How to backout from toll brothers contract (rental, credit)

[patti47]

The sales person were very nice and accomodating in the begining,they promised us that they never come back after the promisory note and that they can always give us an extension ,if the current house is not sold.
Now their tones have changed,since we alreay signed the contract.
.Also we had signed the contract 16 months back,when the market was good.We had no idea that we won't be able to sell the current house/.

Originally Posted by knopfler

Good advice, but after the fact so what's done is done... the more important question is, you DO have an attorney representing you NOW, yes?

Originally Posted by tamitrail

Why oh why did you go under contract and give them $50,000 without selling your house first? You really need to get a lawyer. Unless there is something in your contract that releases you from your commitiment, maybe you can work out a payment schedule that you can afford. If you agreed to their terms, you owe them the money.

[tamitrail]

Unfortunately, if the salesperson didn't put her statement in writing, there is nothing you can do to hold him/her to it. So are you saying they won't give you any extension at all?

Can you afford to take on a second mortgage? Would you be approved for one? Can you rent your current home? Really, you need a lawyer to work with to see what can be done. Get a lawyer ASAP!

[KellyAnn08]

No, but go back through the contract with a fine tooth comb and all the papers you signed. I would bet there is a clause that states that if you can't obtain other financing, you must put it through them or forfeit your deposit and pay add'l funds equally to the agreed EMD amount. If I were you, I would learn that contract inside and out, and research laws governing it, looking for specific reference to financial hardship and not qualifying. Like was stated before, they cannot force you if something happened (no fault of your own) that precludes you from qualifying for the mortgage that you can afford. Yes, their mortgage people may be able to qualify you, however, they still have to put it through the AUS and the banks they use are the same as everyone else. If there are any red flags, they are not going to be able to "push it through" the way they may have in the past. The days of stated income and no docs loans (which was one way the builders really got you hooked) are over. If it were me, I would fight and fight until I got that deposit back. By fight, I don't mean yell and scream and cry - I just mean, intelligently research, writing letters and cc the corporate sales and vp's and keep at it. Be strong, but not threatening. Too many times, people give up without trying. If you keep at it, and don't get it, what have you lost and you know you put all of your effort forth. IF you didn't try, you just gave up and gave them your hard earned money.

What is that money to them? Nothing. They are ruthless, but be tenacious. Don't give up just yet.

Good luck.

Originally Posted by AnalyzeThis

So because they have their own mortgage company, does that mean that every buyer has to use THEIR mortgage company? I think not. Where in the OP's post did you see a mention of them using Toll Brothers mortgage company?

Nice that you call my suggestions baloney, howver, you have none to offer; particularly since the poster came in here asking about suggestions for getting out of the contract, not bargaining tactics to reduce the sales price. What way to constructively address the topic at hand.

[sbh45487]

May be Toll tipped his daugther or neice before his statement to press " Housing in depression, it will take two years to recover" I read somewhere he was let free with the note, I think in [domain blocked due to spam] or tolltruth.blogspot.com

I agree with KellyAnn it won't hurt sending them emails repeatedly after all its our hard earned money.

Is there any insurance for construction loans that these builders take?
If there is one may be builder can claim insurance money if buyer backed out for any hardship situation and they could sell the house for less than what it was originally contract was written.

[tamitrail]

The seller doesn't need the insurance...his insurance is the buyer who signed the contract, gave a HUGE deposit and promised to pay more if they couldn't close.

Fighting Toll Brothers is a losing battle that no one wins and they know it. I have seen it before with something completely different. And they won.

[sbh45487]

Patty47.. What is your current status. Are they still coming for the note? Did you get rejected by Toll Brothers Lender TBI for the loan?

Originally Posted by patti47

has anyone gone through the backout process with Toll?If so did you lose all of the ydeposit>'

Waiting for reply.

Thanks.

[bluecountry]

Toll Brothers....another greedy developer who has no respect for people or scenery.

[Tike]

You did what it took to be at the top of sales for Toll. You placed your foot in the necks of your coworkers, and let the gravy of your good intentions flow for the purchasers who trusted you and your relationship with TBI.

There's not much you can do at this point for being overly-zealous in the past; but in the future, please act with more integrity. Cut the smile and operate honestly. By the way, in the future, don't forget to follow through completely.

Originally Posted by rebecca3359

Toll Brothers nor any other Builder are door to door salesmen. The people who purchase new homes came to these Builders' and their Models. They sign a contract, and may I again point out, it is a CONTRACT. These are adults who make an informed decision knowing the risks, period. They sit through a 3-6 hour contract appointment. They get an idea of when their home will deliver. They pick their options, go to the Design Centers. Visit their home under construction. No one twisted their arms to purchase. Every one got greedy. There is no one individual company or person that the change in the market can be blamed on. The Builders and those selling their own homes took advantage of the inflated market. Lenders took the chance to create new loan programs to accomodate the wants. People purchasing chose to bid up homes or purchase a home they couldn't really afford and some Realtors helped them do it. No one had a crystal ball to predict the change in the market. No Builder makes their profit on deposits. Believe me, no Builder makes their money on keeping deposits. Don't they have the right to recover some of the out of pocket costs that were used to start the construction of a home? Toll Brothers, Centex, Lennar, etc are builders that are traded on the NYSE. They have stock holders and investors they are accountable to. At what point do people stop pointing fingers and start doing something about fixing the problem. How about blaming the media on creating the fear and basically predicting this change??? If you are grown up enough to enter into a contract, then be grown up enough to accept the consequences if something changes or happens.

[treedonkey]

I thought Toll Brothers just made chocolate chips and other baking goods. I didn't know they had expanded into the actual housing market as well. Interesting

[arabellava]

There is little love for Toll Brothers and the way they do business. They're like the mafia of construction..