Builder lowered the price after i signed the contract (documents, agent, sales)

[superme007]

i had singed a contract with home builder in which the price protection was included later they change the specification and offered me to sign the new spec, which i agreed,
later in a month builder dropped the price by 35000, and they are not offering me price reduction as new spec did not had that protection gurentee, what are my option, should the builder by law was bound to disclose that price protection was being removed

[wankel7]

I suppose you could always start a public campaign to let other consumers know how this builder played you. Not bad mouthing. Just presenting facts.

Maybe you could rent some space on a nearby billboard Or a Billboard across from their headquarters?

[Tish Thompson]

I don't quite understand if you're asking if the builder should honor the price protection or if you're stating that the builder should honor the price protection. There is a lot in your contract with the builder that can't be covered on here. Your best bet is to contact a real estate attorney and ask him/her to review the contract and let you know what your options are. Try checking with a settlement company in your area to see if their attorney will help you. In my area, the attorneys are willing to help and don't charge an outrageous fee for 30 minutes or so of their time.

[NewBeginnings12]

Im a Sales Agent with a new homebuilder... I guess I need a little more detail from you.. Have you closed yet? Are you saying the specifications meaning standard features? Did you buy a spec or to be built?

Also, do not start a public campaign... ive seen that happen before and all it did was ruin the neighborhood for all the homeowners.. it wasnt a pretty sight.

[gbone]

Originally Posted by superme007

i had singed a contract with home builder in which the price protection was included later they change the specification and offered me to sign the new spec, which i agreed,
later in a month builder dropped the price by 35000, and they are not offering me price reduction as new spec did not had that protection gurentee, what are my option, should the builder by law was bound to disclose that price protection was being removed

Assuming you were represented by your own Realtor, what role did your Realtor play in this transaction? I'm surprised your Realtor didn't inform you of the change in terms before you signed any addendum since that is one of their responsibilities. If you didn't have your own Realtor or real estate attorney then it was pretty much up to you to read and understand any substantive changes in terms. It's hard to respond to your specific question without knowing what was in the actual documents.

[kalpesh1733]

I am in the same situation. In my case builder is not even responding.

[bentlebee]

I have had a friend in the same situation and he had a realtor who didn't want to do anything....I told him to go back to the office and/or write a letter to the region manager which he did and he was awarded with a discount. I told him to write and say that either he got the same discount or he would walk away and leave his down payment which was way lower....Builders want to close and the buyers who will qualify aren't laying in front of their office any more as was the case years ago...you are in the better position if you didn't have a very large down payment amount and are willing to walk away.
In my friends case he could have signed another contract on another lot and pay less with even losing his down payment and still spending less money...

[MikeJaquish]

//www.city-data.com/forum/ralei...-i-signed.html

I stand by my response...

//www.city-data.com/forum/7545937-post13.html

[amerifree]

My wife wants to build a house, but I'm reserved about it. Seems like all we hear are horror stories about builders trying to get more money every way they can.