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Old 12-05-2013, 01:53 PM
 
4 posts, read 8,337 times
Reputation: 16

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I am writing to address, in part, those who seek to pay cash for homes that are being built from the ground, up.

A buyer, who paid a SUBSTANTIAL sum in cash for a home, sought a refund of their cash payment from the builder after the discovery of substantial flaws. Their request was refused. No compromises have been offered.

PLEASE DO NOT PAY CASH FOR A HOME WITHOUT THE ASSISTANCE OF AN ATTORNEY WHO HAS REVIEWED AND NEGOTIATED YOUR CONTRACT. It is important that you not provide a deposit of any amount of money that you cannot live without. These contracts are not written to your advantage.

If your attorney or agent advises you against making such a purchase, PLEASE LISTEN TO THEM.

Although you may not hear of every occasion of poor construction, please know that it happens all the time. Again, I urge everyone to get a licensed structural engineer to perform an inspection of the home's construction at every stage possible.

As an aside, let's imagine that this buyer gets a refund. That house is placed on the market as a spec home or you will hear from the sales agent that the buyer could not qualify for the mortgage, had a change in circumstances, or had been diagnosed with a life-threatening illness. You never know if a spec home is a true spec home or was refused by a prior purchaser because of a significant flaw that the builder just hopes the you, the next buyer, will not discover prior to closing.

Please, just take reasonable steps to protect your investment and ensure your peace of mind.
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Old 12-06-2013, 06:04 AM
 
Location: Foster, TX
1,179 posts, read 1,915,755 times
Reputation: 1525
Fair advice, mildly misleading/fishing thread title.
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Old 12-06-2013, 06:43 AM
 
4 posts, read 8,337 times
Reputation: 16
The title was not intended to be misleading. The builder in question builds in those neighborhoods. Those neighborhoods have a great many cash buyers and it was the most expedient way to make them aware of the issue. It was meant only to help those at the greatest risk. I hope this helps you to better understand my intent.
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Old 12-06-2013, 06:47 AM
 
Location: Foster, TX
1,179 posts, read 1,915,755 times
Reputation: 1525
Makes a little more sense now, yes.
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Old 12-06-2013, 06:47 AM
 
3,201 posts, read 4,410,406 times
Reputation: 4441
also what if you have cash but you cant get approved for a mortgage due to credit?

and what builder do you speak of? name names sir
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Old 12-06-2013, 08:41 AM
 
Location: Non Extradition Country
2,165 posts, read 3,773,570 times
Reputation: 2261
Never close on a house without a complete and thorough inspection and punch list sign off, especially if paying cash.

Who is the builder?
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Old 12-06-2013, 08:48 AM
 
237 posts, read 648,550 times
Reputation: 155
What idiot pays for a house/closes without getting it inspected??
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