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Your next step might be a complaint with the real estate commission.
Why?
We don't know yet whether or not the builder did anything wrong.
If you look at this sample option contract it's clear that the money buys only the option to buy the land. It doesn't buy the land. There is a deadline and when the option expires there is no refund.
The holding agreement definitely reads that the holding deposit date to sign a contract has expired so they contractually dont have to refund anything. However as meaningless as it may be, i have texts that say the dates meant nothing, they just used a generic prefilled agreement to give to their office something to apply the received monies to. And more importantly, I was also prevented from fulfilling the agreement by not being offered a contract to sign. To buy the lot or build a house on it.To this day I have not been able to contact anyone nor have had any responses to many calls texts or emails. I still have hope they are just too busy and or the person I was dealing with quit or is sick etc.. They said originally a completion date would be no sooner than August of 23. 6 months for permitting and 6 to 9 months to build.So a month late in responding, while not good business practice, could be a possibility. I would just go over to their office and find out what is going on, or stick a barrel in his mouth, ha ha, but I am 1500miles away and working. I will try Monday one more time then send a registered letter. I find it hard to believe they would knowingly steal 5 thousand dollars when they are building multimillion dollar properties in the most exclusive communities in SWFL. A couple of realtors I contacted today said they have never heard of any issues with them.
The holding agreement definitely reads that the holding deposit date to sign a contract has expired so they contractually dont have to refund anything.
Did you, or did you not, within the option period of X number of days, go to, or try to contact, that office to sign a new contract.
That's what a judge will ask you.
If the answer is you did not, then you don't get your $5000 and all the "howevers" in the world won't help you.
It would be different if you did go there or tried to contact them DURING the option period and they ghosted you.
Unfortunately, you appear to have let the option expire without taking the required action DURING the option period, regardless of your reasons, and you're not entitled to a refund.
Sorry if that doesn't sit well with you but that's how options work.
Adjuster, the agreement was nothing formal like that but basically said they would refund if I chose not to sign a contract by a certain date. That was 7days. How could they come up with mitigation costs, design a house, get the soil tested, engineer the slab, and give me a contract to sign in 7 days? I had no chance to say no even if I wanted to.
Last edited by cvap; 02-26-2022 at 06:32 PM..
Reason: Spelling
I'm not even worried about the 5k, I just want to know if they still plan on moving forward or should I start looking elsewhere as the first post says.
Adjuster, the agreement was nothing formal like that but basically said they would refund if I chose not to sign a contract by a certain date.
Apparently what they "said" and what you "signed" were two different things.
Quote:
Originally Posted by cvap
That was 7days. How could they come up with mitigation costs, design a house, get the soil tested, engineer the slab, and give me a contract to sign in 7 days? .I did everything but go there. If going there is a required action, then I agree.
What DID you do during those 7 days? Not after, but DURING. If you can show no response to texts, emails or phone calls DURING those 7 days, you may have a case for getting your money back.
Quote:
Originally Posted by cvap
I had no chance to say no even if I wanted to.
Did they put a gun to your head? If not, then you had a chance to say no just before you signed.
Quote:
Originally Posted by cvap
I'm not even worried about the 5k, I just want to know if they still plan on moving forward or should I start looking elsewhere as the first post says.
In that case, if you are still interested in building at that location, I suggest you take a vacation day and drive over there during the week, maybe mid-morning when you are likely to find somebody in the office.
If you're not willing to make the trip, you might as well start looking elsewhere.
Next time, understand the consequences of what you sign, before you sign it, and keep a copy.
"I was told" is the most dangerous phrase in the English language.
I agree. Know what you sign before you sign it. Don't rely on what someone "told" you. The OP might consider contacting an attorney to send the builder a "nastygram" insinuating legal action if the $5k isn't returned to the OP, but from the posts here, it sounds like he doesn't have much of a case. If he paid $5k for a 7 day "option" and the option expired without him taking positive action, then it sounds like he is SOL.
I finally got ahold of them, well they answered my wife's phone with *67. They acted like there was no problem. And claimed they told me that someone else was interested first, and haven't gotten a decision from them yet. If the other party backs out I will get the lot, if not I will get my deposit returned. They said as soon as they find out, they will let me know.
I guess if I'm SOL, I have no choice but to wait.
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