New Construction Home Builder Cancelled Contract
JR
2 years ago
last modified: 2 years ago
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JR
2 years agoKathy Furt
2 years agoRelated Discussions
Need advice on cancelling contract w/ builder....
Comments (8)"...you probably need a lawyer. There may be implied warranties and other state laws that protect you as a consumer." I agree 100%. Some states have very specific requirements on what must be contained in a construction contract. That is the case in my state, and the burden is on the builder. I would be prepared to pay for the work that was done and any out of pocket in anticipation of work bring done. But there may be some charges he is going overboard on, hard to say. For example, how can there be Energy Star charges when there is no house? Or was that to evaluate the plans? What are the "closing costs", I thought you owned the land? Why would the builder have closing costs? That said, YOU are choosing to back out. And this is where I say (for about the 100th time) that building a house is probably the most expensive thing most people will ever do, you should use a lawyer to review the contract BEFORE it is signed....See MoreCustom Home Build contract cancellation too costly
Comments (19)Good luck to you. At this point you should still take your contract to an atty for review. If you're going to continue with your build you need to understand what the scope of your contract includes, including timeline issues. If you're going to bail on this build, you also should find out what your legal obligation is re this contract. Understand that obtaining financing, even if you have enough liquid assets to build the whole house without financing, is a tough business right now. You should be prepared to look at more than one bank/credit union/ investment brokerage. In the end we ended up financing our new build through an arm of our investment brokerage. After all the hoops etc it just made more sense for us. And, our land, which we owned free and clear, did not count as part of our down payment, and the appraisal for new construction didn't come up to the cost of our build. So in the end we'll have 40% into our build. We could have compromised on a lot of things we wanted, or we could have bought existing, and gotten an 80% mortgage. Point is you need to be persistent in getting financing, and you need to have an attorney review your contract....See MoreLooking for New Home builder for North of Boston construction
Comments (1)1.2M ballpark. You want a big house in an expensive area....See MoreWorth adding mantel option from builder on new construction home?
Comments (6)Depending on the stone, they may incorporate the mantle into the stone laying pattern and it would be difficult / look terrible to do after the fact.... (I am of the camp that an outside mantle isn't even necessary, though, now OR later and your budget would be better spent elsewhere)...See Morehomechef59
2 years agokevin9408
2 years agoCharles Ross Homes
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2 years agoKathy Furt
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