Any savvy real estate agents or attorneys here?

[peter cornbriar]

My son has a big problem: Closing on a house , he cannot afford.
Details: A dirtbag agent steered him and his wife to a house that's way over his budget. Closing is tomorrow, down payment tomorrow. Sale papers have been signed.
I told him to run away, put the mortgage company on ignore and basically hide. One pending piece of paperwork has not been signed though by him, (Not sure how important to final sale). House certainly has inner curb appeal, outside is tired, has oil heat, and is in a township that abuts one of the worse sections of a small city/large town. That's not all, his marriage is heading to the rocks,(She routinely harasses/ abuses him),they have a 4 year old daughter, he started a new job only 3 months ago and the greedy corporation he works for is considering upping the minimal job expectations to a point where my son is unsure if he can fulfill those expectations. He definitely cannot afford to make house payments without his wife having to go full time and he having to moonlight.
I Know the worst that can happen is getting sued for breach of contract. He definitely cannot afford to make house payments without his wife having to go full time and he having to moonlight.
Is right now the time to consult a competent attorney specializing in real estate law?
Brothers, now I need your combined decades' experience with mortgage companies and giant, national real estate estate corporations.
Can he walk away without the threat of a lawsuit, or should we consult an attorney ASAP? I will supply more details when asked, (Send me a PM).
State is Pennsylvania.

Peter

 

[Idlefellow]

I would certainly consult a local attorney ASAP and not rely on i-net opinions, no matter how experienced or well-intended they might be. The signing of papers is a problem I imagine. Here in Kansas you can walk away at any time previous to the final signing but you'd forfeit any earnest money paid. I am not an attorney. In my opinion you need one quick! Good luck!

 

[peter cornbriar]

My son has a big problem: Closing on a house , he cannot afford.
Details: A dirtbag agent steered him and his wife to a house that's way over his budget. Closing is tomorrow, down payment tomorrow. Sale papers have been signed.
I told him to run away, put the mortgage company on ignore and basically hide. One pending piece of paperwork has not been signed though by him, (Not sure how important to final sale). House certainly has inner curb appeal, outside is tired, has oil heat, and is in a township that abuts one of the worse sections of a small city/large town. That's not all, his marriage is heading to the rocks,(She routinely harasses/ abuses him),they have a 4 year old daughter, he started a new job only 3 months ago and the greedy corporation he works for is considering upping the minimal job expectations to a point where my son is unsure if he can fulfill those expectations. He definitely cannot afford to make house payments without his wife having to go full time and he having to moonlight.
I Know the worst that can happen is getting sued for breach of contract. He definitely cannot afford to make house payments without his wife having to go full time and he having to moonlight.
Is right now the time to consult a competent attorney specializing in real estate law?
Brothers, now I need your combined decades' experience with mortgage companies and giant, national real estate estate corporations.
Can he walk away without the threat of a lawsuit, or should we consult an attorney ASAP? I will supply more details when asked, (Send me a PM).
State is Pennsylvania.

Peter

Any savvy real estate... (Part 2)​

My son's answer, (Via the b----):
"We're going ahead with it."
He'll be crying the blues when housing prices have nowhere to go but down.
His monthly budget will be so thin it will be Ramen Noodles for weekday supper and cans of pork and beans for Sunday Dinner. He's already talking about re-financing...
You can lead a son to water, but you can't make him drink.
Finis