Back out from purchase agreement

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Nimby said:
It may sound harsh but you did sign a contract and last I checked a contract is a contract is a contract regardless what it pertains to. That's why contracts exist, accountability. Take the hit move on lesson learned don't sign tell your ready to keep your word.
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As long as a contract doesn't violate state or federal guidelines. Many contracts do in which case they can't be enforced.
 
Long shot but have you considered a different lennar product elsewhere?  Maybe they'll let you transfer the deposit. 
 
Burn That Belly said:
Show of hands, how many of you out there have successfully BACKED out of a contract for a new construction home and the builder refunded all deposit(s) WITHOUT you making threats of legal action?
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We did. We had even gone to one Design Center appointment but after them telling us how much everything was going to cost, we went back to the sales office the following week and asked to cancel.

Funny thing was, this was maybe about 3 weeks to a month after and they still had our check, undeposited, so they just gave it back.

I find that the sales staff are willing to work with you and will understand but that depends on the situation and the market.
 
We did.  Just cited DTI issues and the check came back 4 weeks later.  Agree depends on sales team and market conditions.  If they have other buyers, they're not going to waste time fighting you.
 
A friend of mine backed-out and received her full deposit a few years ago. She was laid-off after they'd gone into escrow (house still months from completion). So the sales office didn't put up much of a fight.
 
Maserson said:
We did.  Just cited DTI issues and the check came back 4 weeks later.  Agree depends on sales team and market conditions.  If they have other buyers, they're not going to waste time fighting you.
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I've posted here before but I backed out of a lennar one too
I was going to buy a condo at Central Park west in Irvine, got a bit cold feet for the santa ana school district, was able to use "financial" reasons and backed out without too much trouble.  the bank they used wasn't able to offer me an approval anymore so sent a decline to the sales center.  after that, walked in a few days and got my check.  Bought the Caserta condo instead
 
Burn That Belly said:
You guys are all asking the wrong questions and making assumptions.

Show of hands, how many of you out there have successfully BACKED out of a contract for a new construction home and the builder refunded all deposit(s) WITHOUT you making threats of legal action?

I haven't heard of anyone myself but I'm sure there might be a few, however, I'm sure they have extenuating circumstances beyond their control (spousal death/dismemberment).

Clearly, the builder wouldn't want people to just back out due to cold feet, otherwise everyone would be doing it. All them _____ people would be backing out left and right or selling their spots in line, or some people would be making a deposit on 4 homes and then backing out on 3 just to buy the best 1, etc.
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I know this is an older thread but we did also.  Went in one day thinking there would be a potential disagreement and was told "Sure, no problem".  They did not even care for a reason.  Received a check in the mail which I cashed and was done with it.
 
Guys who got  their money back after cancelling are lucky! I cancelled my Trellis court purchase recently....but CalcPac builder wouldn't return us the deposit. In this hot market, the builder quickly found another buyer but they still won't return the deposit.  We were 2-3 months away from closing.  So not always the case to backout without losing deposit....

 
Irvinehomeseeker said:
Guys who got  their money back after cancelling are lucky! I cancelled my Trellis court purchase recently....but CalcPac builder wouldn't return us the deposit. In this hot market, the builder quickly found another buyer but they still won't return the deposit.  We were 2-3 months away from closing.  So not always the case to backout without losing deposit....
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Why did you back out?
 
Personal reasons for backing out which didn't fall under the reasons technically covered under contract. I tried to reason with CalPac corporate as well that they refund my deposit since they have a buyer within a month of my cancelling, but CalPac is firm on the contract terms.  They are standing by the contract...i can only make a request for refund, it's upto then I would think to be considerate towards me. But  i have no luck so far. It's a huge sum..20K.

 
Environmental reason?  ;)

Irvinehomeseeker said:
Personal reasons for backing out which didn't fall under the reasons technically covered under contract. I tried to reason with CalPac corporate as well that they refund my deposit since they have a buyer within a month of my cancelling, but CalPac is firm on the contract terms.  They are standing by the contract...i can only make a request for refund, it's upto then I would think to be considerate towards me. But  i have no luck so far. It's a huge sum..20K.
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Irvinehomeseeker said:
Personal reasons for backing out which didn't fall under the reasons technically covered under contract. I tried to reason with CalPac corporate as well that they refund my deposit since they have a buyer within a month of my cancelling, but CalPac is firm on the contract terms.  They are standing by the contract...i can only make a request for refund, it's upto then I would think to be considerate towards me. But  i have no luck so far. It's a huge sum..20K.
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I know hindsight is 20/20. Best way to back out is to mess up your loan.
 
Can't always mess up your loan. If you go outside and the lender of your own choosing says the deal can't be done, that's your fault. If you're working with the in-house lender, odds are they will alert the builder that you're trying to get out.

Depending on your situation, a letter from HR saying you're being asked to relocate is one way. If there is a family medical emergency that requires you to spend all of your money, that's often another. Most deposit return situations are successful when the story behind it is dire, unavoidable, and documentable.

Somewhere in the contract is a binding arbitration option. That's their last line of defense before a buyer is suing. I'd try throwing out the arbitration question and see what happens.

Good luck with this.

My .02c

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