Seller suing me for backing out
Hi guys, I recently went to buy a rental property and after inspections were done the house only had a 60amp panel which means I can not get homeowners insurance for it. Since I can’t get homeowners insurance I can’t get a loan for the property. In the contract it says it is contingent upon the buyer obtaining a mortgage, however the seller has already gotten his lawyer involved and has sent a letter to sue me. Has anyone had any similar issues with this? I am obviously going to get a lawyer but just curious on if anyone has dealt with this before. Thanks everyone
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Unless the seller is a licensed electrician the installation won't pass inspection and you still won't be able to get a mortgage. Lawyers letters are meant to squeeze money from people. You are not being sued until notified by a court; I doubt it will get there but I'm not a lawyer and you may wish to talk to one. Sorry you are being jerked around. All the best