Legal Question in Real Estate Law in New Mexico
I need to know what legally can be done to someone who breaks a sales agreement on a house?
We signed a sales agreememt on a house two years ago due to relocating to a different state after we had to sell our home in a short sale from preditory lending, so we were in a bind at the time.
Now I need to move at least 100 miles away due to my job and we don't think that we are going to be able to sell the house again we what is owed on it.
The owner at the time did not want his bank to know about the sales agreement.
Our payments do go to an escrow company and then the owner.
The sales agreement states that we have five years to buy the house or I guess it goes back to the owner.
What would be the best way to get out of this situation?
1 Answer from Attorneys
Contact the owner. Explain your situation. See if he will take the house back voluntarily. Of course you would lose the money you have paid so far. A voluntary repossession is always the best way to go in such circumstances.
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