Q: Under contract for a home and builder isn’t following through timeline. We pay $638 every 7 days to extend our lock.
It’s a builder contract so wondering what power we have in the situation. If we can get any compensation from the builder to offset unexpected costs?
March 24 - Contract Date, we were informed that the build was estimated for completion on April 22.
May 8 - extension of Review Period to May 15, with the estimate that the build would be complete by end of May.
May 13 - in an email to our realtor from the builder realtor: "I have been told the homes will be through construction and Inspections by the end of May."
May 26 - Closing update email from the build realtor stating: "The Closing Target for your Buyer for the property has moved to Friday, June 12 I will send an email to Title and copy you in." Our realtor still has not seen an email from the build realtor to Title with her CC'd.
May 27 - Our realtor emailed the builder realtor asking for when we could schedule our personal inspection and has yet to hear back from him on that.
A: Responding from a New York perspective, mortgage rates are plummeting so you may want to consider letting your lock in expire and request a market rate which should be lower.
A: Dear Builder-Delay Client: The answer to your inquiry is heavily dependent upon the contents of your purchase contract. If your purchase contract is with a "large multiple unit residential developer" (examples I am familiar with here in CO include: Toll Brothers, Holton, Lennar, Pulte, KB Home), then we would need to examine the terms/conditions identified in your contract, particularly pertaining to "completion date" and promises / caveats / waivers imbedded therein. I perform that review/analyze/recommend type of task on a minimal Fixed Fee basis, if you are interested in a legal consult with a CO-based attorney. JIM GREER is an attorney licensed to practice in CO and CA and has specialized in real estate matters for the past 30 years; nothing herein shall be construed as the offering of legal advice insofar as Mr. Greer is not in an attorney-client capacity with the inquiring party. 303.818.8422
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