Browse Forums Real Estate 1 May 07, 2012 9:10 pm Not sure if I am in the right discussion... We choose a house and land package and signed the land contract. After that we went through the process of color selection, electrical appointment and so on, almost to the point of the sales contract. But two weeks before that my wife and I got made redundant. It happened within 10 days to be precise. Bummer. Of course we did not sign the land contract. My wife expected it but for me it came as a bad surprise. My wife is in events and from experience we know it can take up to 6 months to find a new job... I am an electronics engineer and the job prospects are similar... Now our finance, which was already based on my salary only, is out of the window. The land was at the 250000 mark, the house at the 175000 mark... we have 150000 cash and are totally stuck... No bank will give us the missing 100000 to purchase just the land so that we are able to fulfill the land contract... Our solicitor tried now several times to get us out of the contract but it seems that the land owner has us on toast. We proposed already to give him the down payment and everybody walks but no understanding so far and the release of the land was one week ago. Not sure if that makes a difference but the land owner is not a private person just selling a single piece of land. He is selling approximately several hundred pieces of land.... Is there anybody in a similar situation? Any ideas or tips? Re: It's over before it started 3May 08, 2012 2:22 pm Thanks for the reply... Have the contract not at hand at the moment but in simple terms... a) Deposit gone b) 10% of the sales price c) any additional loss Our solicitor recommends to get any job just to be able to purchase the land and to sell it again, if the situation does not improve. But like mentioned before I am an Engineer. I have no problem to do a technician job but who wants to employ me when it's obvious that I am overqualified. They will expect that I will be out o the door as soon as I find something more suitable / better pay. And with just driving pizza I won't get a bank loan... Maybe my wife would be able to lower her job expectation so that we would be able to proceed with the purchase... crazy situation. Of course we have some money but before I loose it on a), b) and c) I would move it overseas... Arggggg Our solicitor asked to postpone the release of the land for us but so far we haven't got an answer... Re: It's over before it started 4May 08, 2012 8:09 pm My understanding is that he has to prove his lss and peruse you. So he insists you settle, then when that doesn't happen he resells it and you are liable for his loss. You need som timely, professional advice. @builderforlife Building inspector and passionate about construction When you need an expert to take a look. Re: It's over before it started 5May 19, 2012 5:36 pm Hallo... just wanted to update the thread so that others can learn from our mistake... Still not sure where things went wrong but we'll figure it out soon. The owner agreed now to rescind the contract, take back the land and he will keep the deposit of 5%. Quite a bit of money but we can live with that... Just a tip: Do not loose your job after you signed anything ... On the job site... Had three good interviews last week, one company confirmed already that I am in interview round 2... I hope the others make a decision early next week... fingers crossed. Re: It's over before it started 6May 19, 2012 5:38 pm Great to hear that things worked out. @builderforlife Building inspector and passionate about construction When you need an expert to take a look. Re: It's over before it started 7May 19, 2012 9:02 pm What stress, I hope everything works out for you both! Fingers crossed!! I am in the same situation, would you be able to give some insights in to this? I am in SA 8 17041 Ardo That is so funny! I wonder how many people know who Larry Haun is these days. I have a couple of young guys we call Mo 1 & Mo 2 who run a crew of 6 boys and… 9 15510 Building a fence now will help limit people dumping rubbish and soil on your property. Many houses in suburbia on small lots have fences up before a build. I moved into a… 1 4390 |