How can I get my condo downpayment back and get out of the purchase agreement?

Question

I bought a new construction condo 10 months ago, I put 5% down on the place, the place is most likely worth less now then when I bought it - how can I get out and get my deposit back?

Answer 1

Read your contract, my guess is you will have to sell it to someone else. There could be a value clause that could allow you out of contract but you usually have to request it.

Answer 2

I would suggest you just keep the condo. Your condo may lose a little bit of value at this time, but it does not necessary mean that it will not go back up again.

Real estate is always a good investment. Be patient, you will see the value goes up again in the future.

Answer 3

It is unlikely you will be able to. Unless a contingency in the contract has not been removed, that you can legally slip out of, you are most likely stuck. I am sure the builder will fight you tooth and nail, as it sounds like you are in a dieing market.

Also, just because you give up your deposit, does not mean you can get out of the contract. If you are serious about getting out I would see a contract attorney and have him/her review your contract for outs.

Answer 4

I think there are 2 cases
Wait when this area will grow up with a price
or try to sell it
My opinion first case is better

Answer 5

your local or state laws may support your decision not to buy depending on the amount of time has gone by. contact your agent it may be a penalty but its better than being stuck

Answer 6

I can tell you how, but probably not a good idea to tell the world! You can email me if you want to me to give you at one idea! Not that it's bad, illegal or whatever... it's a builder secret that a builder told me about that you can do! shhhhh