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Ask Christy Your Own Question
Christy, Attorney
Category: Legal
Satisfied Customers: 462
Experience:  Former General Counsel for nationwide corporation. Contracts, rental properties, business law.
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I contracted to buy a new home back in the early spring in

Customer Question

I contracted to buy a new home back in the early spring in NC. I currently own a home with a mortgage. But the contract was not contingent on the sell of my home. Given, the current state of affairs with government. I am not so sure this is a good idea to have over $300,000 in mortgage loans. I tried to sell my current home without success. I felt I could carry 2 mortgages for about 6 months. But, given the market, it could drag out much longer than 6 months. Do I have any recourse any recouping any of the money that has already been paid toward the new home? I would like to thank you in advance for any recommendations.
Submitted: 8 years ago.
Category: Legal
Expert:  Christy replied 8 years ago.
Were there any contingencies on your purchase contract? (Getting financing, home inspection, etc.)?
Customer: replied 8 years ago.
Customer: replied 8 years ago.
Expert:  Christy replied 8 years ago.

If there were no contingencies, there is no legal way to back out of the purchase. The state of the market, unfortunately, does not give you a legal reason to breach the purchase contract.

If you walk away from the contract, at minimum you will lose the money that you have invested thusfar. I doubt that the builder will sue you for any additional money.

I apologize that I cannot offer you any legal alternative. However, if there were no contingencies in the contract, there is no wiggle room for argument.

If I have been helpful, please Accept my Answer. We can continue talking after you do so if you have follow-up questions, or if there is anything I can do to assist you further.

Thanks, Christy

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