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Anybody know if there is some hidden problem with this type of sale?
This entry was posted in Homes For Sale and tagged anybody, banks, builder, closing costs, contract, earnest, earnest money, Home, mortgage, mortgage co, mortgage company, move, problem, sale, type. Bookmark the permalink.
7 Responses to Anybody know if there is some hidden problem with this type of sale?
Call a local real estate company and speak to an agent. This is why you needed an agent to represent you.
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If you have in writing that the closing costs would be paid for by the builder, then you have grounds to nullify the contract you made and get your money back. I would talk to a lawyer.
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JustinJax, why are you asking for answers from a forum like Yahoo Answers? Do you expect to get good legal/real estate advice from the people who read or respond to this forum???
Find yourself a lawyer to read your contract and take his/hers advice and go from there.
It sounds to me like you got ripped off and you must feel the same way otherwise you would not be asking for advice, so see a lawyer.
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It sounds like you may be out money w/o legal pursuit. Did you have a signed offer to purchase accepted with all the details of your transaction? If not, you’re going to have a hard time proving any kind of fraud.
Review your paperwork and contact the mortgage company. And remember the old saying, if it isn’t in writing, it didn’t happen.
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As soon as they asked for $8k in earnest money, the alarm bells should have been going off inside your head. You should have had the agreement reviewed by an attorney before you signed anything and handed over the $$$.
Consult an attorney for advice specific to your situation.
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I work for a title company, $8k is not an insane amount of earnest money.
Find out where the builder is closing, have someone at that title company answer some of your questions…they’ll be handling the receipt and disbursement of funds and are probably very familiar with the builder, as most are pretty loyal to their title companies!
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I think that the developer may have difficulty tieing the sale of your home with a specified lender. I believe that such arrangements may be a violation of RESPA. Go see a real estate lawyer about this, pronto.
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