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I have signed everything but have not closed. I have payed my Good Faith Deposit. The prices of the homes in the neighborhood have dropped by about 10-15k. Is the builder required to offer me the same price? Is is too late to walk away?
We haven't done the walkthrough yet. I think that's our last opportunity to say no. That's set for next week. We called the salesperson today and asked about the price drop, she's supposed to call back. She doesn't seem very honest, so I'm not sure what will come of it.
If we decide to walk away, can the 1k be applied to one of their other properties or are we just out of luck?
Since you don't have agent representation, it may be time to consult a lawyer to go over your purchase contract with you. Your options will largely vary based on the terms outlined in your contract. You can then try to renegotiate based on that advice. Best of luck.
Thanks Rakin, I hope they are fair, if not then I guess I will just have to walk away. The only things left for us to do on the house is the final walkthrough and closing. Contingencies would be damage to the home and the contract says we lose the good faith deposit if we walk-away. That is all. The Sad thing is that we love the house. Oh well, Thank you everyone who provided some guidance.
If you purchase you'll be 10k in the hole if you need to resale.
If I recall a lot of Vegas people really got burned when builders started dropping prices $50-100k on houses that sold a year earlier for the higher price. Not much they could do about it once they were closed.
An additional note... most builders desperately need to make sales right now. Play your cards right & I bet you'll get the discount.
Correct me if Im wrong, but 10-15K doesnt make all that much difference on a
mortgage payment does it? Now if it was 30 or 40 thousand maybe.
Im buying new also and the last few houses on our culdesac will
probably go for less, but I dont want to wait and keep second guessing myself or
Id NEVER buy. Plus, Id lose out on what I really wanted and have
the leftover choices, but, hey, it was cheap.
Greenchili
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Plus, Id lose out on what I really wanted and have
