Contract Cancellation & Getting back $15+K Depoist from Builder?

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yazoo

New member
Hi, I have been reading the forum recently.  Very useful and learned a lot. .  My appreciation goes to all the contributors.

We signed an contract to purchase a home in one of the Irvine new communities, which was the peak price. Now it is about 4 weeks to projected closing date.  However it is also getting difficult for us - debating to buy it or not to buy. 

Now the $15K question - can I get the $15K back from builder if I quit from the purchase, what is the common practice now for Builders?  EVEN IF I do not get the deposit back - I think - it is better off for us, the market has dropped more than the deposit.  But, I definitely want my hard-earned money back. If I do not get it back at the first place, I will definitely fight for it - if I have to go to court, I will.  I would imagine a smart builder would give full refund of the deposit, and not letting the $$$$$ property associated with any legal activity if they want to sell quickly (ONLY if they could - given the current market).

Any inputs are highly appreciated.
 
yazoo said:
can I get the $15K back from builder if I quit from the purchase, what is the common practice now for Builders?
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I don't know what the common practice is in today's climate but I assume the contract states the deposit is non-refundable after a certain deadline with exceptions (as previously mentioned non-funding etc etc).

Have you asked the builder? I find being up front with them will usually get you the best results.

Good luck.



 
If it's the standard boiler plate, it's actually very easy to cancel. Did you write your initial mortgage terms on the purchase agreement?

I'm guessing the loan market has changed a bit by now. You could use that as an out.

As an aside, if you lose 15k, consider it nothing compared to the 100k+ that is sure to come if you actually buy that over priced albatross. 2007 Woodbury owners have already taken a $100,000+ haircut and it's still rising.
 
One of my buyers who actually bought a nice re-sale property canceled their purchase contract for a home over at Coronado (KB Homes) about 2 months before their completion date and were able to get all of their deposit back.  I don't believe they opted for a lot of upgrades though.  I can find out exactly how they were able to do so and PM you.
 
have real estate prices really dropped that much around here?  I haven't been paying attention.  Does that mean San Marino will be in the high 700's soon?
 
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