Home Buying in Morrisville>Question Details

RD, Home Buyer in Morrisville, NC

Want to walk away from house contract.

Asked by RD, Morrisville, NC Thu Mar 18, 2010

We wrote contract(new house) on 18 feb 2010 and submitted check of 5% of home price. We want to walk away from house contract now because we are sure our job will be gone by nov -dec 2010. we don't have any formal proof of it but we are sure because how things are changing within organization and budgeting of project will be stopped after may.

(1) How much loss we are looking at?
(2) The house permit is not cleared by county.
(3) We have not yet finalized out designer options.
(4) Can builder force us to buy the house? any lawsuit from builder?

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Henri And Jeri Gutner’s answer
Builders contracts (if that was what was used) are pretty air-tight as far as protecting the builder and not you. Have an attorney review your contract and let you know what your options are and then make your decision. An Attorney may be able to help you get more of your money back that you can do alone and could be very worth the cost. Some attorneys will review your contract and let you know if you have any rights or any chance before they charge you.
Good Luck!
0 votes Thank Flag Link Thu Mar 18, 2010
If you absolutely must walk away, then consider consulting with an attorney who specializes in real estate--have him/her review all documentation and see what options you may have--not knowing exactly what your contract states not easy to answer.
0 votes Thank Flag Link Thu Mar 18, 2010
You need to read your contract to determine if there are any contingencies that may allow you to escape without losing your down payment. Unfortunately with builder contracts there are usually not too many.

Maybe you should concentrate your efforts on finding a new project that will keep you working. This way you will have the best of both worlds. A good job and a new home.
0 votes Thank Flag Link Thu Mar 18, 2010
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