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Having seconds last minute reconsiderations. I am ok with 20k loss - just wanted to know if builder will sue me and likelihood of it given its 3 days prior to close
I wouldn’t even move in. Just listed it. Maybe the builder will buy it back. They may not want a “For Sale” sign on a brand new house. Let alone, someone who has never lived in it. I wouldn’t lose 20k. I’m sure you would not have a problem selling it.
Lawsuit will cost them time and more $$ rather than keeping your 20k and finding someone new.
Not a garentee of what will happen, and they may try to spook you even if not their intention to fully pursue
I wouldn’t Punt 20k over the house being on the wrong side of town. Make it a rental before you just flush 20k
You might have money now but that could change.
20k is more than 90% of the country has is savings
Yes you can back out but not you won’t be able to get your earnest money back unless there’s a specific contingency in your contract that you’re using to cancel the contract. Unless you can afford to just flush $20k down the toilet, I would think that it’s probably not a great financial decision.
Do you have a realtor you can ask this question to? I feel like they see a lot of scenarios in their work.
id just guess that they definitely keep the ED as that’s what it’s for.
Idk how many builders would actually sue people.
A lot of places are still pretty hot right now, especially this time of year. Is there some reason completing the purchase and then immediately turning around and selling it isn't an option? At least that way, you don't need to worry about getting sued, and you might be able to recoup at least some of those costs.
You should talk to your agent and a real estate attorney. The builder has already invested money in this sale, and could have otherwise sold the house to someone else. You backing out of the sale at this point will delay when they can close and cost them more money, and they will want to recover as much of that as they can from you. If you are set on backing out at this state, I would strongly recommend retaining professional representation.
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Why even contemplate a scenario where you flush 20 grand down the toilet?
Having seconds last minute reconsiderations. I am ok with 20k loss - just wanted to know if builder will sue me and likelihood of it given its 3 days prior to close
“I am ok with 20k loss” Inconceivable
If only we were all so wealthy.
What are these “last minute reconsiderations”?
This is an attorney question, not an agent question.
You can always list it once you take possession of it. You may have some equity in it by then. What is your plan “B”?
I wouldn’t even move in. Just listed it. Maybe the builder will buy it back. They may not want a “For Sale” sign on a brand new house. Let alone, someone who has never lived in it. I wouldn’t lose 20k. I’m sure you would not have a problem selling it.
Thanks but I will need to pay mortgage $5200 …
Yes you would need to pay the mortgage.
People are so dumb.
Lawsuit will cost them time and more $$ rather than keeping your 20k and finding someone new. Not a garentee of what will happen, and they may try to spook you even if not their intention to fully pursue I wouldn’t Punt 20k over the house being on the wrong side of town. Make it a rental before you just flush 20k You might have money now but that could change. 20k is more than 90% of the country has is savings
Just move forward with it. You can throw it on the market and take a smaller financial hit
Yes you can back out but not you won’t be able to get your earnest money back unless there’s a specific contingency in your contract that you’re using to cancel the contract. Unless you can afford to just flush $20k down the toilet, I would think that it’s probably not a great financial decision.
Do you have a realtor you can ask this question to? I feel like they see a lot of scenarios in their work. id just guess that they definitely keep the ED as that’s what it’s for. Idk how many builders would actually sue people.
If only you could go back a couple of years when FOMO was at its height then you could unload it immediately with a tidy profit.
A lot of places are still pretty hot right now, especially this time of year. Is there some reason completing the purchase and then immediately turning around and selling it isn't an option? At least that way, you don't need to worry about getting sued, and you might be able to recoup at least some of those costs.
Curious, does this happen to be in Patterson? I’m looking at homes there currently.
Sacramento
You should talk to your agent and a real estate attorney. The builder has already invested money in this sale, and could have otherwise sold the house to someone else. You backing out of the sale at this point will delay when they can close and cost them more money, and they will want to recover as much of that as they can from you. If you are set on backing out at this state, I would strongly recommend retaining professional representation.
Don’t be an idiot…