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Old 01-14-2012, 03:49 PM
 
16 posts, read 24,587 times
Reputation: 23

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Quote:
Originally Posted by CREW747 View Post
A colleauge and I were discussing a situation that his brother got hinself into.They wanted to do a new build in a well known subdivision in Tarrant county.They toured a model home ,loved it and decided to go ahead and start the contract.They ended up putting down the required deposit a certain percentage of the purchase price, $9000. To make a long story short,they were not able to get approved for a mortgage.They are now trying to get their money back and looking for loop holes in the contract.

It is hard to paint the builder as the bad guy when you sign any sort of contract and it should be.If there were no binding contracts at the start of new builds ,problems would come up for builders constantly.People are human and also change their minds.

The best way to avoid a bad situation with a builder and a contact is to not sugn anything until you are 100 percent sure that you can get approved for the mortgage and you want the house.When we built our house we did not use the builders person in the model as our "realtor". We had our own realtor that they were still required to pay.I would suggest always having your own realtor and not using the builders guy.There are many times when people do just use the builders rep with no issues but I think it is alot safer to have your own realtor in on the deal as well.
That's a bad situation for the consumer, especially considering that right now mortgages are almost impossible to obtain. 14% of Americans qualify for a traditional mortgage.
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Old 01-14-2012, 03:53 PM
 
16 posts, read 24,587 times
Reputation: 23
Quote:
Originally Posted by carroll4628 View Post
When you talk to the lawyer get an estimate cost before you before you do down that path. Between their fees and the time you spend, you may be nearing the $1000 you'll lose by just walking away.
Great advice.
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Old 01-15-2012, 02:07 PM
 
22 posts, read 38,304 times
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Im looking to build with them here in MD, I hope they dont have any of these peoples in this development
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Old 01-16-2012, 05:16 PM
 
1 posts, read 2,278 times
Reputation: 15
The sales agents are not the problem, the problem is the consumer not reading the contract, or have a lawyer interpret the contract for them. The sales agent is NOT a lawyer, and is only there to PRESENT the contract. That being said, most if not all contracts have no contingency for buyers remorse. The only normal contingency on a new home sales contract is a financing contingency which will state, if you can not obtain financing the contract becomes null and void, and the deposit will be returned to you, minus any admin fee's which could run between $250, and $500.
My advice to anyone purchasing a new home is to do your research ahead of time (google is a beautiful thing), because once you sign that contract and hand over the deposit, it's theirs if you have buyers remorse... and again, you can't fault the sales agent for your own ignorance.
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Old 01-23-2012, 10:15 PM
 
1 posts, read 2,230 times
Reputation: 14
If you used your own financing (lender) have your lender do a denial letter. Either send it to the sales center attention sales rep or area manager certified if possible with return receipt. Or have the lender send it. Then generally they will have to return your money as the deal was contingent on qualifying.

OR

If you used "the builders" lender, chances are they have already told the area sales manager if you truly qualify. And if you do, more than likely your money will become liquid damages.

I am VERY familiar with the firms contract. Good luck.
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Old 01-24-2012, 08:30 AM
 
27,447 posts, read 44,947,050 times
Reputation: 14041
in the state of TX anyone signing a contract to purchase always has a legal window to reconsider and recall the contract
problem is that it is usually 3 days and that time has already passed

the time to investigate is the time BEFORE you sign the contract

cut your losses--say goodbye to the 1K--and hope you don't get targeted for non-performance and scared into paying more damages to get out of the contract
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