Posted by michelle on September 24, 2002 at 10:18:43:
Thanks for the advice. I do have a copy of the white outed contract. They are telling me that I am holding up the closing, but I still need to sign a gift paper, which I was only informed of after I complained about the changed contract. I have decided to reject the offer and start again with the help of a realtor ot lawyer.
contract change - Posted by michelle
Posted by michelle on September 24, 2002 at 24:33:12:
We are selling a home in Oh. When we signed the purchase contract, the price was, 26,000 including closing costs. The house appraised for much more, but that was our price. When we requested another copy of the purchase contract, we found that the purchase price had been changed to 50,000 including closing costs. We were told that we would not recieve any of the money, that it would become “applied equity”. My question is, was it legal for them to change the contract after we signed it? They just white outed over the original, and what is applied equity? Can we void the contract since it was changed after we signed it?
Re: contract change - Posted by JHyre in Ohio
Posted by JHyre in Ohio on September 24, 2002 at 06:45:45:
The change is not binding on you if you haven’t initialed it. In fact, I’d argue that it constituted a counteroffer that you are free to reject. It sounds like they are inflating the purchase price to keep some of the loan proceeds…that’s bad juju and a sign of something fishy, in my view. I’d be tempted to walk AFTER getting a copy of the whited-out contract.