Some feel that a new home has a higher value than one that was lived in, so maybe the builder is discounting that other one, because it's been lived in. Even with no repairs or marks on it, it has been lived in. So I would check with the builder why is he selling that one for less, with more in it then the one you have an agreement on.

Best to you.

You need to check with an attorney, but I would say that if they were marketting it as the last one available and the builder still had one availabel and was just renting it out you might have a case. Also if the agent new that it was not the last one you might have a case there as well.

we visited the new listing house, the inside of the house is like new, no damage at all and the decoration and inside is even better that ours since that house has a lot of extra stuff installed. that house only has little backyard, the listing price is more than 10% less than ours.

That may work, although I'm wondering if there's a disclaimer on the flyer, and if Paragraph X on the Purchase & Sale Agreement ("Information Verification Period and Property Condition Disclaimer") was intact or stricken out.
I do wish you well, but the agents may defend themselves by pointing out that you had the opportunity to investigate that claim to your satisfaction . . .

Maybe the other one was sold - but pending in escrow and it fell through. Have you tried asking for a price adjustment? I did this once for a client and it worked out.

Sorry you are going through this.

P.S. Often in a builder contract or builder addendum to a regular contract, there is forfeiture of Earnest money in the contract if you officially cancel in writitng, But if you delay closing without canceling, $100 or more per day may be added if you eventually close and are late to close.

So be sure to bring all papers to the attorney, including the builder addendum.

Having the flyer will be very valuable to the attorney.

One thing that might affect price is the interior condition of the unit. It's possible the tenants beat the place up a bit. Do you have any way of determining that?

Thank you for all your answers. The listed house is 10% cheaper than ours. I still have the flyer, in which they specificly said every house was "sold" other than ours. I will contact the attorney tomorrow.

I would think it meets the definition of "last one" to be built, so I think the issue is grey at best. As Kary points out, your objective "I hate to see the strangers come and go and there is no more price fluctuation" is not realistic. Nothing stops "price fluctuation" in the value of homes, and some people who rent stay in the home longer than some people who buy.

That said, you should never buy something you don't want. Do you not want it now enough to risk losing your Earnest Money? If the answer to that is yes, then you should not close escrow. Once you stop the escrow, you can talk to an attorney about the basis for retreiving your Earnest Money. But if you would rather lose your Earnest Money than buy the house...you answer your own question.

You can always stop an escrow and hopefully (check) your liability ends with "forfeiture of earnest money". If that is the case, and you are willing to lose it, but hope to get it back...you change the focus of the issue to getting your earnest money back vs. whether or not you should "quit now" as to buying the house.

In most cases Earnest Money can not be released this late in the escrow without the signature of both the buyer and the seller. If the Earnest Money amount is small enough, you might be able to take the issue to small claims if the seller will not release it. A consult with an attorney will help define your options. If the Earnest Money is smaller than the attorney fee...well, the dollars and sense of it would be to just let it go.

What you do next is more about the amount of the Earnest Money, and whether or not your contract limits the seller's damage to "forfeiture of earnest money". A one hour consult with an attorney shouldn't cost much...so that's likely your best route to take ASAP. Hopefully no one will advise you to buy something you don't want to buy, and the potential cost of not buying it will then be the deciding factor for you.

If you really feel that you do not want to buy in this neighborhood, then I would check with your agent. The buyers agent representing you should know if there is a way out of your contract or not?
I don't know if the listing agent lied? They just may not have been aware of the lease and when they were expiring. Now that the market is starting the turn around, the builder sees an opportunity to list the house and sell it. That is a good thing for you, the buyer and the builder. He is going to be asking a price that he probably couldn't get in the past. If you are buying in the zip code of 98006, that is a great area and I would not be concerned about values in that area.

This is an area where you should consult an attorney. I'm not entirely clear the claim made was actionable, but an attorney practicing real estate should make that decision.

I would also note that I too don't see how this is any different than if one of your neighbors decided to sell. Well there is one difference--this other sale probably isn't a short sale--which is better.

If you like the house, the go forward with the deal, and in 6 months, everyone on your block might list their house and try and sell. You can't control what others do, and I don't think the listing agent lied, that person just did not know about the lease OPTION that is now up and that person does not to go thru with their purchase, when the market was down, the builder found a way to get some income for these homes, now the market is getting better, so he has more chooses, and is listing those homes that he before could not sell. Again, this will happen where ever you live. Get use to it.

Best to you.

If you feel you have been treated unfairly it may be best to consult an attorney for their advice. Real estate professionals are often caught between their infotmation source and factual information and find their information to be only as reliable as their source.

Hi Yuny
I understand your concern. If you love the house, however, and want to live there......then why not just go ahead and buy it?

Did the builder say all the homes were sold......or did he say they were occupied? It's possible the builder had a "lease to buy deal" with the people, and they decided not to buiy when the lease term was up.
Is the builder asking a price higher or lower than you paid? If it is lower, maybe you can renegotiate with him......if the new price is higher, then be happy you are paying less!

As far as whether you can get out of your contract...that is a legal issue, and I suggest you call a real estate attorney as soon as possible.
As a realtor, I cannot give legal advice....none of us can. Call someone on Monday!

Good luck with whatever you decide!

Debbie Rose
Prudential NJ Properties