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Builder/Seller has been extending close date because property is not complete.

Original closing date was May 15, 2013, the last extension signed will make it the 5th extension for Dec closing. Is there anything that can be done to ensure the new date is kept. What's more scary is if he decides he cannot complete. Any advice on what to do?
  • October 02 2013 - Washington Avenue Coalition - Memorial Park
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Answers (4)

It sounds as if you are custom building because 5 extensions with a reputable builder is unheard of.  We have had a very mild summer, so they shouldn't use that as an excuse.  Material shortage?  they may not have the money to pay for it.  Unfortunately builders contracts are very much writtent to protect the builder not the buyer.  Do you have a Realtor representing you that can advise you as well?

What are you being told that the delay is due to?

Make sure that the builder is financially stable, because if they decide to walk, you will lose any monies you paid them.  You can insist that all the monies be deposited with an escrow company with specific instructions that it be released to you if they don't complete the home on time.

I hate to go the litigious way, you would be surprised at the effect a letter from an attorney can do.

Naima
  • October 02 2013
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Unfortunately you signed an extension allowing another 6 or more months.  The time to have taken action was prior to signing the extension. 

You could have countered the date and set a deadline of October 1.  If the project was not complete by that time you could have gotten out of the contract without losing your deposit.
  • October 02 2013
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Thank you for the information. It is unfortunate.
  • October 02 2013
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I have built a couple houses with builders throughout my life. Unfortunately you are at their mercy as far as the timeline is concerned. Weather plays a big part in many of the delays, also time to get permits, backordered materials, etc. My current home had an estimated closing date in October, I moved in at the beginning of June the following year.
  It is frustrating..... Check your contract to see if you have any options on backing out or getting your deposit money back if he doesn't complete.
  • October 02 2013
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