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Old 09-30-2019, 08:33 AM
 
11,409 posts, read 8,122,653 times
Reputation: 12392

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Quote:
Originally Posted by TruthSeeker123 View Post
We are under contract on a new build in Knoxville, TN. The Builder missed the Substantial Completion Day by 8 days. My Realtor and Loan Officer have been asking to order the Appraisal Since the 10th of this month but didn't get done until the 24th since the List Agent said the Home was not complete for the appraiser to come out. We have still not received the appraisal for it to go through underwriting so we can close on the home that is set to close on 9/30. The Builder has said Multiple times they will not extend closing because it's their policy. How can they legally not extend when they caused us to miss the close date?
I hope you didn't put down a non refundable deposit because it may be a scam to steal your money and you better find a lawyer if your realtor or bank won't help.
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Old 09-30-2019, 09:34 AM
Status: "Hard Money Lender " (set 7 days ago)
 
229 posts, read 48,182 times
Reputation: 448
Quote:
Originally Posted by LifeIsGood01 View Post
I hope you didn't put down a non refundable deposit because it may be a scam to steal your money and you better find a lawyer if your realtor or bank won't help.
Uhh, right, a builder needs to “scam” a buyer out of their earnest money by going thru the process of selling only to pullback on the day of close? That’s why we have title/escrow companies or other neutral third parties involved.
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Old 09-30-2019, 09:38 AM
 
Location: DFW - Coppell / Las Colinas
32,863 posts, read 37,350,794 times
Reputation: 39923
Quote:
Originally Posted by dontaskwhy View Post
That might not be entirely true. Most likely the OP had to put down a substantial deposit down that could be lost in that example, albeit the builder's fault, from the discussion as presented by the OP.

All the more reason to press hard with the Realtor/builder/bank and/or attorney this morning.
I was referring and discussing about the lender. The Lender doesn't make a penny if the deal falls apart.

He should be putting pressure on the Lender to get the Appraiser to move quickly and get it all done.
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Old 09-30-2019, 09:42 AM
 
511 posts, read 537,712 times
Reputation: 1698
They sound like they have another buyer who is not working with an additional buyer agent, thus they save that commission and the other buyer may be paying more. Very unorthodox and if you are working with a lightweight agent who isn't familiar with new construction, etc., you may very well lose out unless you close Sept 30...today.
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Old 09-30-2019, 09:45 AM
 
6,800 posts, read 3,752,167 times
Reputation: 6239
Quote:
Originally Posted by LynnKrause1 View Post
They sound like they have another buyer who is not working with an additional buyer agent, thus they save that commission and the other buyer may be paying more. Very unorthodox and if you are working with a lightweight agent who isn't familiar with new construction, etc., you may very well lose out unless you close Sept 30...today.
More than unorthodox, totally unethical given their listing agent denied entry for the appraiser and the builder missed a deadline.

In addition to getting right on top of the lender I would be telling the builder that if they don't accommodate a minor schedule adjustment they will be facing legal action as well as posts on social media and to the local news.

This sounds like a smaller builder and not a national or well-regarded regional chain.
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Old 09-30-2019, 10:02 AM
Status: "Hard Money Lender " (set 7 days ago)
 
229 posts, read 48,182 times
Reputation: 448
Quote:
Originally Posted by markjames68 View Post
More than unorthodox, totally unethical given their listing agent denied entry for the appraiser and the builder missed a deadline.

In addition to getting right on top of the lender I would be telling the builder that if they don't accommodate a minor schedule adjustment they will be facing legal action as well as posts on social media and to the local news.

This sounds like a smaller builder and not a national or well-regarded regional chain.
Be careful with that one, companies do sue for defamation, slander, libel and tortious interference. This is becoming more and more prevalent as social media explodes and unsophisticated individuals unintentionally or intentionally damage a reputation. Truth is always a defense but just defending a lawsuit is expensive even if you win since recovering costs and fees is not guaranteed in most states.

As far as threatening legal action against a builder, that is usually a non-starter. Construction companies hear legal threats every day.
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Old 09-30-2019, 05:25 PM
 
6,800 posts, read 3,752,167 times
Reputation: 6239
Quote:
Originally Posted by Spokaneinvestor View Post
Be careful with that one, companies do sue for defamation, slander, libel and tortious interference. This is becoming more and more prevalent as social media explodes and unsophisticated individuals unintentionally or intentionally damage a reputation. Truth is always a defense but just defending a lawsuit is expensive even if you win since recovering costs and fees is not guaranteed in most states.

As far as threatening legal action against a builder, that is usually a non-starter. Construction companies hear legal threats every day.
Sad but true.
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Old 09-30-2019, 05:47 PM
Status: "Hard Money Lender " (set 7 days ago)
 
229 posts, read 48,182 times
Reputation: 448
So this deal close or extend or die today?
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Old 09-30-2019, 05:59 PM
 
Location: Salem, OR
14,138 posts, read 33,364,520 times
Reputation: 13162
Why was the listing agent controlling when the appraisal was ordered? Builds that are pushing timelines always do a 2 step to keep it moving forward.
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Old 09-30-2019, 09:13 PM
 
Location: Denver CO
21,659 posts, read 12,289,566 times
Reputation: 33168
It does sound kind of odd that the builder isn't being more flexible to get the deal done. When I built new construction 5 years ago, there was a similar delay in getting the final appraisal at the end, and because that was the builder's fault for construction not being done on time, they not only extended the closing date, they paid for the rate lock extension so the mortgage didn't get messed. Now, I did go through the builder's preferred lender (they had the same rates plus gave me a larger credit than anyone else), so maybe that made them more motivated to get the deal to close?

OP, I hope you were able to put some pressure on your own agent and lender and get this all to work out!
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