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Old 09-17-2013, 02:08 PM
 
Location: Austin
7,244 posts, read 21,741,493 times
Reputation: 10014

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You keep saying "he" so it sounds like this is a small, local builder and not a "company" or production builder that builders hundreds of homes a year. With a small builder like that, you do not want to close and think he'll come back and fix things. With a big production builder, you would have more leverage with their customer care department and VP's looking out to make sure things got done...

Demand a relock credit or something else of value that you want from him.
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Old 09-17-2013, 06:06 PM
 
5,048 posts, read 9,576,851 times
Reputation: 4179
Curious as to whether you have approached recent home owners of this builder to see how he finished their homes.
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Old 09-17-2013, 06:22 PM
 
Location: Lexington, SC
4,281 posts, read 12,636,457 times
Reputation: 3750
My last two newly built homes had "punch lists" but they were things we had agreed to and documented before the close. The main reason I did was the builder/site manager were still building homes in my neighborhood so I could reach out to them. Not like they were gone.
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Old 09-17-2013, 08:02 PM
 
47 posts, read 107,974 times
Reputation: 16
Correct this is a local builder not some large national outfit. It's his construction company he runs with his brother.

We spoke with the neighbor. He built her home. Her only complaint is that they were supposed to install an island in her kitchen and it has taken quite a long time to get that installed. Still not done yet. Exactly the type of situation I'm concerned about.

Anyhow I'm heavily leaning towards digging my heels in and insisting on the home being done before closing on it. I do wonder. If he refuses to do any type of relock credit or pay the fees and gets pushy about the holdback. I'm basically faced with:

a) walking on the deal, which would really upset my wife, and probably cost me the $500 earnest
b) locking in at the new rate of 4.625 to buy more time, which would **** me off

Hopefully it doesn't come to either of these two options because they both suck from my perspective. Had I realized this had the potential to get drug out like this I would've wrote something into the contract making him responsible to pay any relock fees in the event the home isn't finished in time. Live and elarn.
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Old 09-21-2013, 06:46 AM
 
Location: Austin
7,244 posts, read 21,741,493 times
Reputation: 10014
Rates improved this week, so you could probably relock at the same rate if your mortgage person was paying attention.
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Old 09-22-2013, 07:33 PM
 
Location: Riverside Ca
22,146 posts, read 33,335,213 times
Reputation: 35433
Is there a liquidated damages clause in your contract? So if the builder doesn't finish by such and such date you get to charge him for every day he is not turning over the house as a complete finish product?
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Old 09-22-2013, 08:03 PM
 
6,732 posts, read 9,971,599 times
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Get a bid from someone independent, not someone who works with your builder, for the job of finishing everything up. Add 20% to that bid, for the things you have not discovered yet. That will be the amount of your holdback.

Type up an agreement and get your builder to sign it, saying if the items on the punch list (which you attach to the agreement) are not finished by X date (sometime before your rate lock runs out) then he will pay the relock fee and have the holdback, or refund your earnest money, your choice at the time.

If you are really wise, get your attorney to draft the agreement.
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Old 09-22-2013, 08:36 PM
 
Location: Riverside Ca
22,146 posts, read 33,335,213 times
Reputation: 35433
Do you have a progress payment plan? You can start withholding the money you pay out since he is dragging his feet
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