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We entered a filed land contract 2 years ago. It was originally 6 months. Then extended to 12 monrhs. At the end of the twelve months. We couldn't get financed for refinance. So we extended it for 6 more months. After that we found financing but even with the work that we had done the property still apraised for less than what we owed . contract was for 67,000 and the value was 60,000. We have made all of our payments on time. The contract is expired, and we can only get financed for 53,000 on that property. He won't eccept that for a payoff. He said he would finance anything extra. Sounds kind of fishy to me. We don't want to pay more for the house than its worth. We just want out of the contract free and clear. we are willing to walk away from everything we've done. We have since found a house we can get financed for. What rights do we have. And will breaking the contract prevent us from purchasing the new place.
State/Country relating to Question: Ohio Already Tried: We haven't tried anything yet. We just want out. The area is not very nice and the propery values keep going down. We don't want to be stuck here. We've found a better place we can get finance for and be in a nice neighborhood.
<p>unfortunately, unless the contract permits you to rescind the agreement due to a decline in the value of the property, you cannot "walk away" free and clear. While breaking the contract will not prevent you from purchasing the new place, it will likely result in your being sued for the difference between what is owed on the property and what the financer is able to sell it for.</p>
Attorney
Negotiate, Draft, and Review many complex commercial agreements each year.