Getting out of sales contract without losing deposit

[beaks]

Does anybody know if it is possible to get out of a sales contract with a builder without losing their deposit. The home wont be finished until late summer and I was wondering if I could somehow use this as leverage to renegotiate.

[barnaby33]

Well since you already posted, you asked for it. This is not a site for real estate weasels who gambled and the market turned against them. Hire a lawyer.

Josh

[barnaby33]

Well since you already posted, you asked for it. This is not a site for real estate weasels who gambled and the market turned against them. Hire a lawyer.

Josh

[PerryChase]

I’ve heard of people getting out of contracts.
Give them some sob story about some personal professional and family problem (without being specific) that will cause you not to be able to close.
They don’t want to force anyone who can’t close to buy a house. It would be against their self interest.

There’s still enough time for them to sell to someone else, and if they do, they have not incurred any loss and have no reason to keep your deposit.

If they do, and the amount is under $7,500, sue them in small claims court. They’ll return your money rather than deal with the hassle.

[PerryChase]

I’ve heard of people getting out of contracts.
Give them some sob story about some personal professional and family problem (without being specific) that will cause you not to be able to close.
They don’t want to force anyone who can’t close to buy a house. It would be against their self interest.

There’s still enough time for them to sell to someone else, and if they do, they have not incurred any loss and have no reason to keep your deposit.

If they do, and the amount is under $7,500, sue them in small claims court. They’ll return your money rather than deal with the hassle.

[guitar187]

Would have to see the sales contract. Was there a specific COE stated? By the way, you’re not a weasel if the builder takes too long.

[guitar187]

Would have to see the sales contract. Was there a specific COE stated? By the way, you’re not a weasel if the builder takes too long.

[PerryChase]

i should add that it’s not a matter of the letter of the contract but a matter of expediency for the builder. They need to sell houses and they need willing and able buyers.

If you’re not able close on the house, they’d be foolish to try to force you. You’ll both lose.

Don’t tell them you changed your mind… Tell them that you absolutely can’t close.

[PerryChase]

i should add that it’s not a matter of the letter of the contract but a matter of expediency for the builder. They need to sell houses and they need willing and able buyers.

If you’re not able close on the house, they’d be foolish to try to force you. You’ll both lose.

Don’t tell them you changed your mind… Tell them that you absolutely can’t close.

[SD Realtor]

Beaks it is not easy.

However, as Perry said if you have a true hardship case, loss of a job, or some sort of serious personal tragedy, your odds go way up. If not, then it will be a tough pull… for a few hundred bucks it may be worth your time to talk to an attorney, have the attorney send a nice letter to the sales office. That will be far more effective then anything you could do on your home, (if it would work at all) or as Perry said, go through the motions and bring em to small claims court.

SD Realtor

[SD Realtor]

Beaks it is not easy.

However, as Perry said if you have a true hardship case, loss of a job, or some sort of serious personal tragedy, your odds go way up. If not, then it will be a tough pull… for a few hundred bucks it may be worth your time to talk to an attorney, have the attorney send a nice letter to the sales office. That will be far more effective then anything you could do on your home, (if it would work at all) or as Perry said, go through the motions and bring em to small claims court.

SD Realtor

[newguy]

Well, if you want to get out of your PA to renegotiate…I think that would be much harder. If you just want to get out of your PA period, then the above advice is good.

[newguy]

Well, if you want to get out of your PA to renegotiate…I think that would be much harder. If you just want to get out of your PA period, then the above advice is good.

[SD Realtor]

I had a client and he was a pretty hard nosed real estate attorney. A really good guy. Someone who went to the foreclosure auction and wanted to get out of their contract asked me what to do about it and I referred that person to him. I do not know if she contacted him but if you want I can email you his information. I know he is working with someone who locked into one of the ballpark condos downtown last year and they are REALLY trying to get out of their contract because they put 60k down and the developer is saying no way out.

SD Realtor

[SD Realtor]

I had a client and he was a pretty hard nosed real estate attorney. A really good guy. Someone who went to the foreclosure auction and wanted to get out of their contract asked me what to do about it and I referred that person to him. I do not know if she contacted him but if you want I can email you his information. I know he is working with someone who locked into one of the ballpark condos downtown last year and they are REALLY trying to get out of their contract because they put 60k down and the developer is saying no way out.

SD Realtor

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