What can I do if the bank that owns the home we have a contract to buy doesn’t want to pay for the appliances listed in contract?
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What can I do if the bank that owns the home we have a contract to buy doesn’t want to pay for the appliances listed in contract?
We received a signed contract on a foreclosure home on 07/0/10. We had to submit an extension to close on the house at a later date than in the original contract because of the foreclosure bank taking too much time to fulfil their part of the contract. The contract includes them putting in a refrigerator and a range. They have decided they do not want to pay for either but it is on the signed contract that they are included with the sale. We have put $1,600 into the home already of our own money to bring it up to VA loan standards and gave $1,000 in escrow also (total $2,600).
Asked on September 16, 2010 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If there is a contract, it is enforceable; a contract binds both parrties. Therefore, as long as you have honored all of your obligations--including making sure that any extension was approved in writing, and then honoring its terms--the other side has to honor its obligations, including any investments into the home. If they do not, you would have the option of suing them for the damages--i.e. for the cost of the frig and range. However, since lawsuits cost money, it would be advantageous to settle and avoid having to sue. If a decent frig and range would cost, say, $1,200 together, if you could get them to give you, say, an $800 reduction in the price of the home or some other monetary credit, would that be sufficient? It's something to think about and to try to strike some deal.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Do you have an attorney helping you with all of this? You want the house, correct? well how the attorney deals with it and when matters here. If they are refusing to abide by the contract terms then they are in breach of the contract. Does the contract speak to the issue f a breach and what can happen? You can generally void the contract but if you want the house you do not want to do that. You can sue them for specific performance under the contract, you can hold money in escrow at closing, they can give you money back as an allowance for the appliances - whatever the law in your state allows. But you need help here. Good luck.
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