Q: Is there a seller's defense against the Virginia HOA Clause, or can buyers void contracts due to high interest rates?
We had two ratified contracts since Tuesday morning in Fairfax County, Virginia. The first buyer backed out because of the HOA clause, but told our realtor that they didn't know the mortgage payments would be so high. The second buyer is currently looking to renegotiate or stated that they plan to void the contract also. Is there any defenses for a seller in these cases, or will buyers keep using the HOA clause as a negotiation tool or a way to back out because of buyer's remorse? By the way, our HOA is $130 for the year.
It would be incompetent to answer this without a factual inquiry and interview, and the Internet in an open forum is not the correct place to get that. Seek counsel licensed on the applicable jurisdiction, and secure a consult.
But, I must ask: Why are you not sharing the HOA docs when you send the disclosures package? Don't answer here.
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