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So we signed our purchase contract for a new construction townhome back in late May/early June with the understanding that our anticipated move-in would be November/December. Considering this would be Phase I of the community (i.e., the first two tracts of townhomes) and there was six-seven months in between the contract signing and the move-in, the sales agent assured us that they did not foresee any delays (plus the land was already cleared and leveled with paved streets including curbs). Fast-forward to today (basically end of October) and only the first tract of phase 1 is built. They have yet to do ANYTHING on tract 2 homes except sprayed the green foam (i.e., seedlings plus fertilizer mix) on all the land, including the actual lots. The builder's excuses for the delay keep changing, first it was permits, then it was management wishing to sell more units, now it's drainage (although driving by to see, no drainage work appears to be ongoing). Very hard to buy excuses #1 and #3 since those two would have prevented the first tract of homes from being built anyway. Basically, we're not expecting this to be ready till March at the earliest, but even that is overly optimistic considering that winter (and the associated weather-related delays with it) is coming.
This obviously stinks since who knows what would happen with interest rate for the mortgage in the Spring. Had we know we would be strung along like this, we probably would not have gone this route. In any case, has anyone else been in this type of situation before? Any advices? We had to put down a $10K deposit back in May/June.
So we signed our purchase contract for a new construction townhome back in late May/early June with the understanding that our anticipated move-in would be November/December. Considering this would be Phase I of the community (i.e., the first two tracts of townhomes) and there was six-seven months in between the contract signing and the move-in, the sales agent assured us that they did not foresee any delays (plus the land was already cleared and leveled with paved streets including curbs). Fast-forward to today (basically end of October) and only the first tract of phase 1 is built. They have yet to do ANYTHING on tract 2 homes except sprayed the green foam (i.e., seedlings plus fertilizer mix) on all the land, including the actual lots. The builder's excuses for the delay keep changing, first it was permits, then it was management wishing to sell more units, now it's drainage (although driving by to see, no drainage work appears to be ongoing). Very hard to buy excuses #1 and #3 since those two would have prevented the first tract of homes from being built anyway. Basically, we're not expecting this to be ready till March at the earliest, but even that is overly optimistic considering that winter (and the associated weather-related delays with it) is coming.
This obviously stinks since who knows what would happen with interest rate for the mortgage in the Spring. Had we know we would be strung along like this, we probably would not have gone this route. In any case, has anyone else been in this type of situation before? Any advices? We had to put down a $10K deposit back in May/June.
Some builder contracts give the builder 2 years to deliver the home to you.
Regardless of any verbal assurances, what does your contract tell you regarding delivery date?
With $10,000 on the line, if the legalese in the contract is too difficult for you to read, you might consider having an attorney look at it to help assess your status.
Builders go bankrupt. Too often.
I'm surprised they're laying down aqua seed for the grass when they haven't even built anything on the lot. I would think the trucks would tear up the grass when they go to dig and later pour the foundation.
Anyway, I would suggest reading your contract. When does it say the builder needs to deliver the unit by? Are there any penalties the builder has to pay for late delivery? A good agent will think to put clauses that serve your best interests should there be a delay in delivery. Did you work with a buyer's agent?
I'm surprised they're laying down aqua seed for the grass when they haven't even built anything on the lot. I would think the trucks would tear up the grass when they go to dig and later pour the foundation.
I'm surprised they're laying down aqua seed for the grass when they haven't even built anything on the lot. I would think the trucks would tear up the grass when they go to dig and later pour the foundation.
Quote:
Originally Posted by Silverfall
I find that bizarre too.
Agreed. My guess is that they're not planning to do anymore building for the time being and wanted to put grass down to control potential soil erosion, etc. while the lots stand empty.
As a civil engineer I can tell you that drainage and grading problems can be real on new subdivisions. The problems would be in the plans before they build out. Not an excuse but I have seen that stuff delay projects for quite some time. Another reason to not buy something until it's physically built.
Contract has no contingencies and apparently they have up to 2 yrs.
Ouch! Did your agent negotiate that contract for you?
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