 1 year. "
- NOT ALLOWED if she has a FHA loan.
- She can pay off 100% of the loan. Then she can do whatever she wants with you.
- She can't legally accept a separate loan on a property that she does not own outright (mortgage free)
- She could do a rent to own depending on her mortgage but not with a FHA.
I also doubt an FHA loan would be assumable.
The only loans that I know are assumable in 2014 are VA loans and you have to be qualified for a VA loan to qualify.
Yes, your father is correct - whether you have to cut the agent is depends on the contract you have.
However, you may find out that you will have to go out and get your own mortgage. Very very very few mortgages written since 1980 are assumable.
Just what commitments did you make in this "buying contract"? Is your cousin's loan even assumable? Most loans are not - they contain due on sale clauses.
Are you talking about not paying her a commission? How long does your contract with her run for? Have you talked to her or her company about the lack of performance?
My fiance and I signed a buying contract with a realtor, our realtor was not very helpful. She would only show us houses that we found, never found any houses for us, never took the initiative to call us. We found out our cousin is selling his house and would let us assume his mortgage. My question for you is, would this be considered breaking contract with the realtor or would it be okay because we are not technically purchasing a home, we are assuming a mortgage and that Kansas will not consider us first time buyers if we assume mortgage. Mt father who is an attorney in missouri said it could go either way. Just wondering if anyone has dealt with this before.
