Expert: Jessica Bryan - 7/5/2011

Question
We own a mobile home in 55& older park in FLorida. We pay lot rent. Listed mobile with agent and knowing we have to sell because husband's job transfer, she brought a couple to see the house and placed an offer to purchase as follows:$3000 down, 298.00 a month for 3 years. He has bad credit, her credit is good, so her and agent say, but neither at that time had credit checked as this park is very strict on credit scores. But to make a long story short, she had us feeling so bad for them, the rental house they lived in falling down around them etc., we stupidly signed the contract. After they left, I talked to agent, how can they buy an insurance policy, what if they don't pay the loan, what if they sell our furniture,, Why the heck we had no"what if's before".  Now our only hope is that they don't pass the credit check to break the contract. Is that our only way out? thank you Joyce

Answer
Dear Joyce;
I don't know what your contract looks like (how it was written and what is stated.)  There could be some other contingencies in it.  Do you have an attorney?  You might have the attorney look over the contract. Most contracts have a few contingencies.  If there is an inspection contingency then if the people ask for you to fix something you can refuse and if they decide not to proceed with the move the contract is over.  The other contingency is for a loan and the other is the credit.  Other than that, you have agreed to the terms of the contract and there is little that you can do at this point.  I suggest that you contact an attorney if you don't already have one and make sure that you are protected.  You can also contact your agent's managing broker to discuss the contract and what your options are.  Your agent is working for you and your best interests and as such should be able to help you.

Good luck and best wishes,
Jessica Bryan