re: Homebuilders cancelling contracts to sell for more on market

quote:

---

I wonder what the penalties were for being four months late on the original build contract?

---

We bought a lot and signed our contract with a homebuilder in December 2020. Slab poured in March of 2021 and the house is still not complete. We had to sign a 6-month extension of our construction loan earlier this month and, of course, are paying interest on the draws that have been made to-date. Original completion date was December 2021, then January, then March, and now TBD April according to them. I showed up at the builder's office, demanded a conversation with the owner, and we had a very clear conversation about the events that have taken place and how unethical this entire process has been. We are now on our third different "site superintendent" because the other two have quit and gone to work for another builder.

The contract we signed is brutally one-sided to the builder and has all sorts of ambiguous language that allows them reprieves for taking longer than the 240 day completion timeline they themselves outline in the same contract. It's extremely frustrating to say the least. The builders have taken on an extraordinary amount of business to take advantage of the high home prices but have sacrificed quality and customer-service in that vain.