Selling House AS IS and I need help.
I put my mothers house up for sale after her death. The city that she lives in (State of Missouri) inspected the house and wanted too many repairs done and it would have cost us money that we were never going to get back. So I put it up to sell AS IS. Their rules are no one can live in the house until all repairs are fixed and you can't rent the house either. So the only ones that could purchase the house were investors.
We got an investor that offered us $56,000 but wanted us to pay the closing costs. I didn't agree to this and the agent raised it to $58,000 and I said OK, then and (this is where the problem comes in) I was told that they had to go with a different bank and that the closing cost would go up to 3 percent and the price was raised to $58,600. I had to go to a place for them to fax me an Amendment to sale contract and I signed it and sent it back. I didn't see this until after I got home and now feel that I have been duped here and I am afraid that I can't get out of it because I signed it. Closing is on November 25, 2008.
Here is what was added onto the contract.
Seller to contribute 3.1 towards buyers closing costs, Prepaids, Points, and all other allowable bank charges 1 fees.
How much is that going to cost? I only agreed to the 3 percent not to this other stuff. That's what I get for not reading the whole thing. I am already losing a lot of money on the house as it is and now this? Is there anything that I can do about this? We haven't closed yet. How much are we talking about here?