MARKET CONDITION IN HAWTHORN WOOD COUNTRY CLUB; ARE DISCOUNTS GIVEN TO OLD BUYERS NOT YET TAKEN POSSESSION?

Asked by Abby, HW, IL 60047 Sun Jun 22, 2008

PURCHASED A SEMI CUSTOM HOUSE IN 2007 FROM TOLL BROTHERS IN HAWTHORN WOODS;HAVE YET TO TAKE POSSESSION.

IT SEEMS THAT THE PRICES HAVE FALLEN SINCE THEN AND THE BULDERS ARE OFFERING DEEPER DISCOUNTS NOW, I DO NOT KNOW HOW MUCH.

I AM WONDERING -

Q1 ) HOW MUCH HAVE THE PRICES FALLEN ?

Q2 ) IS THERE ANY WAY THAT I COULD GET COMPENSATED BEFORE I TAKE POSSESSION?

THANKS.

ABBY

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6
John Walin, Agent, Libertyville, IL
Sat Aug 27, 2011
Hi Abby
This is an old question from 2008, hope you are happy in your home!
1 vote
Richard Haus…, Agent, Buffalo Grove, IL
Mon Jan 16, 2012
How did things work out for you Abby?
0 votes
Richard Haus…, Agent, Buffalo Grove, IL
Mon Aug 9, 2010
Hi Abby - to determine how much it has fallen - I'd need to know your specific unit type / location etc. within Hawthorn Woods Country Club. Everything's negotiable (esp when you have someone like me on your side -- a Certified Negotiation Expert and Exclusive Buyer Broker (meaning - we are always on the buyer's side and never represent sellers))

Things depend on many factors - such as percent completion, the differential between their "current price" (which by the way - is quite negotiable) and your contract price, and the amount of your deposit.

Feel free to call me at 847-566-7558 if you'd like to provide more details...
0 votes
Paul Paterak…, Agent, Long Grove, IL
Tue Nov 11, 2008
Hi Abby,
Real Estate prices in your area have fallen between 5-10% on avg. I have years of new construction experience and there could be ways to get compensated since you have not closed yet.However,you absolutely you need to consult an attorney to review the laws available, and or, content in the contract you signed.Please feel free to e-mail me any other questions or concerns you may have.
0 votes
Mike Stodola, Agent, Libertyville, IL
Mon Jun 23, 2008
Abby, definitely consult your attorney before doing this, but I've had clients who were under contract and before they closed the builder there dropped prices buy over $100k (in one instance almost $150k) so they walked away from their deposit of about $30,000-$40,000 and then went right back in and bought the same house. Even with losing the deposit, they still bought the home for at least $60,000 less then they were originally going to. If you need a good real estate attorney, I'd be happy to send you the name of a the one my clients use. If you are going to do this please let me know and I can tell you about the details. But please, talk to an attorney before doing anything.
0 votes
Chris, Home Buyer, Illinois
Sun Jun 22, 2008
Speak with your attorney. If you purchased in 2007 I am assuming you signed a contract and placed a down-payment. So chances are you are stuck, unless you want to lose your down-payment.
0 votes
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