Drillbit4 said:LoneStarBQ said:mts6175 said:
I sold my house in November on an a cash offer. It didn't really matter that it was cash, it was the right offer for me to take. But it didn't move the close up, and 3 weeks into the process I get an assignment letter that I needed to sign because the "buyer" made the cash offer to me, then assigned it to her daughter, who was taking out a mortgage on the house. In the end it didn't matter, we closed on time,. but I was a little miffed that they did that.
Just FYI, tricks played on cash offers.
You're right, people can be tricky. I think you probably could have terminated the contract because although assigning the contract was probably acceptable but changing from cash to loan should require a new contract. However, you were already deep in the deal by then.
Couldn't you have terminated the deal and kept their earnest money? Sounds they purposely circumvented rules meant to protect you and make informed decisions.
I could have refused to sign the assignment and then it would have forced to either honor the cash deal or they back out and I keep Ernest money.