Is there a way to get out of builders contract? I got into a contract with a big builder who has his own financial firm when the market was up. Now with the market going down the house isn’t worth the price I offered and also its not the ideal house ( had made a adjustment as one I want I couldn’t have afforded in that growing market). Now I am thinking of a way out. Looking for advise. Has anyone been able to get out of a contract ? If yes, on what terms ?
TOP 20 Comments
- Nvidia smartpm9You are in breach of contract, so seller can keep your earnest money for his liquidated damages, but before doing that seller should have taken some steps to reasonably mitigate the damages, talk to the seller and find out what that is, you can get some part of your earnest if you are lucky.
- VMware BobbleHatSell a derivative contract to someone else that thinks the real estate market only goes up. Make sure they know this is the last chance to pay this price.
- Amazon BejosmoreIf the only concern is the price ask the builder to reduce as I know few builders reduced in bad economy. The reason is the builder has to sell the customized home which isn’t going to easy for builder and he is aware of it.
Also check if the builder reduced price for new homes he is selling now, which can be used as a point of discussion.