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Can a buyer make a demand on the seller on a home purchase at the last minute when an agreement has already made?

Bartow, FL |

I was nearing foreclosure on my house, so instead of fighting it, I listed the house for sale. I got an offer and I agreed to the terms. Just days before the closing, the buyer demanded that I finance his entire down payment and other costs or he would walk away from the deal. Considering I was between a rock and a hard place, I felt I didn't have any other choice but to acquiesce. I ended up taking back a mortgage, which is something I didn't want to do. To make things worse, he defaulted and now he's going into foreclosure. I'm lost as to what I can do (if anything).

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Attorney answers 3


If you did not consult with an attorney to handle the original transaction, you need to do so now. Hopefully, you did not rely on the advice of a real estate broker to prepare the contract and documents, as it is unlawful for a broker to give legal advice unless they are also a Florida licensed attorney. Multiple issues exist such as whether your lender approved your sale, what mortgage(s) remain, the priority of those mortgages, etc. etc. Most likely, you will need to file a foreclosure law suit, something you should not attempt on your own. Consult with a local real estate attorney as soon as possible.

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By the sound of it your buyer obtained a first mortgage loan from a bank to finance the purchase and you took a second mortgage in the amount of the buyer's down payment and closing costs. Hopefully the transaction was handled by an attorney or title company and, if so, I assume that your lender which was foreclosing was paid off in full from the proceeds of your sale. That being the case, if your buyer has now defaulted on his first mortgage and that first mortgage is being foreclosed you are in a very weak position as to your second mortgage.
If the first mortgage foreclosure results in a sale you are likely to have your mortgage terminated with you getting probably nothing from the sale and being left with a mere unsecured note. Alternatively, you could foreclose your second mortgage but would be subject to the first.
You are in a real mess and need to see a real estate attorney right away, but there may be little that can be done to fully extract you from this situation.


You asked whether or not the Buyer can attempt to renegotiate the deal after it is already executed - of course he can! But, if you want to hold him to the original deal, the Seller can do so. However, it seems that it is too late to revisit that issue, as the deal has already been changed and now you seem to be in a pickle. HIRE AN ATTORNEY! Had you done so earlier, there is no guarantee that the deal would not have gone South, but at least you would have had legitimate advice as to your rights and obligations to this Buyer. Right now, you have put yourself into a position where your options are very limited, particularly if your mortgage is in junior position. HIRE AN ATTORNEY.

My answer is of a general nature and should not be construed to be legal advice nor creating an attorney-client relationship. Carol Johnson Law Firm, P.A. practices in the area of Wills, Trusts, and Estates, Disability - with a particular focus on providing Special Needs Trusts for disabled children and adults.

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