Is there a way to get my security deposit(3%) back?

Asked by Swetha, Fremont, CA Sun May 18, 2008

I signed an agreement to buy a new house with kB homes in Fremont, floor plan I am going to get is different than what I have seen in model house. I realized it after signing & depositing 3% money. I called them next day refund my deposite or atleast change the floor plan, but they are not willing to chane the flloor or changing to another unit or refund my deposite. Can someone please advise what should I do get my money back.

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5
Charo Bhatt, Agent, Fremont, CA
Thu May 22, 2008
Hello Swetha,

Please go through your contract and read the clause about liquidated damages. Read the entire contract. There has to be some clarifications as to at what point of time you loose your deposit. Are you approved by their lender yet? Or have you given a pre-approval letter to KB? Do you have a loan contingency in there?

If you like you can call me at 510-381-2105 or email me at CharoBhatt@gmail.com
I will try and help you.

Best wishes,
Charo Bhatt
Web Reference:  http://www.HomesByCharo.com
1 vote
LoveBayArea, Home Buyer, San Ramon, CA
Mon May 19, 2008
In California, you have three day to backout with no cause and get your full money back. This applies with builder or resale home. If you contacted KB within three days of you signing contract, you are obliged to pay your deposit back. They may not be willing to change to diffeent location or a floor plan for the same price. Read your contract carefully....
0 votes
CJ Brasiel, Agent, San Jose, CA
Mon May 19, 2008
I agree with the posts below. Read over the contract. Look for loopholes. Do you have a contingency period for physical inspection? Also, handle it in the nicest way. Make sure they know that you are very willing to buy in their development, but you want a certain model. If they do not seem flexible (maybe they do not have any more units like the model to offer) consult a real estate attorney.

CJ
Web Reference:  http://www.TalkToCJ.com
0 votes
Kelly Hopkins, , Fremont, CA
Mon May 19, 2008
I would go back again to the builder and explain very nicely that this is not the home that you wanted and that you would like to change the model. The builder is not going to refund your money, but they may change the floor plan. You definitely need to read the contract, but most builders are a bit more willing to change and negotiate with people as it is harder for them to sell homes. It may come down to walking away from your deposit if it is really not something you can work out.

Best of Luck,

Kelly Hopkins
Keller Williams Realty
510-366-7695
0 votes
Pam Winterba…, Agent, Danville, VA
Sun May 18, 2008
Look at your contract carefully to see if there are any out clauses and contact and attorney to review the contract.
Web Reference:  http://pamwinterbauer.com
0 votes
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