Home Buying in Miami>Question Details

Noel, Home Buyer in Miami, FL

How Long Can A developer delay A Closing after a certificate of occupancy is issued in Miami, FLorida?

Asked by Noel, Miami, FL Mon Nov 24, 2008

My wife and I recently were told we were going to close on our new home, a date was set, then because we were approved for an FHA loan the bank wanted another appraisal by an appraiser of their choice. The appraiser did his part. A certificate of occupancy was already issued, but the developer is supposed to find 2 comparable homes in the area to justify the price that they have set for the house. Now the developer does not seem to be making an effort to comply and will not answer any of our questions. If my wife and I were to delay the closing after the CO was issued then we would have to pay a penalty.

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Noel i would assume the appraisal did not come in at or above the selling price if they want the builder to find comparable sales equal or greater. The builder only gets paid when they close so you would think they would be rushing to complete the task. You should have a buyer agent who is advising you and making sure this is complete. If not you will want to see a local real estate attorney to go over your contract and see if teh builder is in violation of the contract and what any penalties are. good luck with yoru purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Nov 29, 2008
You need a good lawyer not a realtor. Looks like you signed a printed contract which you thought was carved in stone. You are not alone. There are many people trying to get out of their signed contracts because the properties can not be flipped.

In most cases (like 99.9999999999%) developer does not have to justify the price after it is sold.

Here in S. Florida, many lawyers are working 18 hours a day to help (?) clients like you.

Good Luck!
0 votes Thank Flag Link Sat Nov 29, 2008
It sounds like it didn't appraise high enough, simple as that. you can't get financing when paying for an over priced home.
0 votes Thank Flag Link Mon Nov 24, 2008
There could be penalties for the builder read the contract and speak with your buyers agent. Builder cant be paid till funds are released what builder would not want to close. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Nov 24, 2008
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