Can I get out of a builders contract ? (real estate, loan)

[Debra Markwardt]

I signed a contract with a builder 1 week ago. I gave him a $5000 check on the signing. I had a set of house plans but a few changes had to be made. The builder cut the plans from 2600 to 2300 sq. ft. and the ceiling high from 10ft. to 9 ft. I can see that he wants to get to me before any construction begins. Can I get out now?

[ETex2]

There is no possible way that anyone here can give you even an educated opinion based upon the tiny amount of information that you posted. Basically, if he changed the terms of the contract without your approval, you MIGHT be able to get out of it. You need the opinion of a lawyer, one who actually will READ the entire contract.

[Grainraiser]

The true answer is in your contract. Like most contracts start with the fine print and work your way up. Good luck.

[Rakin]

A good builder probably will let you out, a bad builder probably needs your deposit and would love to keep it.

Can you share with us your builder ?

The best advice anyone can give you is seek out a good attorney. Also, did you have a real estate agent ? If so have you talked to them ?

You might just need to call the builder, ask them to be released and see what they say.

[nsumner]

I'm with Rakin on this one. Start asking for a termination of contract and see where that takes you.

What does your contract say on refund of the earnest money? What conditions, usually the minimum is that it's conditional on loan approval. If this builder is crooked, you will have to think outside the box to come up with a way out.

Please post back the outcome.

Naima