Home Buying in 19148>Question Details

Jane Smith, Home Buyer in Philadelphia, PA

Design Builders have moved my settlement date FOUR times. They are building new townhomes in South Philly and it's taking forever!

Asked by Jane Smith, Philadelphia, PA Thu Feb 3, 2011

I was one of about four people who got in on the Emily Townhomes before the Sept. 15th deadline...so I got a good deal. They said they would be done around Thanksgiving, and that was in August. Then it was to be done by the end of the year, so a second closing date was set. That came and went. Then it was to be done by the end of January 2011, another closing date, and another delay. Now, I'm supposed to settle at the end of February, but in looking at the property, I doubt that will make again. So...my question is... will these ever be done!?!? But seriously, what recourse do I have? I have lost tons of money, because I had a low interest rate locked in back in Nov/Dec and now rates are nearly 5.0%. Can I make them pay for that? Or for my out of pocket costs, like storage?

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Jane. I'd suggest you talk to your agent and if needed an attorney. I know nothing about your particular situation. The agreement of sale for new construction often allows for delays. New construction has its benefits and drawbacks. I waited over 3 years for mine.
0 votes Thank Flag Link Sun Feb 6, 2011
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