Real Estate Law
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Unfortunately, we would probably qualify for traditional mortgage but we would not have much money to live on. Mortgage broker in Arizona said he would put together a traditional but is trying to get us to accept a reverse mortgage. It sounds good but we don't want to lose what little we have and knowing there would be no equity so to speak. I don't see "Liquidated Damages" in the contract.
Guess what I need to know is - should I get in touch with our realtor and tell her that we have decided not to sell and then get additional legal advice? What are the ramifications of backing out? Party that is buying the house will have "cash" and could probably have no problem finding another house and probably spend less money that what she would have on ours. We're just going to have a couple unhappy realtors but we want to know how much approximately this will cost to get out of contract here in Washington.
Hello barbara --
I am another expert at Just Answer. You have selected a button that "opts out" of the last professional lawyer that you were speaking with (Doug -LawTalk - he asked you the questions) -- he is one of our best ! Did you intend to press that button or was it a mistake? If it was a mistake you can press a button to "opt back in" to speak with him on your screen if you look around for the button.
Please let us know if you want to continue with Doug or you truly want another professional to assist you.