the home is new in a new subdivision no upgrades at all area basically new and we would be in trouble with the much higher than expected note that the closing attorney showed us at the table
2007-10-18 14:49:52 · 4 answers · asked by wil 1 in Business & Finance ➔ Renting & Real Estate
in most states....the note rate isnt considered part of the contract EVEN THOUGH a realtor may put it there.
there has been many realtors that put 5% on the contract...just in case their buyer wants to walk away.
this depends on your state.
2007-10-18 15:11:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What did the lender quote you? Is it much higher then they told you upfront? Is this the builders preferred lender?
Do you not want to buy now?
You can potentially be sued for this but many times people do not follow through because of the cost involved. Builders are hurting now and they have the resources to sue people and they might follow through becuase they are loosing money currently.
2007-10-19 07:55:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
What does your contract say? If the deal was contingent upon financing at a particular rate and that rate is no longer available then you can walk away. However if you didn't have such a clause it's likely that the builder will prevail at least as far as any earnest money and deposit are concerned.
Consult with a local real estate attorney for advice specific to your situation.
2007-10-18 22:09:59 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 1⤋
I'm surprised that arbitration was not offered.
Given the decline in the real estate market, if the builder wants the sale, they can work with the lender to knock down the sale price to conform with the higher interest rate.
2007-10-21 14:12:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋