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Old 04-17-2013, 03:23 PM
 
6 posts, read 11,311 times
Reputation: 10

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Quote:
Originally Posted by Okey Dokie View Post
Look at it this way.....what if you had lived there for a year (or more) and then the district made the boundary changes?

I like the suggestion above to contact the district and see if they would make an exception for your family to attend the old attendance area school. Are your kids already attending that school? What are the options for families currently living in the neighborhood?

I would think long and hard about closing and then immediately trying to sell. You are bound to lose money.

Makes sense...I will think in that way too..just worried about my 5 yrs old on bus for 23 miles daily
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Old 04-17-2013, 03:36 PM
 
Location: The Berk in Denver, CO USA
12,142 posts, read 16,472,893 times
Reputation: 17718
Default Time to lawyer up

Quote:
Originally Posted by adonis6000 View Post
No I am working with builder directly.
Mistake #1.

Hire a lawyer.
The cost can be as low as $500.
$500/$25,000 = 2% which seems like a reasonable amount.
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Old 04-17-2013, 04:43 PM
 
16,523 posts, read 20,332,312 times
Reputation: 29208
Quote:
Originally Posted by adonis6000 View Post
Can you please explain some more in detail? not sure what does that mean!!!!!!!!!!!!!
brokers protect clients, by giving contingencies-
if certain defined "events" do or dont happen, this will give you a back door, before the final commitment

every buyer should have a buyers broker!!! particularly in new construction

talk to a real estate lawyer bring him your contract, see where you are
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Old 04-17-2013, 06:26 PM
 
Location: DFW - Coppell / Las Colinas
26,562 posts, read 31,073,162 times
Reputation: 31089
Quote:
Originally Posted by mkarch View Post
This is going to depend on the purchase contract you signed, but usually there is an inspection contingency after which you can decline the purchase. Usually it's written in such a way that buyers can decline for any reason based on the results of the inspection. .
This does not usually apply to new construction just existing homes. Builders use their own contracts and nowhere is there a contingency on an inspection..

OP, it's not the builders fault the schools you want changed. I do not believe you have an argument with them. They will expect you to close on the house you contracted them to build.
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Old 04-17-2013, 11:57 PM
 
3,313 posts, read 3,729,695 times
Reputation: 1823
I don't understand why you should have your realtor... like he/she might change anything in the contract or help you find the way out... It's not the case. Also, builders are making you sign their contract, so your attorney could only explain (translate from legal to plain English) what is in the contract. At this point OP can talk to the lawyer and see if there are any ways to get pain deposit back.
On a side note, school boundaries could change from year to year, so there is nothing new about it. Thanks why purchasing new home might be a bad idea - you have to wait for your house and change you mind within that period of time.
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Old 04-18-2013, 04:05 AM
 
Location: Manassas, VA
1,559 posts, read 2,832,941 times
Reputation: 823
Quote:
Originally Posted by adonis6000 View Post
Makes sense...I will think in that way too..just worried about my 5 yrs old on bus for 23 miles daily
Don't worry too much about it. Kids travel long distances often depending where they live to the school. I grew up in a very rural area and it was a looooong ways to school on the bus. I survived. Redistricting will probably occur again.

When my parents moved us to the DC Metro area, the schools got redistricted right before they moved in. Half the neighborhood went to a school about 6 miles away and the other half went to the school 15 miles away.... I was put at the 15 mile one... A few years later it shifted again and the ENTIRE neighborhood went to the 6 mile away school. No biggie. My older brother went to a an advanced science and tech school and his bus came at 5:30am and he didn't get home until generally after 8pm at night (with after school activities) - this was high school. We all survived.

If you like the house and the only thing of concern is the redistricting....it will happen again. Happens in areas where the population is growing. Enjoy your house and the excitment of it.
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Old 04-18-2013, 05:25 AM
 
Location: Vancouver
8 posts, read 22,642 times
Reputation: 14
Look if you already invested 25K then I would suggest to not to relocate. But, if you are still not sure about this then I would suggest to consult this with your "local real estate agency".

Discussing local problems here will not give you much benefit.
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Old 04-18-2013, 06:26 AM
 
Location: MID ATLANTIC
7,129 posts, read 16,138,151 times
Reputation: 7095
OP, you make no mention of where you live, which is perhaps one of the most pertinent points of this discussion. That little tidbit of information would tell us what is happening in your market. If you were in my market and with one of our smaller, independent builders, chances are they would let you off the hook, but only if they could resell the home for the same or more. If they were able to sell it for slightly less (without a whole lot of effort), you would be expected to make up the difference. Our bigger, regional builders would probably do something similar, but they would keep building up until they had a spec home (no buyer preference items) and then try to market it for top dollar. You would pay any difference if they could not sell it for more.

Buying a home for a specific school is dangerous.......as you are finding out, it can be ripped out beneath you at any time. Quite a bit different than buying for an entire school district. Just be aware, the same thing could happen again and again, and it probably will. I've danced with glee when a new school was assigned to our neighborhood, only to see my kids reassigned the following year. I've finally come to the conclusion, the younger the kids, the less important the actual school. Sure, I get the disappointment, but if that is the only reason you bought that home, you are going to be experiencing this disappointment again, as long as you have kids in public schools. That, or you will be moving over and over.

Sit back, reassess why you bought that home other than schools. Is it possible there's something else at work causing your regret?
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Old 04-18-2013, 09:46 AM
 
Location: El Dorado Hills, CA
3,634 posts, read 7,406,594 times
Reputation: 3713
I would contact a lawyer and bring your contract with you.

It's rare you can sell a new construction house for what you bought it for. There is a premium for new that buyers will pay, and it doesn't come into play once someone else owned it.

Also, school district issues will have a major effect on your resale price. As it is, it's causing you to regret your decision to buy there. What do you think other buyers will think?
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Old 04-18-2013, 01:06 PM
 
Location: Sugarmill Woods , FL
6,239 posts, read 4,587,398 times
Reputation: 13467
You might as well close on the house and then list it for sale. Even if you sell it for less than you paid, if that sale is not $25k less than what you paid, then you are ahead of where you would be by "walking away". You would also expect significant legal expenses from the builder suing you for breaching the contract.
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