Need to get out of contract with DR Horton-help (mortgages, lender)

[crone]

I lived in a new subdivision in Rockwall, Texas. A woman built next door to me. Her father was a supervisor with DR Horton. DR Horton was building in that subdivision. He advised her to use another company,

[Tilldill]

Crone- that's says something! Its bad when your told that and your family has ties to that company Live and learn. We were told if we terminated the contract we would lose our 1000 dollars

[Shark01]

If you have realized the neighborhood or builder is not for you, only losing $1,000 is a bargain. Consider yourself blessed and move on.

[nsumner]

At the time you signed the contract, did you ask at what point would you lose your $$? It is different with every builder.

You cannot bring in an agent AFTER you sign the contract unless you are paying them and not the builder. Before you spend more money and hire an attorney, you want to contact the corporate office for DRH and speak with the the salesperson's manager.

In my experience, breaking the contract just because you changed your mind is not grounds for getting your $$ back. Most builders are asking for $2500 or more in earnest money.

Naima

[skids929]

Originally Posted by Shark01

If you have realized the neighborhood or builder is not for you, only losing $1,000 is a bargain. Consider yourself blessed and move on.

I couldn't agree more with this..$1000 is nothing compared to years of problems and unhappiness with the neighborhood.

Consider yourself lucky you found out now instead of after you put your down payment into it.

[DallasTexan69]

Unfortunately you are pretty much stuck and I would highly suggest consulting with a real estate attorney to see what your rights are and such.

The person you talked to at DR Horton is likely an employee of the company, not a licensed salesperson, although they may possibly have a license.

One thing you may find when talking to the attorney is that there are mistakes in the contract that the employee made which could invalidate the contract entirely. Talk to the attorney first and see what your rights are.

[jbiggs]

Originally Posted by DallasTexan69

Unfortunately you are pretty much stuck and I would highly suggest consulting with a real estate attorney to see what your rights are and such.

The person you talked to at DR Horton is likely an employee of the company, not a licensed salesperson, although they may possibly have a license.

One thing you may find when talking to the attorney is that there are mistakes in the contract that the employee made which could invalidate the contract entirely. Talk to the attorney first and see what your rights are.

Builders have gotten too smart in that area anymore. They write contracts even a monkey can fill out properly. Then they have several more monkeys checking them over just to make sure the first one did not mess it up.

[DallasTexan69]

Originally Posted by jbiggs

Builders have gotten too smart in that area anymore. They write contracts even a monkey can fill out properly. Then they have several more monkeys checking them over just to make sure the first one did not mess it up.

It's always worth a try. I am in commercial real estate and frequently see glaring mistakes on contracts...

[CREW747]

A colleauge and I were discussing a situation that his brother got hinself into.They wanted to do a new build in a well known subdivision in Tarrant county.They toured a model home ,loved it and decided to go ahead and start the contract.They ended up putting down the required deposit a certain percentage of the purchase price, $9000. To make a long story short,they were not able to get approved for a mortgage.They are now trying to get their money back and looking for loop holes in the contract.

It is hard to paint the builder as the bad guy when you sign any sort of contract and it should be.If there were no binding contracts at the start of new builds ,problems would come up for builders constantly.People are human and also change their minds.

The best way to avoid a bad situation with a builder and a contact is to not sugn anything until you are 100 percent sure that you can get approved for the mortgage and you want the house.When we built our house we did not use the builders person in the model as our "realtor". We had our own realtor that they were still required to pay.I would suggest always having your own realtor and not using the builders guy.There are many times when people do just use the builders rep with no issues but I think it is alot safer to have your own realtor in on the deal as well.

[carroll4628]

When you talk to the lawyer get an estimate cost before you before you do down that path. Between their fees and the time you spend, you may be nearing the $1000 you'll lose by just walking away.