Offered money to buy a house, seller is asking for more to cover gap between their listing and mortgage owed












4















I am purchasing a house, and 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
    5 hours ago











  • In your country of interest, do mortgages remain with the land?

    – Lawrence
    2 hours ago








  • 2





    Do not discount the possibility you're being lied to.

    – corsiKa
    2 hours ago






  • 2





    So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?

    – Tas
    2 hours ago






  • 1





    This depends entirely on what phase of the purchase you are in (and what country you're in). If they've accepted an offer from you then, in most advanced countries, you have a legally binding agreement at whatever terms you've both agreed to. If you've not yet had an offer accepted, then they can ask anything they want, or not sell the house at all.

    – J...
    2 hours ago
















4















I am purchasing a house, and 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
    5 hours ago











  • In your country of interest, do mortgages remain with the land?

    – Lawrence
    2 hours ago








  • 2





    Do not discount the possibility you're being lied to.

    – corsiKa
    2 hours ago






  • 2





    So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?

    – Tas
    2 hours ago






  • 1





    This depends entirely on what phase of the purchase you are in (and what country you're in). If they've accepted an offer from you then, in most advanced countries, you have a legally binding agreement at whatever terms you've both agreed to. If you've not yet had an offer accepted, then they can ask anything they want, or not sell the house at all.

    – J...
    2 hours ago














4












4








4








I am purchasing a house, and 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, and 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









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.









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edited 2 hours ago









Tas

1735




1735






New contributor




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asked 5 hours ago









user83725user83725

211




211




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.





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.






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
    5 hours ago











  • In your country of interest, do mortgages remain with the land?

    – Lawrence
    2 hours ago








  • 2





    Do not discount the possibility you're being lied to.

    – corsiKa
    2 hours ago






  • 2





    So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?

    – Tas
    2 hours ago






  • 1





    This depends entirely on what phase of the purchase you are in (and what country you're in). If they've accepted an offer from you then, in most advanced countries, you have a legally binding agreement at whatever terms you've both agreed to. If you've not yet had an offer accepted, then they can ask anything they want, or not sell the house at all.

    – J...
    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
    5 hours ago











  • In your country of interest, do mortgages remain with the land?

    – Lawrence
    2 hours ago








  • 2





    Do not discount the possibility you're being lied to.

    – corsiKa
    2 hours ago






  • 2





    So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?

    – Tas
    2 hours ago






  • 1





    This depends entirely on what phase of the purchase you are in (and what country you're in). If they've accepted an offer from you then, in most advanced countries, you have a legally binding agreement at whatever terms you've both agreed to. If you've not yet had an offer accepted, then they can ask anything they want, or not sell the house at all.

    – J...
    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
5 hours ago





you could wait for the bank to repossess it and buy it at accurate market price at that point in time.

– CQM
5 hours ago













In your country of interest, do mortgages remain with the land?

– Lawrence
2 hours ago







In your country of interest, do mortgages remain with the land?

– Lawrence
2 hours ago






2




2





Do not discount the possibility you're being lied to.

– corsiKa
2 hours ago





Do not discount the possibility you're being lied to.

– corsiKa
2 hours ago




2




2





So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?

– Tas
2 hours ago





So the seller has listed their house for say $360k, and you met their offer (as opposed to offering less, not that it should matter), and they accepted your offer, but are now asking for an extra $4k? Or are you still negotiating (they asked $360k, you offered $350k, and they're saying they'd really prefer $354k to cover expenses)?

– Tas
2 hours ago




1




1





This depends entirely on what phase of the purchase you are in (and what country you're in). If they've accepted an offer from you then, in most advanced countries, you have a legally binding agreement at whatever terms you've both agreed to. If you've not yet had an offer accepted, then they can ask anything they want, or not sell the house at all.

– J...
2 hours ago





This depends entirely on what phase of the purchase you are in (and what country you're in). If they've accepted an offer from you then, in most advanced countries, you have a legally binding agreement at whatever terms you've both agreed to. If you've not yet had an offer accepted, then they can ask anything they want, or not sell the house at all.

– J...
2 hours ago










1 Answer
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11














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



















  • 1





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

    – DJClayworth
    4 hours ago






  • 2





    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
    3 hours ago






  • 3





    If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.

    – corsiKa
    2 hours ago










protected by JoeTaxpayer 2 hours ago



Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).



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1 Answer
1






active

oldest

votes








1 Answer
1






active

oldest

votes









active

oldest

votes






active

oldest

votes









11














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



















  • 1





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

    – DJClayworth
    4 hours ago






  • 2





    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
    3 hours ago






  • 3





    If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.

    – corsiKa
    2 hours ago
















11














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



















  • 1





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

    – DJClayworth
    4 hours ago






  • 2





    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
    3 hours ago






  • 3





    If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.

    – corsiKa
    2 hours ago














11












11








11







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 5 hours ago









AganjuAganju

21.9k43578




21.9k43578








  • 1





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

    – DJClayworth
    4 hours ago






  • 2





    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
    3 hours ago






  • 3





    If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.

    – corsiKa
    2 hours ago














  • 1





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

    – DJClayworth
    4 hours ago






  • 2





    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
    3 hours ago






  • 3





    If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.

    – corsiKa
    2 hours ago








1




1





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

– DJClayworth
4 hours ago





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

– DJClayworth
4 hours ago




2




2





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
3 hours 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
3 hours ago




3




3





If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.

– corsiKa
2 hours ago





If I was a bank and I could sell a house with an underwater mortgage and only lose 4k on the remaining balance, I'd probably jump at the deal. Chances are the longer it takes to sell, the more money I'll lose on it.

– corsiKa
2 hours ago





protected by JoeTaxpayer 2 hours ago



Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).



Would you like to answer one of these unanswered questions instead?



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