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Started By
Message
Need advice regarding a home purchase and stopping the purchase process
Posted on 6/25/20 at 11:44 pm
Posted on 6/25/20 at 11:44 pm
So I'm in the process of buying a home. It's brand new and I signed a contract on Friday. I paid $500 in earnest money and have been working with the builder's preferred lender to obtain financing on it.
Well today another house in the same area was put up for sale in the school district I want for less money ($25K) amd more square footage.
Would it be a huge prick move to cancel the current contract and put an offer in on the other house?
Well today another house in the same area was put up for sale in the school district I want for less money ($25K) amd more square footage.
Would it be a huge prick move to cancel the current contract and put an offer in on the other house?
12
Posted on 6/26/20 at 12:35 am to TideSaint
quote:
Would it be a huge prick move to cancel the current contract and put an offer in on the other house?
Nah. Roll tide
Posted on 6/26/20 at 12:59 am to TideSaint
You are talking about a large investment. Peoples feelings shouldn’t be in play here.
Posted on 6/26/20 at 2:00 am to TideSaint
Hell no you shouldn’t feel bad. Theres not a day that goes by that I dont wish I would’ve trusted my gut and didnt buy the house Ive had for almost 3 yrs now. There are fewer things worse than wishing you never bought the house you are stuck with.
Posted on 6/26/20 at 4:33 am to TideSaint
You will forfeit earnest money. But it's only $500. That is the purpose of it. The builder gets the money for his troubles.
Get the house you want.
Get the house you want.
Posted on 6/26/20 at 4:55 am to TideSaint
Don’t look at it as losing $500, look at it as saving $24,500. Feelings are irrelevant in a business transaction. Once you’ve secured the other property, notify the builder you are walking away from the contract.
Where on Earth can you only deposit $500 on new construction?
Where on Earth can you only deposit $500 on new construction?
Posted on 6/26/20 at 6:21 am to TideSaint
Yea, don't feel bad. Only 500 bucks is worth it 100%.
Posted on 6/26/20 at 7:15 am to ItNeverRains
quote:
Where on Earth can you only deposit $500 on new construction?
Bulverde, TX, near San Antonio.
Thanks for the advice everyone. My realtor is setting up a showing this morning.
Posted on 6/26/20 at 7:34 am to TideSaint
Don't matter if you are a prick! Who cares. Get the house you want in the school district that is better for your kids. Don't let the bank and the builder fk you. It's your money get something where you will be happier.
Posted on 6/26/20 at 10:40 am to TideSaint
Nope. thats what earnest money is for.
Posted on 6/26/20 at 1:57 pm to TideSaint
You get to live in the hill country? You lucky son of a bitch. Now that's god's country.
Posted on 6/26/20 at 6:39 pm to 2geaux
quote:
You will forfeit earnest money. But it's only $500. That is the purpose of it. The builder gets the money for his troubles.
Get the house you want.
That’s not how this works. Real estate purchases have due diligence periods. If he just signed Friday, I would suspect he’s still within his due diligence period. You can cancel a contract for any reason during this timeframe and get your deposit back, unless you used a builder’s contract that’s fricky and waives this period.
This post was edited on 6/26/20 at 6:41 pm
Posted on 6/26/20 at 10:50 pm to TideSaint
Read your purchase agreement. If you back out, they may sue you depending on the terms.
Posted on 6/27/20 at 6:13 am to StealthCalais11
The due diligence period has to do with inspections and generally states that if any deficiencies are found with the property the seller must remedy them. That’s not what the OP is doing though....he’s acting in bad faith to back out of what he agreed to do (buy the house) bc he found another house. If this can be proved, the seller can sue him for 10% of the contract price or specific performance (force the closing). That is the standard purchase agreement in LA. It’s difficult to prove that he’s acting in bad faith though and usually not worth the trouble.
In reality you can probably find something during the inspection and walk....but since this is new construction that might be difficult because, well it’s a new house.
In reality you can probably find something during the inspection and walk....but since this is new construction that might be difficult because, well it’s a new house.
Posted on 6/27/20 at 7:42 am to MikeBRLA
quote:
due diligence period
Is very broad and can back out for pretty much anything. School district is one example....tax rate, HOA covenants, all those are reasons in a due diligence period in a standard Louisiana Contract. Assuming it’s similar in most states.
Posted on 6/27/20 at 9:56 am to TideSaint
You shouldn’t feel bad in the slightest.
Posted on 6/27/20 at 11:48 am to MikeBRLA
quote:
That’s not what the OP is doing though....he’s acting in bad faith to back out of what he agreed to do (buy the house) bc he found another house.
Did the walk through on the 2nd house. Someone did a great job on the pics on Zillow, but in reality the house wasn't what we wanted. Upon arrival you could see the wood on the outside was starting to rot and the ceiling tiles on the back deck were drooping.
We went to the house we have a contract on immediately afterwards and it reminded us exactly why we decided on it.
We didn't cancel the contract on the first one and are moving forward with it's purchase.
This post was edited on 6/27/20 at 11:51 am
Posted on 6/27/20 at 2:37 pm to TideSaint
Those pictures can sure make a property look great!
Posted on 6/27/20 at 4:20 pm to TideSaint
quote:
We didn't cancel the contract on the first one and are moving forward with it's purchase
Hope you and your sister enjoy the new house
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