Asked by Frank, 33130 • Tue Nov 18, 2008
I signed a contract for a pre construction unit 3 years ago with 20% down payment. The developer recently
informed me that we need to close very soon. However I figured out (through an appraiser whom I hired) that the market value of unit is dropped more than 50%.
The contract has no loan contingency (in other words it is no matter whether I can get a loan or not) and if I don't show up at closing date, I need to pay them the interest amount for any delay.
I'm trying to negotiate with the developer. However if he does not accept the current market value, what else I can do?
What can happen in default case? How can I walk out without any penality?
Can I forget my down payment and get rid of contract without any additional consequences?
Please advise me.
Real Estate in Miami
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