Closing Issues with Legacy Communities (real estate, apartment, lease)

[nails211]

Hello,

I am purchasing a new home with Legacy Communities. The subdiv is located in S. Fulton Area. I originally signed the contract in May and needed to close in 60 days. The builder wanted sooner, however I advised that I wanted to fulfil my obligation of my lease so I could avoid any penalties at my apartment that I am renting. Everything was going well until 1 week prior to closing. Well I am now beyond 60 days and the builder asked for an extension for which an ammendment was signed to allow an additional 30 days. The ammendment advises that closing is contingent upon bank approval. Obviously Legacy is having issues with their financial institution finalizing the properties that are up for closing. Everything on my end is squared away and Legacy has no answers for what's really going on with them and their bank . Anyone have any similar issues with Legacy having bank issues and no response?? What did you do?? I understand Legacy is merging and will become Peachtree Communities...what's really going on!!

[flag8rphan]

I'm really not sure why you agreed to sign the amendment to extend closing an additional 30 days, unless you asked for it. You weren't obligated to. I realize that you probably want the house, and you've probably already made plans to move, but you really need to hire an attorney who is well-versed in construction law and real estate issues. The bank approval is probably a standard clause when the construction is financed, but you really need to talk to an attorney, NOT a realtor. Disclaimer, this is not legal advice...

[YBF]

Originally Posted by nails211

Hello,

I am purchasing a new home with Legacy Communities. The subdiv is located in S. Fulton Area. I originally signed the contract in May and needed to close in 60 days. The builder wanted sooner, however I advised that I wanted to fulfil my obligation of my lease so I could avoid any penalties at my apartment that I am renting. Everything was going well until 1 week prior to closing. Well I am now beyond 60 days and the builder asked for an extension for which an ammendment was signed to allow an additional 30 days. The ammendment advises that closing is contingent upon bank approval. Obviously Legacy is having issues with their financial institution finalizing the properties that are up for closing. Everything on my end is squared away and Legacy has no answers for what's really going on with them and their bank . Anyone have any similar issues with Legacy having bank issues and no response?? What did you do?? I understand Legacy is merging and will become Peachtree Communities...what's really going on!!

Is this for Cedar Grove or St Josephs?

[nails211]

Originally Posted by YBF

Is this for Cedar Grove or St Josephs?

Heritage Park

[nails211]

Does anyone know anything about the merger with Peachtree Communities. I can't find anything about this company....

[Windu]

I'm not sure why you aren't running away as fast as you can. Get your deposit back,which you are obviously entitled to since they failed to close on time, and select one of the other thousands of homes begging for a buyer.

You need to be concerned about whether they will have title to the property to legally convey to you at closing and you need to be concerned about having a useless warranty if they go belly up.

Run away.

[nails211]

I really love the house, it's the madison floor plan and it's a very spacious 4/2.5 plan and it's my first home. I definently will not do another extension, so I'm hoping for the best on this. I just really wanted to know what was up with the merger and other experiences with dealing with closing with Legacy.