Elizabeth, Home Buyer in Maryland

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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Elizabeth,
Jon is correct. It is important to discuss your problem with a real estate attorney, and soon. “Time is of the essance” in contracts and there may be options for you. Important things to do and consider:
• Read your contract throughly including any addendums and disclosures you may have signed.
• If you used a realtor contact them immediately to discuss the issue.
• (If you did not use a realtor and/or if you are nolonger working with that realtor) Call your contact at the builder immediately discuss your concerns with them. Ask for details about your options and confirm any timeframes regarding those details and options so you know what you are looking at. I would not make a rash decisions without knowing all the conditions and options first. They may offer you something that once again wouldn’t fit your needs, so take time to consider their offers carefully. In either case I suggest you confer with a real estate attorney.
It is likely there is still time to work something out. But please act quikly in contacting a professional to assist you.
0 votes Thank Flag Link Wed Feb 25, 2009
Elizabeth,

Jon Tucker with RE/MAX 100. I would consult an attorney on the contract. New construction contracts typically favor the builder and usually they hold the deposit. If you used a Realtor, start there. A little late, but it is more important to use a Realtor with new construction than existing home sales in order to get better contract terms. Also, see what the builder might be willing to do voluntarily. Perhaps you can buy another one of their units as you suggested.

Good Luck! Thanks, Jon Tucker, 443.538.4316, TuckerRealty@comcast.net, http://www.JonTuckerHomes.com.
0 votes Thank Flag Link Wed Feb 25, 2009
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