Builder's Contracts are somewhat of an enigma. They are written on behalf of the builder and do very little to protect the buyer. That said, review your contract and see if there are any provisions regarding the appraisal and remedies for if it fails to meet appraisal. Even if the contract does not, if you still want the home re-negotiate the price based on the appraisal. A reputable builder will consider this and since they have such a hugh mark-up anyway AND since all homes including new construction is being slow to sell the builder should have no problem re-negotiating the price. Now, if the builder says he can sell it to someone else, demand your binder back, after all he can sell it to someone else! If the builder calls your bluff a letter from an attorney will usually do the trick.
JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate

Sandy,
We agree....a properly worded letter from a good real estate attotney might save you a bundle. My guess is they can beat the financial contengency clause by qualifying you throught their own financial department.
At this point you need immediate legal assistance.

Good luck,
The "Eckler Team"
Century 21 Alamr & Associates
Venice, Fl 34285

Hi Sandy,

I am not a real estate attorney, however it may be advisable to contact one at this point.

Are you being represented by a Realtor, as a buyer's agent in the transaction? What were the terms of your contract? Did you use a standard state approved contract for Buffalo?

Typically in Florida, a contract that is contingent on financing, means that the financing is contingent on the property appraising for the stated price under the financing section of the contract. The lender is unable to make the loan if the home does not appraise for the agreed upon price as stated on the contract. However, every contract is written differently and must be considered on a case by case basis. And, I do not know what is customary in your state.

Have you spoken with the builder about the appraisal? Have you spoken to your lender about the situation? Again, it is advisable to contact a real estate attorney local to your area, that can best review the specific terms of your individual contract.

Best of luck to you,

Sandy Shores, Realtor
M & M Real Estate, Inc
Residential & Investment
Brevard County Florida
Florida's Space Coast