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Old 11-21-2007, 01:49 PM
 
Location: Southern Arizona
9,600 posts, read 31,688,287 times
Reputation: 11741

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Quote:
Originally Posted by LadmoFan View Post
The real estate agent should make sure you get your earnest money returned. The contract was broken by the builder so the money should be returned to you.

Contact a lawyer to see about getting your earnest deposit returned.

LF
Good advice except the lawyer part, LadmoFan

Why waste big bucks on a lawyer when, if necessary, a Smalls Claims Action would accomplish the same for about 20 bucks?

Besides, I bet a nice firm letter requesting a full refund would work in this case!
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Old 11-21-2007, 01:56 PM
 
267 posts, read 885,124 times
Reputation: 151
Yeah, I really would like to get my money back and go buy a home elsewhere. The builder is Richmond American, and previous to this I had heard good things about them from peoploe. Now, I have no good feelings towards them at all.

I found another home in another community I like even better, and it's cheaper. They have a couple of spec homes and one ready to move in home. I just don't know if it's within my rights to get my money back from Richmond American. It's not like we were not approved for a loan. And technically, they haven't backed out. We are just being strung along and I'm sure they will fight tooth and nail to try and keep our money.
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Old 11-21-2007, 02:08 PM
 
Location: Southern Arizona
9,600 posts, read 31,688,287 times
Reputation: 11741
Quote:
Originally Posted by OctoberMoon View Post
Yeah, I really would like to get my money back and go buy a home elsewhere. The builder is Richmond American, and previous to this I had heard good things about them from peoploe. Now, I have no good feelings towards them at all.

I found another home in another community I like even better, and it's cheaper. They have a couple of spec homes and one ready to move in home. I just don't know if it's within my rights to get my money back from Richmond American. It's not like we were not approved for a loan. And technically, they haven't backed out. We are just being strung along and I'm sure they will fight tooth and nail to try and keep our money.
You confirmed my thory, OctoberMoon

Whether you get your $2k refunded or not, don't you feel buying the newly found home would be better?

Have you officially requested a refund from Richmond American? Who knows, they may be as happy to "get off the hook" on the deal?

Bottom line . . . don't get "hung up" on principle when a home is what you're after.
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Old 11-21-2007, 02:14 PM
 
Location: Tucson
42,831 posts, read 88,139,890 times
Reputation: 22814
Quote:
Originally Posted by OctoberMoon View Post
And technically, they haven't backed out. We are just being strung along and I'm sure they will fight tooth and nail to try and keep our money.
They probably will, but 2K is hardly worth it if you found a better and less expensive home. Most likely it'll cost you more to fight it.

Come to think of it, I don't recall seeing anything in my contract defining a time frame for building the house... Not sure if you have a legal recourse, but even if you do... it'll cost more and it'll wear you out... I'd choke it up to "experience" myself. On the bright side, the deposit is really small.
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Old 11-21-2007, 02:37 PM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,333,368 times
Reputation: 21891
Quote:
Originally Posted by sierraAZ View Post
They probably will, but 2K is hardly worth it if you found a better and less expensive home. Most likely it'll cost you more to fight it.

Come to think of it, I don't recall seeing anything in my contract defining a time frame for building the house... Not sure if you have a legal recourse, but even if you do... it'll cost more and it'll wear you out... I'd choke it up to "experience" myself. On the bright side, the deposit is really small.
Not sure how your contract is written. My contract states that they have a year to build the home, although they said the home should be done in 6 to 8 months. In this situation promises are not the same as the signed contract. The contract takes presidence. If they don't complete the home by the year dead line then I can walk and get my money back. I placed $3,000 on the line. Here is the deal, lets say that in 6 months I find a nicer home at a lower price, it is possible that losing the $3,000 is a better deal then waiting to see what is going to happen with the unfinished property. The way prices are declining that may be a possiblity. I would look at your situation and see if the home that you now want makes sence even if you lose the earnest money.
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Old 11-21-2007, 03:17 PM
 
Location: Tucson
42,831 posts, read 88,139,890 times
Reputation: 22814
Quote:
Originally Posted by SOON2BNSURPRISE View Post
Not sure how your contract is written. My contract states that they have a year to build the home, although they said the home should be done in 6 to 8 months. In this situation promises are not the same as the signed contract. The contract takes presidence. If they don't complete the home by the year dead line then I can walk and get my money back. I placed $3,000 on the line. Here is the deal, lets say that in 6 months I find a nicer home at a lower price, it is possible that losing the $3,000 is a better deal then waiting to see what is going to happen with the unfinished property. The way prices are declining that may be a possiblity. I would look at your situation and see if the home that you now want makes sence even if you lose the earnest money.
Oh, believe me, I've been through all these thoughts for months... At this point I personally am committed unless something extraordinary happens. As far as the time frame, it might be mentioned in the contract. I just never thought of it as an issue and didn't pay attention to it.
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Old 11-21-2007, 03:45 PM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,333,368 times
Reputation: 21891
Quote:
Originally Posted by sierraAZ View Post
Oh, believe me, I've been through all these thoughts for months... At this point I personally am committed unless something extraordinary happens. As far as the time frame, it might be mentioned in the contract. I just never thought of it as an issue and didn't pay attention to it.

Was good to know though as my builder is also Richmond American and we are in the very beggining stages. There are homes already built on the street, so that gives me some hope. Just a little scary when someone else is talking about a development that they are also building. Question is will that happen to us? We like the home we are buying, or maybe in this case, trying to buy. Like you we haven't seen any movement as of yet. But then we still have not been to the design center. By the way how was that? I have read horror stories about that with Richmond American. Some people say that they seem to charge a lot for what you get. The home we are "hoping" to have built, is a 4 bed 2 bath that is there Warbler model. We like it as it fits our price range and lifestyle.
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Old 11-21-2007, 03:49 PM
 
Location: Pinal County, Arizona
25,100 posts, read 39,249,485 times
Reputation: 4937
First, much depends on the Contract. While not a guarantee, I review Richmond American contracts all the time (when my agents register a buyer with them).

Your deposit was probably placed into their general operating account, and not a title or escrow company. This is SOP for many builders including Richmond American and you, when you signed the contract, agreed to this

They have any number of "outs" for not starting your home right away - however requiring more money to assure starting of your home is generally not provided for (in fact, I have never seen it).

The law does recognize the concept of "reasonable expectations" as it applies to construction of a new home - things like rains, labor disputes, general material shortages etc can impact construction times but, waiting for the economny to get better generally will not wash with the courts.

My advice is to send a formal and strongly worded letter to Richmond American - expressing that you had a "reasonable expection" that the home you contracted for on (whatever date) would be completed on or about (whatever date you are moving to AZ). That you are DISMAYED that they have not even broken ground on your home. Ask them for WRITTEN ASSURANCES that your home will be completed by (March?). Tell them that if such assurances are not forthcoming that you wish to cancel the contract DUE TO RICHMOND AMERICANS LACK OF PERFORMANCE and DEMAND IMMEDIATE RETURN of your monies. Let them know that if they fail to do one of the above, you will seek legal counsel and that you will pursue all legal actions in law or equity (pm me if you need a REAL ESTATE attorney who has handled cases like yours).

Good luck

BTW - I'll make book that RA will return your money
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Old 11-21-2007, 05:15 PM
 
Location: Tucson
42,831 posts, read 88,139,890 times
Reputation: 22814
Quote:
Originally Posted by SOON2BNSURPRISE View Post
Was good to know though as my builder is also Richmond American and we are in the very beggining stages. There are homes already built on the street, so that gives me some hope. Just a little scary when someone else is talking about a development that they are also building. Question is will that happen to us? We like the home we are buying, or maybe in this case, trying to buy. Like you we haven't seen any movement as of yet. But then we still have not been to the design center. By the way how was that? I have read horror stories about that with Richmond American. Some people say that they seem to charge a lot for what you get. The home we are "hoping" to have built, is a 4 bed 2 bath that is there Warbler model. We like it as it fits our price range and lifestyle.
Oh, I'm sorry, you must've misunderstood me. I was talking in general, not about Richmond American.
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Old 11-21-2007, 05:35 PM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,333,368 times
Reputation: 21891
Quote:
Originally Posted by sierraAZ View Post
Oh, I'm sorry, you must've misunderstood me. I was talking in general, not about Richmond American.
Sorry to miss quote you, I think Octobermoon stated that they had purchased from Richmond American and were having the problem with the builder haulting production.
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