We just got finished signing papers on an express home by a home builder. Our closing date was June 18th.
We just found out that they are filling Chapter 11. Will we get our ernest money back if we back out of the deal?
Robert is correct,
Contact builder determine if home would be completed. HUGE question is where is your deposit/escrow money is it at title company. Your purchase could be "tied in legal proceedings" of builder.
I would determine all facts request immediate demand for your money, if you don't receive it contact a real estate attorney.
Sorry to hear about this.
National Featured Realtor and Consultant, Mortgage Loan Officer, Lecturer regarding Credit Repair
Lynn911
Sorry to hear about this.
Do you know if your deposit was in an escrow account? If so, it may be easier to obtain a release from the title company.
It's possible that the builder will be allowed to complete the sale. The court will decide what happens, though.
I've attached a link to the top "10 things you should know about your deposit if your builder files bankruptcy".
That should be a good starting point for you. Good luck.
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