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We bought a new construction with final walk through scheduled on May 29. The house is only 85%-90% complete at this point. The construction manager said he'll rush everything and get the house done by the final walk through date. The builder is a publicly traded company and they are pushing to close before the end of the month because they want to get an extra house count toward the quarter. However, we are sure a lot of things have to be touched up, adjusted, etc. after the walk through. Should we absolutely refuse to sign off the escrow and close unless everything is resolved to our satisfaction or close anyway and trust the builder to take care of the issues after releasing the funds to them? Thanks!
Check your contract, how does it address walk thru items? I would be vey surprised if they don't follow thru with your punch list (as long as it's reasonable.....some are really crazy). However, you must feel comfortable and need to decide if it's worth holding out. (read clause for penalties for not closing when builder provides notice to close). My advice would be if it's cosmetic, let them correct post-closing, if it's anything else, make them tow the line.
You realize, of course, that the builder is trying to make his problem yours. Unless you have personal reasons to close on that date, I would not rush things. Delay the closing if you can and if your contract allows. Why should the builder's stock price be any of your concern? You want a house that's built properly and not rushed.
If you can delay and the builder balks, remind them that you can always pick up the phone, call the analysts who follow the stock and let them know that homes are being rushed to completion for the earnings rather than the quality.
DO NOT RUSH IT. DO NOT CLOSE WITHOUT EVERYTHING PERFECT! Its all capped b/c I am yelling at you!
Once a builder has your money getting them to do things is next to impossible. They are ultra responsive before they have your money.
+100!!!
Trust me, you will not get anything done after closing.... at least it will be your ongoing issue with the builder. search on this forum, there are many examples.
Location: Danbury CT covering all of Fairfield County
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You can't close until the house is completed, and the builder has gotten the certificate of occupancy from the town. I am sure that is part of your mortgage conditions.
Personally, I wouldn't close until you were completely satisfied with EVERYTHING - or willing to live with anything not complete at closing. Maybe the builder will take care of everything...but maybe they won't. And there will be absolutely nothing you will be able to do about it after you close.
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