I would tend to disagree with anyone telling not to panic or worry. You need to contact a real estate attorney. I know a very good one. You are the person may not be worried about a sinkhole but if you go to sell the home finding the next buyer who is not is worried will not be so easy. Disclosure is a law here in Florida. If it is the builder that I am thinking I believe they were very aware of a sinkhole issue in the neighborhood which is why they closed their model center and moved elsewhere. They may have reopened after the dust settled but they were very aware. The problem is that the builder was having the buyer sign a disclosure. You may want to look for it, they tend to slip documents like that to unsuspecting buyers. Are you getting a mortgage from the builder. I would be real curious as to how the lender would feel about this.....

If your agent was Bill Bunting from Coldwell Banker run the other way

Sheri - I live in the same area and have bought and sold a number of houses. I would urge you not to act in panick and to realize that many or most of what are referred to as sinkholes are small and do not threaten the structure. A lot of houses in the area are built on 1960s-1970s poor-quality fill (trees, old cars, etc) as well so subject to settling (sinkhole lawyers file these settling claims as sinkholes). Finally, builders are required to do soil testing and Ground Penetrating Radar (GPR) mapping so the odds of getting a sinkhole in a new builder home are a lot lower. You might try getting one yourself (GPR study) since they are only about $400-500 now. Then you would have some confidence.

Regards,
Lux

Sheri- I have to agree with Lisa's answers. I would have made all the same points. But the biggest thing to remember is that there are probably many loopholes in your contract. A real estate attorney could quickly identify the loopholes. Or you may be able to find them yourself. Unfortunately, this is another instance of why it's wise to use a REALTOR, even when buying new construction.

You may be able to solve this easily though, just by having an attorney draft a letter to the building, pointing out all the loopholes and deceptive statements that have been made to you. Hopefully, the builder will release you quickly.

Dear Sheri:
Your post does not discuss a time line so it is hard to answer your question... My best advice is to consult a licensed Florida Real Estate Attorney. You may have several options for canceling the contract and getting your earnest money back, but please consult an attorney for assistance. The Florida FAR-9 contract used for re-sales has an insurance addendum that I would suggest anyone purchasing a home include; most builders use their own contract which is designed to favor them. I would think that if the insurance rate is high enough it would impact your ratios on your mortgage and most contracts (even a builders contract) allow for a cancellation for the inability to obtain a mortgage commitment? I do not work as an advocate for attorneys, but I started my real estate career in New Jersey where "Attorney Review" is required by law. I brought that custom with me for my own personal real estate transactions here in Florida and have found my attorney fees to be well worth the investment. You may also have a "loophole" regarding community documents, but without a review of your specific contract it is hard to say. It is distressing to hear your complaint, but the "purchase paperwork" you signed was a CONTRACT and builders are not inclined to just let people out of contracts these days. I hope that you can employ some legal assistance on your behalf, it sounds like you have some things in your favor. Much success to you!....Lisa