Question

What to know about making an “over-ask” offer to purchase real estate.

Answer

There is no doubt that the current housing market is a seller’s market. There are more buyers than homes available. Buyers are commonly facing bidding wars and “over ask” purchase offers are becoming the norm. While is it easy to get caught up in the frenzy, it is important to consider your budget, market conditions and, if financing is a requirement, be sure to familiarize yourself with your lender’s loan parameters. An appraisal will likely be a requirement of the loan and there must be comparable sales data available to the appraiser to substantiate the “over ask” purchase price. In the event the property does not meet your lender’s loan parameters, and the contract does not contain an appraisal contingency, your deposit may be at risk, you may be responsible for the difference in value between the purchase price and the appraisal or, if the seller is willing, renegotiating the purchase price may be in order.

Purchasing a house is not a decision to take lightly and making an “over ask” offer must be an informed decision.

Question

I am thinking of breaking it off with my live-in partner, who moved into my place a few months ago, but it is just not working out. Can I rekey the locks and put their stuff on the porch while they are at work if they will not leave voluntarily?

Answer

No! That would be an “illegal lockout,” which is an actionable crime. In Connecticut, to remove the unwanted party, you must rely on civil summary process proceedings, in other words landlord-tenant law. This is true even if they are not on the lease. For legal advice on how to proceed, you should consult with an experienced attorney who can provide you with guidance on how to evict your estranged partner.