If you purchase a home in a new subdivision and because of the home crisis, the owners have stopped building

Azalie
Other/Just Looking
Montgomery, Ala

and there are only 6 homes on your street where there should be at least 40/50 more,do you have any recourse?

Answers (2)
Gina Buck
Agent
Wetumpka, AL

Well, I guess you could look at it from the half full perspective or the half empty perspective. At any rate, you should check the documentation you signed when you bought the home. Did the builder guarantee that they would build at any determined rate. In my experience, builders do not lock themselves into any such arrangement. But just to be sure, you could check with a local real estate attorney. My guess, however, is that you will have to wait this one out. But look on the bright side - when the builder starts selling again - you will have equity and the advantage!! Visit my website at http://www.ginabuck.com. Good luck.

Web Reference: http://www.ginabuck.com
Mon Aug 4 2008, 09:24
TED SHOOP - Atl...
Agent
Buford, GA
FIRST ANSWER

My gut feel is "No"; however, this sounds too much like a legal question and should be handled by a real estate attorney. Perhaps, if there were certain promises/commitments in writing as part of your purchase & sale agreement that have been unfulfilled by the seller/developer, you may have some ground to stand on. Examples might include a community swimming pool, clubhouse, tennis courts, lawn maintenance, etc. that have not been completed. If you feel strongly on this matter, consult with a trusted real estate attorney in your area - the nominal consulting fee would be worth the piece of mind.

Sat Aug 2 2008, 12:42

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