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FirstTimeBuy…, Renter in

Can i sue Builder?. Can you recommend a good real estate lawyer?

Asked by FirstTimeBuyer, Tue Sep 17, 2013

I am suppose to close way 4-5 months back. Builder had been delaying closing due to land issues with neighbor. Building is ready for possession almost 3 - months ago. Lost rates twice due to Builder. Can walk away from contract now. I have lost opportunity ( of a life time with low rates) to buy elsewhere. Have been living in hotel for past 3 months waiting for Builder to resolve issue and close. Please advise whether I should seek a lawyer to seek compensation for financial against lost rates, and money spent so far on temp housing and storage and moves.

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Answers

9
Read your contract. Many of the ones I see require mediation or arbitration instead of sueing.
for what it's worth, our rates are still a great deal. Even in the 50's my parents were paying 6%. and in the 70s I was paying 9.
Decide what YOU want and then go for that solution. ie do you still want this house or do you want damages and move on?
Do you have a buyer's agent or are you just dealing with the builder's agent? What are they telling you?
1 vote Thank Flag Link Tue Sep 17, 2013
Its the builder, their attorney, me , my attorney , the lender.
I want but why would i pay for their mistake. If it was buyers mistake would they let me go scott free?
Flag Tue Sep 17, 2013
I just closed a transaction yesterday that was for a new home through Brookfield Homes. They were supposed to have moved in March. They closed yesterday - mid September. I understand what you're talking about and can imagine the frustration.

In their case, they really had no repercussions unless they couldn't qualify for the loan (which they could) or if the builder took more than 2 years to deliver the home. The contract was very one sided. While they knew how the contract read and understood the risks when they signed it, I know they didn't think it would actually be 6 months late. Despite the many frustrations, there wasn't a time they didn't want to move forward with the purchase. The builder would have likely let them out of the contract if they had wanted out. Regardless of the problems they are VERY happy homeowners despite the delay and despite the interest rate increase.

I don't know if there are local laws that can help you, but the answer to your question is very likely in your contract. First, read your contract. Then contact an attorney.

I wish you all the luck in the world.
1 vote Thank Flag Link Tue Sep 17, 2013
I have read my contract. I can walk out now get full refund but I will be damaging myself. The builder mistake has denied me an opportunity to go look elsewhere. This is their fault. i want them to pay up to add to principal so that I can have a monthly payment ( which i initially locked at ). If they deny i want to sue them for all the damages. This is making me sick ( as in really physically sick).
Flag Tue Sep 17, 2013
I believe in your situation an attorney would be the best bet to find out if you have any legal issues to move forward with. Sorry for the wait and loss of good rate on financing. Best of luck in your situation.
1 vote Thank Flag Link Tue Sep 17, 2013
Is there an update on this case or similar cases?

My builder of a new construction ignored important filing requirements with the city even long after i pointed them out - hoping I get scared of the increasing rates and get out of contract due to delays. They even asked me to get out a few times. After almost two years of being in contract the builder says they have the CO now and want me to pay up more for additional expenses they incurred due to city building regulations changes.
In November 2013 the builders attorney signed an addendum to the contract which would reduce the price of the house for each day of delay after the end of 2013. I thought of not pressing for it since I think the builder is also losing out money by waiting. Now as the prices are going up the seller's agent is saying that the seller/builder will walk out of closing if they don't get more money for their construction expenses (not agreed to before) at closing. Anyone knows a good attorney who dealt a similar case?

chitidio@gmail.com
0 votes Thank Flag Link Fri Jun 27, 2014
I have heard of this happening to someone else. The builder ended up compensating them for hotel charges and they never sued.
0 votes Thank Flag Link Thu Oct 24, 2013
This question was posted more than a month ago. I am sure we would all love to know how it turned out. I hope you got into your new home and you are happy! Please let us know.
0 votes Thank Flag Link Thu Oct 24, 2013
Buying new construction can be very frustrating. However, we have found that most times, once the purchaer closes title and is in the home, they are usually very happy....given that they are the ones that picked the amenities and/or upgrades in the home. However, to answer to your specific question, how you proceed forward depends on what is in your contract, what your real estate attorney suggests, and whether or not you want to move forward if the contract and your attorney's advice stipulates there is an out with the current contract.
0 votes Thank Flag Link Thu Oct 24, 2013
You have a lawyer who represented you during the contract phase. Follow that lawyers advice
0 votes Thank Flag Link Wed Oct 9, 2013
Please contact your real estate attorney and take the advice of an attorney.
0 votes Thank Flag Link Tue Oct 8, 2013
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