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re: Your under contract for a house that was supposed to be closed on back in November...
Posted on 1/3/20 at 3:29 pm to finchmeister08
Posted on 1/3/20 at 3:29 pm to finchmeister08
quote:
my job is moving to indiana and i'm going with it. i'm just using the "expired contract" as reason to justify backing out. and it's also not completed.
Then, why are you livid?
0
Posted on 1/3/20 at 3:57 pm to finchmeister08
no way your agent is saying you lose your deposit when THEY (the builder) doesn't perform
that's nuts
that's nuts
Posted on 1/3/20 at 4:42 pm to Shankopotomus
There’s a lot of dumb agents
Posted on 1/3/20 at 4:48 pm to Shankopotomus
quote:
no way your agent is saying you lose your deposit when THEY (the builder) doesn't perform
to my surprise, she called me this afternoon letting me know what my options are. i can basically forfeit the earnest money or take it to small claims court. which in turn would cost what the earnest money was.
i wasn't expecting her to go to bat for me like that by talking to lawyers and what not.
This post was edited on 1/3/20 at 4:49 pm
Posted on 1/3/20 at 6:45 pm to finchmeister08
quote:
take it to small claims court. which in turn would cost what the earnest money was.
I don’t think that’s true. It’s like 60 bucks to file where I live, you don’t need a lawyer. It’s small claims court.
Posted on 1/3/20 at 7:37 pm to finchmeister08
You've conveniently left out key information.
Why has the construction been delayed? There are several reasons beyond the builders control that could affect the completion date?
What have your communications been with the builder during this time period? Have delays been communicated to you? You act in this thread as if all of a sudden the closing date came and went and you were clueless about it which seems ridiculous to me.
I hope it all ends well for you in the end.
Why has the construction been delayed? There are several reasons beyond the builders control that could affect the completion date?
What have your communications been with the builder during this time period? Have delays been communicated to you? You act in this thread as if all of a sudden the closing date came and went and you were clueless about it which seems ridiculous to me.
I hope it all ends well for you in the end.
Posted on 1/3/20 at 8:00 pm to VABuckeye
quote:
Why has the construction been delayed? There are several reasons beyond the builders control that could affect the completion date?
It’s been “delayed” because the builder took on more houses than he could build and commit to finishing on time. He informed us late October/early November that it would be December. Well, it’s January. I didn’t find out until about 3 weeks ago that his agent was calling mine about wanting to extend the contract. I told her I wasn’t signing anything because we weren’t sure if we were moving or not. Now that it’s certain we are, were trying to get out of it. Which we can fairly easily. It’s the earnest money that’s the issue.
We’re not the only ones behind schedule. He’s probably got 3-4 other houses in the same neighborhood he’s building that are also behind schedule.
Posted on 1/3/20 at 8:02 pm to finchmeister08
If you haven't signed anything else and the original contract says the November deadline, then I would think he breached the contract and you are entitled to getting out and getting earnest money back.
If you signed something else giving him more time, then you may be stuck.
That little portion you posted says "shall" which means it must happen.
If you signed something else giving him more time, then you may be stuck.
That little portion you posted says "shall" which means it must happen.
Posted on 1/4/20 at 12:49 am to finchmeister08
quote:After watching some Judge Judy, I don’t think that this is the case otherwise why bother going to small claims court in many instances when one is just looking to recoup a few hundred bucks.
or take it to small claims court. which in turn would cost what the earnest money was.
Posted on 1/4/20 at 12:55 am to finchmeister08
What state are you in? Different states have different laws. That being said, I’d take this issue to your agents broker and get their opinion. I’m fairly certain that you’re entitled to your money back. How well do you know the agent? How experienced are they?
Posted on 1/4/20 at 4:41 am to finchmeister08
quote:
to my surprise, she called me this afternoon letting me know what my options are.
First piece of advice is below and free.
No more phone calls, all communication going forward needs to be documented.
Posted on 1/4/20 at 8:11 am to finchmeister08
Who is holding the earnest money? Should be a real estate attorney. If so and you don’t like the answer your agent is giving, contact them.
Posted on 1/4/20 at 2:14 pm to Dawgfanman
quote:
Who is holding the earnest money? Should be a real estate attorney.
Since it sounds like both parties are using RE agents, typically it would be in the escrow account of one of the brokers - at least that's how it's done in my state and the surrounding states that I've done deals in. Louisiana, or wherever he is, could be different. Dunno.
Until releases are signed by both parties, it's unlikely that anybody will be able to lay hands on the earnest money - and I might be looking to start filing complaints with the RE Board if this doesn't get cleared up quickly. IMO, the seller's agent severely dropped the ball by allowing the "time is of the essence" closing date to pass without securing an extension. That agent's broker would be smart to overrule the half-asleep agent, advise the seller to bury this dead deal (they killed it anyway), return the earnest money and move on. Otherwise, yeah, the earnest money is tied up while it potentially drags on in court... but so is the house - can't sell it to anyone else. Most builders would prefer to move a near-completed house off the books and get that capital back in circulation.
OP, you really should speak to a good RE attorney ASAP. You might even get a free initial consultation. But I'd be aggressive in getting this cleared up.
Posted on 1/4/20 at 7:40 pm to finchmeister08
How close is your agent with this builder? How many homes built by them has the agent sold? Has the agent presented the builder with a letter requesting the deal be cancelled and the earnest money released to you? If not, why not?
Posted on 1/5/20 at 6:40 pm to finchmeister08
It lays your position out in writing and you should then go to small claims court and sue them if you do not have your deposit back within say 2 weeks. You can say in your "demand" letter "that after 10 days if payment has not be received and legal proceeding are necessary you may be responsible for court cost and legal collection cost and interest allowed under Louisiana law".
Be sure to include in your lawsuit the cost of court charges and legal interest on your money.
He will pay you I suspect once you send him a demand letter.
I would also make a claim with his liability insurance carrier.
Be sure to include in your lawsuit the cost of court charges and legal interest on your money.
He will pay you I suspect once you send him a demand letter.
I would also make a claim with his liability insurance carrier.
This post was edited on 1/5/20 at 6:49 pm
Posted on 1/6/20 at 7:36 am to finchmeister08
sounds like you hired an awful real estate agent Posted on 1/6/20 at 10:09 am to SDVTiger
facts
shite if you really wanna get crazy this agent might do enough business with this contractor you could have a RESPA violation too
shite if you really wanna get crazy this agent might do enough business with this contractor you could have a RESPA violation too
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