Closing, issues. Should I walk?

[Jeannie H Armstrong]

Went to closing as scheduled 10/30 9am. Stunned by mortgage payment 533.00 on a 40,000 loan 5 yr balloon payment over 10 yrs. Did not receive hud1 before closing table.

Termite bond incomplete because company requires past termite damage repaired before issues bond.

At 3pm, decided to hold off on closing until bond issued.

At about 4:30 listing agent forward seller disclosure which was signed by sellers on 9/25, which disclosed termite damage and drainage issues. He said it was oversight (not send earlier). Now wants us to sign that we were aware.

Our agent prepared addendum with a Nov. 1 sign by date giving them a week to correct issues, they have not signed the addendum.

It's a good property, but I hate 533.00 payment on roughly an 800.00 rent.

Please help....

[Charlie MacPherson]

@Jarrod Jemison@Jeannie H Armstrong There's an important detail missing. Was this an owner-occupied residential property? If so, federal law required that you have the Closing Disclosure (commonly called the "CD") in your hands for 72 hours prior to closing. Not a HUD-1. Those were replaced by a CD.

If I understand you correctly, you're being asked to falsify a document stating that you were aware of the termite damage and drainage issues when you were not. 

That alone makes me very wary.  I wouldn't care so much if it were a boilerplate document of no real consequence, but this one is disclosing two potentially deal-breaking issues.  For example, if a brokerage required a lead paint disclosure for a home built in 2005, (lead paint was illegal in homes built 1978 later), that would be a meaningless formality.  Drainage and termites are far from it.

Who is representing you?  If you have a Realtor, I'd suggest that you need another one.  Your Realtor should have your back and push back against this kind of nonsense.  If not a good Realtor, get a good real estate attorney. 

(PS to all you who think that Realtors are all unethical garbage and not worth what they're paid.  THIS is just one of the many things we do to keep our clients out of trouble)

You need some help, especially if you want to back out and get your deposits back without a fight in court.