back out out of the contract. down payment done.

Asked by Elizabeth, Maryland Wed Feb 25, 2009

We have already bought a house in Lexington Park in MD and have already done the down payment .Cn we back out ? The construction has already started but we found that the neighborhood behind our backyard is not safe at all and there are some problems there like drugs etc. Can we ask the buyer to transfer our money to the same builder but in some other property in some different community. We are very worried because it was all the money we had saved that we used for down payment. I s there any option left for us. We have not signed any loan papers yet for the Mortgage.

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Jeff K, Home Buyer, Bristol, PA
Fri Apr 3, 2009
Talk to a real estate lawyer and bring your contract with you. This is a Legal question as to contract law in your state, not one for agents.
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Frank, Home Buyer, Bronx, NY
Fri Apr 3, 2009
If the contract is signed and those "provisions" weren't guaranteed, you are pretty much in breach, which means the builder can keep the money. Yyou can try negotiating with him, but before consult with a lawyer that you can trust.
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Ania Miller, Agent, Millersville, MD
Wed Feb 25, 2009
I would like to help you, but need more information from you so that I can understand the problem you are facing correctly. Were you making a purchase from a builder?
Let me know if I can be of service to you.
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