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The developer just pushed back our closing date - this could potentially cost us thousands of dollars as far

as our mortgage is concerned as well as causing us to potentially have to store things & pay for a hotel since we have to be out of our apt prior to the closing date. Do we have any recourse? The developer, sales office & their attorneys have misrepresented the comlpetion date of construction on our unit since the beginning.
Sat Apr 26 2008, 14:29 - New York - Home Buying - 5 answers
 
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Julie
Home Buyer
in New York
Julie, Home Buyer in New York in New York
Answers (5)
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Paul Macapag… was FIRST TO ANSWER
Just as in some of the answers below, it isnt uncommon for there to be delays in new developments. Im sure they all wanted to close you on the date they promised but perhaps construction was slow or they didnt receive the CO. However, although your contract may have no contingency, you can fight it with your attorney. Im sure he or she can figure out a way to fix this. Also, why would this cost you thousands of dollars as far as your mortgage is concerned? Did you do a long term lock? sunny_hong@countrywide.com

Tue Apr 29 2008, 21:03
 
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Julie,
This is a situation for your attorney. It is not uncommon for new developments to have delays as it is work in progress and the closings and occupancy are always "proposed" if you are going into contaract in a building that is pre-occupancy. It is a question of how your contract was structured and what protections are built into it for you versus for the developer. Your attorney will be the one to know the details, guide you through and let you know what your options are.

Mon Apr 28 2008, 11:42
Web Reference: http://www.bellmarc.com/agents/profile.asp?id=BOH
 
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Julie, have your attorney check the date that the builder offered as the delivery date- most new home builder contracts have a time frame within the contract contents that offers an out if they exceed that amount of time for construction of the property.
Have you requested that the builder compensate you for the inconvenience (i.e., pay for the hotel, etc.)?
Good luck- unfortunately, your problem is not uncommon.

Sun Apr 27 2008, 04:37
Web Reference: http://optionsrealty.com
 
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Julie, Realtors are legally not permitted to give legal advice. Please call an attorney.

Sat Apr 26 2008, 19:45
Web Reference: http://GailGladstone.com
 
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FIRST ANSWER
Hi Julie,

I have done many new development deals and have come across this situation many many times. I have seen developments been delayed for almost 2 years, and purchasers have not been given anything in return for their patience. In my experience, I very rarely find sponsors completing their projects on time. I have also been in a situation that the sponsor delayed the completion of the building and that in turn expired my customers mortgage commitment. The market changed and my client had an extremely hard time getting another mortgage commitment. That almost cost the purchasers their initial deposit. Alot of things can happen when buying new development. Please let me know if there is anything else i could assist you with.

Sat Apr 26 2008, 14:48
 
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