Legal Question in Real Estate Law in Michigan
sellers 2nd morgages
what are the laws for seller second morgages and is there a federal law that states that the second can only be 15% of purchase prise? Also can a seller back out of a sale because apprasial was higher then expected?
1 Answer from Attorneys
Re: sellers 2nd morgages
I am not aware of a 15% limit for second mortages and doubt that one exists. I also doubt that a seller can back out of a purchase agreement as a result of a higher-than-expected appraisal unless that is one of the contingencies in the purchase agreement. If the seller agreed to sell for a certain price, and all other terms are met to the satisfaction of the buyer and the terms of the purchase agreement are met, including contingencies, the agreement is binding.
This communication does not establish an attorney-client relationship. The information provided is general only and is not intended to address your specific situation as a result of limited information. To obtain specific legal advice, you should consult with an attorney who has an opportunity to review your documents and obtain more facts.
Good luck.
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