Closing sales in employment contracts

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Logan is in Detroit welcome to the Dave Ramsey show Logan hey I was going better than I deserve sir how can I help I just had a question I'm getting married here in about 45 days and I'm only 20 years old and I'm supposed to I called a house tomorrow I didn't know if it was a good idea with my financial situation well if you're contracted too close you've signed a contract I don't know if it matters or sign your closing yes however I can back out up and he's still closing well guys don't want that's just my realtor told me to be honest I'm sorry I like that's what my realtor told me well yeah you you can back out but you could get sued for backing out because you've signed a contract and the contract says that you've agreed to buy a piece of property and if unless there's the thing that says I change and listeners are not change my mind clause in the contract is is there some kind of an out in the contract that gives you an out I reading it said I could back out and get my deposit back up until the day of closing for any reason any reason yes Kri sure that's a highly unusual real estate contract most contracts are there to cause you to you know you've agreed to buy somebody's house they've agreed to sell it to you and you're contractually bound to do so if the element I mean if you get your financing and you get your elements or the contract are met okay so let's pretend that that this is true it's unusual but it's possible that you can just walk away of course the seller is not going to be happy right no no I'm thinking not yeah they think they have their house sold and they think there's a closing tomorrow how much is the house the house we're buying it for 134,000 and what is your income and what's her income my income roughly before overtime was about 40 grand a year gross and hers and her and her incomes about 20 years 20 grand a year drug and do you have debt we do own two vehicles that we go on I still owe 12,500 on mine and she owes $9,000 but other than that we have no debt she does plan on going she's going to school right now and we do have to pay for her last year of schooling without debt yes yeah you're gonna pay cash for it okay yeah what's she studying she's studying psychology so do what she wants be a licensed professional counselor okay I just have a master's degree to do that right yes if she plans on going straight into her master's which we've been trying to decide what's the best financial way to go do that well there's only one way and that's pay for it or find the scholarships I mean going into debt for a master's in psychology would be ludicrous going into debt period for a degree is a bad idea but that's a really bad idea well I wouldn't I you know if you called me ahead of time and said do I buy a house I would've said absolutely not number one I will I get married and I'm married a year and I've got my finances stable and I would rent something cheap and not be a homeowner number two I would have you to be debt-free and number three I'd have you for having this education plan figured out long before you buy a house so how much are you putting down we're only putting 5% down so so how much well I think six seven thousand is over for now where are you getting that all right so I have right now about 10 grand in the bank 3,000 investments then uh the other 8,000 my 401 okay all right well I would stop adding to your 401 and I would here's where I'm torn okay Logan no you should not buy a house you should not buy a house but you gave your word and I'm pretty disturbed about this idea and that you can just walk away from and break your word that bothers me so I'm not sure that's what a contract is I mean you shake hands you sign a piece of paper and say I'm gonna do a deal Oh change my mind you know people get hurt when you do that those are those sellers you know they're expecting to move they're expecting to use that money to buy another house they have plans and and now you're just gonna jerk the rug out from under them and so I can't tell you to do that I just don't think that's ethical even if the contract allows it the day before your closing that that's that's not the way you do business it's not the way you should behave so no you shouldn't be buying a house but no I'm not gonna tell you to just back out on a deal that you said you were gonna do so I don't know what kind of a contract you've signed here I mean I've done probably 3,000 real-estate transactions and I've never had one that allowed me the day before closing to just change my mind without being in violation of the contract without breaking the deal that's just strange I've done stuff where I had 30 days of due diligence and I'm during that 30 days I can look the property over I can decide what I'm going to do on an investment property in particular or development property and I'm you know we can do soil testing we can do all kinds of things during that time I can decide not to buy it for any reason but by the time I get up the day before closing I've never been in a deal where and if I was a seller I'd be pissed so I just can't tell you do that it doesn't feel that cold to me it doesn't feel right but no you should not be buying a house so I don't know what to tell you to do other than you probably ought to go ahead and buy this house because you said you were going to and then that's gonna slow down and mess up some of the other stuff you were trying to do but such is life you got you got time to recover you're only 20