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Not surprisingingly after the previous Orleans press release, they have terminated the purchase plan with NVR and are hoping to present a plan for reorganization to the court by the end of the summer and emerge from bankruptcy in late fall. Good for them!
We have been asked to sign an amendment to extend the delivery date another 6 month(they won't start construction until we sign this). Should we ask them to give us an credit amendment before sign the delivery date amendment?
(we have lost the $8000 first time homebuyer credit).
I would try to leave and build some where else, what happens with in the 6 months there are still issue's ? can they make you sign another extension ? If you really want to stay or have to make them pay, credits - options, they are the one's that are inconveniencing you. Just my 2 cents. Good luck
I would try to leave and build some where else, what happens with in the 6 months there are still issue's ? can they make you sign another extension ? If you really want to stay or have to make them pay, credits - options, they are the one's that are inconveniencing you. Just my 2 cents. Good luck
I would agree. It maybe time to walk away. What location were you looking at again?
We have been asked to sign an amendment to extend the delivery date another 6 month(they won't start construction until we sign this). Should we ask them to give us an credit amendment before sign the delivery date amendment?
(we have lost the $8000 first time homebuyer credit).
What will you do if you are under this situation?
Thanks,
Take your refund and count yourself lucky.
Another gov't bribe will probably appear or prices will drop reflecting the lack of the bribe.
Curious to see if any other contract holders has been asked to sign the amendment to extend the delivery date by 60 days and only offered a fraction of the 8000 tax credit lost because of their delay.
Feel not been treated fairly and reluctant to sign anything at this point.
I was sent an email attachment with the new closing date. There was no mention whatsoever about any home-buyer tax credit. The new closing date in my case is close to 180 days from the initial closing. I have not signed the documents that they have sent me.
Let me know if you all are trying to come out of the contract (that is what I am inclining towards). Not sure if they will return the deposit.
No one should sign a contract extension. That extension lost us $200K with Kara Homes so my advice is DON'T DO IT!!! You should fight to the end for your deposit back as it is in escrow...
The only issue I m running into is that Orleans is saying that I am breaking the contract (since the contract has a 180 days clause for overrun) and they will close on the house on the 177th day. So they are not liable to return the deposit in escrow.
I have not yet signed the extension letter that they sent me.
We received the ammendment which changed our settlement by 2 months(the 2 months they lost from the bankruptcy delay) According to our attorneys there is no reason to not sign this. We all signed the original agreement of sale giving Orleans 180 days past the original AOS to deliver our homes. There is no way to get out of this contract without losing your deposit. Orleans has not broke the contract that we signed. Until that 180 day mark comes and they can not deliver then you will be able to get out and get your deposit back. We don't want our deposit back, we want our home. The situation stinks, but it is the agreement we all signed. I am hopeful they will start the construction on our home, but if they don't, it is our fault for not looking more into the company's financials before we agreed to the contract.
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