40 K less price for similarly advertised condo

Asked by Buyerx, Fremont, CA Wed May 7, 2008

I have signed a contract to buy a condo with this newly developed property in Fremont, on same day the builder has sold a similarly advertised another condo within the same property 40K less than the price what I have signed for. This I came to know from the buyer after I have signed the contract with them only.

But when I enquired with the sales agent, they were giving escuses like different model and different location. But I don't see it is fair for me to buy on the same day, same priced another condo sold for 40K less then the price I have signed for?

How do I deal with this situation? Any advice would be highly appreciated. Is there any way I can come out of the contract? Also, the buider has told 4/15 is the escrow closing date, now they have moved it to to next month 5/29. I'm incurring additional cost to re-lock the rate with the same lender.

Even though I have approached multiple times, i was not getting any answer from the sales representative. Please advice.

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Don Tepper, Agent, Burke, VA
Wed May 7, 2008
First, contact your Realtor. You did have a Realtor, didn't you?

Next, contact a lawyer. It sounds as if you've been moving right ahead with the purchase. I'm not a lawyer, so this isn't legal advice. But every interaction with the builder potentially weakens your position. And whether you can "come out of the contract" depends on what the contract provides.
0 votes
Susan Vander…, Agent, Lake Elsinore, CA
Wed May 14, 2008
Well, your real estate agent representing you should be properly advising and representing you, not just looking to get paid.

Have you asked your real estate agent any of these specific questions that he should be helping you with? Yes or no, you should speak with your agent again because he is your representative and if he is not helpful, you need to speak with his managing broker.

Do you have any contingencies to fall back on?
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Jack Hannah, Both Buyer And Seller, Fremont, CA
Tue May 13, 2008
Got stuck with an agent you can't trust? If so, you are in some trouble if you have already signed paperwork. You can (and should if you can get proof!) file with the real estate board, BBB, and all of that, but that will take time.

My thought is to find a good agent who can give you the name of an attorney, fast. You will need an attorney since you have already signed with an agent. The problem is a new agent is very hesitant to interrupt once you have a contract with existing agent.

I googled this site just now which rates realtors based on criteria. There are probably better ones out there. You can try starting there. http://www.homethinking.com

You can also try the yellow pages or google search for a real estate attorney, and just shoot from the hip. Attorneys tend to be busy and slow to respond, so be prepared to go to their office in person to get anything done quickly.

Good Luck! I don't have to remind you time is short.
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Margaret T.…, Agent, Conroe, TX
Tue May 13, 2008
X, sorry but this is one of those - should have asked us first questions.
Everyone thinks that that nice guy/gal that works for the developer will work in my best interest to get me a good deal so that I will purchase this. Yes look at that nice smile and the way they act like they have know you all their life. You have a sales person here - did you notice the statement "works for the developer"
These sales people may not even have a Real Estate Lic. They only answer to their boss and pocket book. They have bonuses and spiffs for the higer the dollar amount they sell this property for.

Now true some of the price difference could be in location and features of the Condo. Also did you receive some buyer concessions that the other folks did not. Does 40K represent 5,10,15 % or more of the purchase price.

Your knowledgeble Buyers Rep knows how much the builders in that area have built into the units for different concessions. He has money built in to pay your agent give some concessions and pay the nicesalesperson some. Now the precentage has to do with the precentage of buyers that will pay full price so the other figures will change .

As I said your question may help future buyers - very fast check your paper work for a resent clause. They are time sensitive.
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Buyerx, Home Buyer, Fremont, CA
Mon May 12, 2008
You have narrowed down. Can you help for my situation how to go forward? any one please suggest a good real estate lawer in Fremont, Santa Clara or San Jose area.
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MrBurns, Home Buyer, San Francisco, CA
Sun May 11, 2008
Are you talking about Sommerton Regis homes in Irivington district?
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Buyerx, Home Buyer, Fremont, CA
Wed May 7, 2008
I do have a realtor, he is getting a referral fee+bonus amount from the builder, so he is relentent to direcly deal with the builder and he is trying to convince me than talking with them. When the deal goes off, he is also loosing something, so he does not want to involve much, that is why I'm trying to get an answer from some one outside than my real estate agent.
0 votes
Jim Johnson, , 78233
Wed May 7, 2008
This is a legal question, and you should consult with an attorney if you decide that you really want to pursue this. First though, make sure that your ducks are in a row.
0 votes
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