With all that’s going on in the market, I’ve been trying to warn my buddy not to catch that falling knife. I even gave him this website.
However, against better judgment he put a $20k deposit on a home in 4s ranch that is to be completed in January. The house was sold for 700k. However, because his wife is no longer employed they’ve decided that they should pull out of the deal. With one wage earner, they just would not qualify for the loan.
However, when they informed the builder of the above, they have asked that they sign a cancellation letter–having them agree to relinquish rights to that property and to also agree to get ZERO of the deposit back. Wow, that was harsh…I’ve advised him not to sign if for any reason.
Any thoughts on how he and his wife can get out of this pickle with his 20k deposit? Are there organizations/agencies that may be of assistance? Not refunding the deposit in view of a job loss and therefore not qualifying for a loan seems a bit unethical?
It all depends on what they signed for. If they signed a simple contract with no contingencies, they should probably forget the deposit. I feel the builder would like to keep the deposit legally. Obviously, they are not the smartest folks if they signed a purchase contract with no escape clause at all. A lesson learnt for them to be careful in future.
It all depends on what they signed for. If they signed a simple contract with no contingencies, they should probably forget the deposit. I feel the builder would like to keep the deposit legally. Obviously, they are not the smartest folks if they signed a purchase contract with no escape clause at all. A lesson learnt for them to be careful in future.
It all depends on what they signed for. If they signed a simple contract with no contingencies, they should probably forget the deposit. I feel the builder would like to keep the deposit legally. Obviously, they are not the smartest folks if they signed a purchase contract with no escape clause at all. A lesson learnt for them to be careful in future.
It all depends on what they signed for. If they signed a simple contract with no contingencies, they should probably forget the deposit. I feel the builder would like to keep the deposit legally. Obviously, they are not the smartest folks if they signed a purchase contract with no escape clause at all. A lesson learnt for them to be careful in future.
It all depends on what they signed for. If they signed a simple contract with no contingencies, they should probably forget the deposit. I feel the builder would like to keep the deposit legally. Obviously, they are not the smartest folks if they signed a purchase contract with no escape clause at all. A lesson learnt for them to be careful in future.
They need to get all their docs together and show them to a lawyer. He/she will almost surely give them better advice than anybody on this message board.
They need to get all their docs together and show them to a lawyer. He/she will almost surely give them better advice than anybody on this message board.
They need to get all their docs together and show them to a lawyer. He/she will almost surely give them better advice than anybody on this message board.
They need to get all their docs together and show them to a lawyer. He/she will almost surely give them better advice than anybody on this message board.
They need to get all their docs together and show them to a lawyer. He/she will almost surely give them better advice than anybody on this message board.
In the contract there is a clause that due to hardship should allow them to be released from the laon and recieve their deposit back. Please lets discuss this through email.
In the contract there is a clause that due to hardship should allow them to be released from the laon and recieve their deposit back. Please lets discuss this through email.
In the contract there is a clause that due to hardship should allow them to be released from the laon and recieve their deposit back. Please lets discuss this through email.
In the contract there is a clause that due to hardship should allow them to be released from the laon and recieve their deposit back. Please lets discuss this through email.
