changed my mind on a purchase of a new manufactured home, urgent please help!!! (California)? What do I do?
I wanted to buy a house and signed the "Purchase Order-New Manufactured Home" (it is not signed by DEALER) but I changed my mind and don’t want to buy it anymore. Also the loan has been approved. Can I still revoke the offer to purchase and not sign the loan??
7. (Buyers’ initials) __I didn’t initial it_________ I certify that the
manufactured home I am p.urchasing is for use as a residence.
I understand that if it is used for any purpose other than a
residence, I may be liable to the State Board of Equalization for
9. This agreement is contingent upon buyer securing loan approval and, if home is to be installed in a mobilehome park, upon park approval of tenancy.
10. Time is of the essence in this agreement.
11. In the event the manufactured home can not be delivered
and/or inspection completed within the agreed delivery time due to non-performance by the Buyer, Buyer agrees to pay (total of downpayment) in lieu of total consideration.
I wanted to buy a house and signed the "Purchase Order-New Manufactured Home" (it is not signed by DEALER) but I changed my mind and don’t want to buy it anymore. Also the loan has been approved. Can I still revoke the offer to purchase and not sign the loan??
7. (Buyers’ initials) __I didn’t initial it_________ I certify that the
manufactured home I am p.urchasing is for use as a residence.
I understand that if it is used for any purpose other than a
residence, I may be liable to the State Board of Equalization for
9. This agreement is contingent upon buyer securing loan approval and, if home is to be installed in a mobilehome park, upon park approval of tenancy.
10. Time is of the essence in this agreement.
11. In the event the manufactured home can not be delivered
and/or inspection completed within the agreed delivery time due to non-performance by the Buyer, Buyer agrees to pay (total of downpayment) in lieu of total consideration.
Loan is not signed, and escrow either.
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2 comments
♥ Mary ♥ on June 27, 2010 at 10:19 am
You can get out of it but you will have to pay the total that you were going to put as down payment. So, your choices are…pay the down payment and live in the trailer, or pay the down payment and don’t live in the trailer.
Although #9 might give you an out only if you don’t get approved for the park.
You can NOT, not sign the loan papers and then try to say that you didn’t get approved for the loan. You did, you just didn’t want to go through with it.
Over all you are going to be out the money you put as a down payment. If they already have that money you can kiss it goodbye. If they don’t and you say you don’t want to pay it your credit is going to get messed up.
OliveJuice on June 27, 2010 at 10:19 am
I was in this business for several years. You did not say what changed your mind but if you have given them money you will have a heck of a time getting it back. If they have taken a home off the market because you intended to buy it, then they have every right to keep your at least some of your deposit. If it was a special order home and not a lot model the amount they are entitled to will definitely increase. Have you tried to talk to the dealer? They all have different policies. The is no way you can be forced to complete the entire purchase but yo do stand to lose some money.