I bought a condo in Phoenix and considered backing out. After discussing this with Toll representitives they assured me that they would only offer upgrade incentives but would NOT lower the base cost of the unit. Not they dropped the price 50K. Can I sue them for a rebate?
2007-03-20 15:58:41 · 5 answers · asked by blogdoc 1 in Business & Finance ➔ Renting & Real Estate
The first question is, did the Toll Brothers representative put it in writing that they would not lower the base price? Did they make provisions to refund the difference to you if they did? If so, was he or she authorized to do so by Toll Brothers? If they put it in writing, was it made part of the purchase contract and is there a time limit on the promise?
My guess is that the answer to all of the above questions is "no". The salesman spun you a story, but ultimately, it was you who decided to make the purchase. The "fair market" value of real estate is whatever price the buyer and seller agree upon at the time of the sale. Unfortunately, the timing of your purchase was just ahead of a downturn in housing prices in the Phoenix, AZ area. You are not alone, this is happening all over the USA.
I'm sure you at least expected your house to hold it's value, if not appreciate in value. Suppose that the Toll Brothers representative had told you that the market was red hot and that their base asking price for your unit was likely to increase by $50,000 in the near future. Would you have signed a contract that required you to pay that additional money at some future date? I doubt it.
I know this is probably not what you want to hear. If you have the representative's comments in writing, you may want to contact your attorney for advice. Otherwise, best advice is to lick your wounds and wait for the market to turn around. At some point in the future, it will. At least you live in a fast growing part of the country, which means that that is more likely to happen sooner than in slower growing areas.
Good luck with your real estate purchase.
2007-03-21 06:55:26 · answer #1 · answered by exbuilder 7 · 2⤊ 0⤋
You can sue anyone for anything. Most of the time only the laywers win. When the housing market was going up, would it have been fair for them to ask for more money from other home buyers? No. They did not cause the market to drop, market forces did. Besides, you are talking about this house as an investment. Any investment is subject to risk.
I think you did the right thing by bringing it up to them and they at least offered you something. Take it. If you sue them you will lose.
2007-03-20 16:10:03 · answer #2 · answered by jhistenes 2 · 0⤊ 0⤋
People will try to sue for anything huh? Sue cause the market went down. Good luck
2007-03-21 12:16:20 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
I would consult an attorney for legal advice. However, I do not think you can sue them because you closed for a certain price and signed the contract. If it was prior to signing the contract you could if they did not give you your deposit back.
2007-03-20 17:12:09 · answer #4 · answered by tianaramal 4 · 0⤊ 0⤋
No. The market tanked. It has nothing to do with you and what they are selling their inventory now has nothing to do with you.
2007-03-20 16:14:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋