| Posted By |
Message |
jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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advice/help
background:
i have been in contract with a new construction condo since last november. I have been relocking in my rate every 30 days for the past 5 months since i was being told all these different excuses why we weren't closing.
now today I finally get word that the real reason we are not closing is because the seller is having issues with the bank. either he is default or he has no money left.
what are my options?
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Posted 8/17/09 12:58 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: advice/help
the seller is who? the builder?
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| Posted 8/17/09 1:08 PM |
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mandasue
LIF Adolescent
Member since 3/09 772 total posts
Name:
Amanda
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Re: advice/help
i have no advice....but sorry you are dealing with this and
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| Posted 8/17/09 1:20 PM |
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Re: advice/help
yes the seller and the builder are the same person
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| Posted 8/17/09 1:21 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: advice/help
I would talk to your lawyer....but if the builder is out of money- you might not be able to get a mortgage at all
do you put any money down?
where is the condo?
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| Posted 8/17/09 1:24 PM |
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Re: advice/help
yes i put 20,000 in escrow and i am currently approved for a mortgage through wells fargo and have been relcoking in my rates for almost 9 months now
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| Posted 8/17/09 1:26 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: advice/help
call your lawyer and see what he or she can find out - if the real you aren't closing is the builder you are going to need your lawyer to sort this out
is the development complete? if the builder is in default- he might not be able to complete the project -
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| Posted 8/17/09 1:36 PM |
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Re: advice/help
my biggest issue my lawyer is an A$$.. uggghhh.
say i back out of contract, and I get my money out of escrow do i get the interest that they have been making?
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| Posted 8/17/09 1:41 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: advice/help
that stinks....
if they can't close they have to let you out of the contract
not sure about the interest
personally I would want to get out of this ASAP- you wasted enough time- the builder can't get it together- time to move on
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| Posted 8/17/09 1:57 PM |
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