Hello everyone. My sister and husband worked with a real estate agent to put their house for sale. The house is in Pennsylvania.
They finally got a buyer. Here are the problems:
1. Original mortage company was bought out. They imposed a penalty if the original buyer (my sister) sells within three years. She will owe $15,000 if they stay in the contract.
2. She will have to pay both her RE agent for selling the house, and the buyers agent for finding them a house. Is this normal? In total, the selling expenses are $14,100.
3. Sister bought the house for $192,000. Selling it for $196,500, minus $14,100 for selling expenses, minus $15,000 for three year penalty that she didnt know about, that gives my sister $167400. They have to pay off their mortgage then, and they will owe about $30,000 when this is all said and done.
I have the standard agreement contract right here, but it doesnt say anything about terminating the contract, other than if the buyer fails to pay any money. Any input about anything will be greatly appreciated. Thank you.
Edit: The settlement is supposed to be on August 24th.