home contract expired. not renewed?

  • Thread starter Thread starter R W
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R W

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I signed a contract over a year ago to purchase a home on payments to the homeowner. My contract was supposed to be for a year so I could arrange pvt financing. Well with the credit crunch I was unable to do so and now am still making payments to the homeowner who is apparently carrying the note. Can I walk away without recourse or am I still bound by the original contract. It stated it was only good for one year and the homeowner has never said anything about renewing it. The taxes and insurance are included in the payments. I have never received a tax statement but if you run the address on the county web site it shows the owner as a finance company.
 
you are not liable to buy it if you cant obtain financing. That is the number one reason people dont buy property, they cannot finance it. Even if you put an offer on a house, and the financing falls through, the seller has to give you everything back and there wont be any recourse.
 
you are not liable to buy it if you cant obtain financing. That is the number one reason people dont buy property, they cannot finance it. Even if you put an offer on a house, and the financing falls through, the seller has to give you everything back and there wont be any recourse.
 
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