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Buyers' remorse is the expected reaction to a commitment of a life time. Something got you to decide to do this build, eh? Go back and think of all the good reasons why you did it.
"Relax, have some ice cream"
You should have a copy of your contract, right? Read through it and see if there is an HOA contingency or any other contingencies in it. There's a good chance there isn't because builders have them tied up pretty tight, but this is something you should be able to find yourself, and even have an answer (might not be the one you want but an answer) before you go to bed tonight.
You should have a copy of your contract, right? Read through it and see if there is an HOA contingency or any other contingencies in it. There's a good chance there isn't because builders have them tied up pretty tight, but this is something you should be able to find yourself, and even have an answer (might not be the one you want but an answer) before you go to bed tonight.
Yeah, there is no HOA contingency.
Quote:
- Buyer acknowledges receipt of, and agrees to be bound by the Declaration of Covenants, Conditions, and Restrictions for _ (the "Declaration"), the Articles of Incorporation, By-Laws and any Rules and Regulations of _ Homeowner's Association, all as amended and supplemented from time to time (collectively, the "Community Documents"). Buyer acknowledges and agrees that title to the Home will be subject to the Community Documents.
- Buyer acknowledges the provisions of the Document Book are fair and reasonable.
Your options depend entirely on your contract. The entirety of your contract. Not just excerpts.
If you have a realtor, use your realtor. It's their job to explain the contract to you.
If you don't have a realtor, or you used the builder's realtor, then seek a consult with a good real estate attorney if you want out. We really can't tell you what your options are.
Come on guys. This is simple stuff. You never sign a builders contract unless you mean it. In general there is no way out once you put in money.
I always beat up the client before they sign one of those. i make it clear the money is gone if they change their mind. Not always true but high enough likelihood that they should consider it that way.
On a big expensive house I don't play. Make the offer on a modified standard contract and flatly refuse to consider the buiders contract. If the market is going the right way the builder gives. If not my client does not get the house unless he decides to play ball with the builder.
On serial build tract homes there is no hope.
This. And we have learned it the hard way on a house we planned on building but had second thoughts. $5k down the drain, but we were willing to take that loss due to finding a better "forever home". The new builder was gracious enough to give us an extra $2500 towards closing/upgrades so it wasn't a total loss.
I have had buyers walk away from builder deposits due to buyers' remorse.
Usually the deposit is gone. A few times we have received refunds, but only it was within 24 hours. And that can take some wrangling and pleading.
Not to pester, but, what is the source of your concern?
Is the purchase a total mistake, or just jittery nerves?
Picking through your thoughts may be helpful.
1. Is the location great, or not so great?
2. Are the lot and house great, or not so great?
3. Is the builder great, or not so much?
4. Is the value of the purchase fairly represented in the market, a great deal, or too high?
Last edited by MikeJaquish; 08-03-2017 at 02:27 AM..
It's a shame that you seem to be uncomfortable talking to your buyer's agent at this point. Can I ask why that is? and why you want to explore your options on your own before talking to them?
It's not a criticism of you at all. Just curious why they wouldn't be your first port of call.
No, haven't started mortgage process yet. Signed purchase agreement about a month back.
It is HOA development but have not received HOA doc yet. Does that matter?
how do you sign a purchase agreement without having the loan/mortgage in process?
I would think that if you didn't get a mortgage loan, that would be an easy out.
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