Expert: Dick Dennis - 8/27/2007

Question
Dick this was our first time to this site, you replied that you had previously answered our question, but we have never used the site or placed a question for review? Could you please assist us? My wife and I are in the process of purchasing a new home. Like many other buyer's we are considering canceling the new home purchase due to poor construction and poor customer service provided by the home builder.  We are also concerned that our New home is not worth the purchase price. We have put down $10,000 in earnest money and are financing with the Home builders finance company, under our contract it states that earnest money can only be refunded if the buyer cannot qualify for the loan. We do qualify, but want to cancel and receive our deposit back. Is this possible? We have not signed the final purchase price document or closed on this deal. What are our options? Thanks!"


Answer
In real estate, Sebastian, never, never, never sign a contract, especially a builder's contract without having YOUR real estate attorney to read it and explain everything to you. As you can see by now, whatever fees you would have paid the attorney is worth it to get out of that mess.

I strongly suggest you take your papers to a REAL ESTATE attorney immediately and let him/her help you with getting out of your contract.

I do wish you well.

Dick