- Find a Real Estate Professional
- 82009 Realtors®
- Cheyenne Mortgage Lenders
- Cheyenne Home Improvement Pros
- Cheyenne Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- More
Replies (6)
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
Just think... the longer they wait, the lower your price! :-) Personally, I would not bind myself into a price until the home is built and ready for a key to be inserted. Many, many people have had to walk from their deposits because the price fell and they couldn't get a loan. So time is on YOUR side with falling prices. :-)
Good luck!
Good luck!
- BCsquared
- Contributions:2
Well, we did not put a deposit down - deposit is given at contract signing and we already agreed on a price that was signed by both parties on the binder. So we are "stuck" with the price agreed upon. The house is also complete (a few minor things need to be finished ie landscaping- but most things are done (kitchens, bathrooms, carpeting, doors etc etc).
- wetdawgs
- Contributions:26470
Hopefully you have a contingency that the house will appraise at the agreed upon price. If it doesn't, you won't get financing.
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
Let me get this straight... you agreed on a price and signed for it. Do I have my basic law wrong? Offer, acceptance, time, and consideration (money). You have given offer, acceptance, time, but no consideration... therefore, no legal, binding, contract. Pls check with your lawyer, I don't believe you are bound to the price. Along with no consideration, any reasonable time to finish forming this contract has expired. If not, fire your lawyer for writing a contract that makes you liable for an unlimited (or unreasonable) time to finalize the paperwork.
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
Furthermore, with a VERBAL acceptance on the agreement, you are ABSOLUTELY NOT held to this price or anything else. ALL written agreements counter verbal agreements, and THEY didn't give you a WRITTEN acceptance.
Sorry, but you have not bought this house, or have any obligation to this contract. Again, I'm NOT a lawyer, but basics should prevail. If you have a lawyer, s/he should tell you the same. IMHO.
Again, Good luck.
Sorry, but you have not bought this house, or have any obligation to this contract. Again, I'm NOT a lawyer, but basics should prevail. If you have a lawyer, s/he should tell you the same. IMHO.
Again, Good luck.
- Jeff Konstant, "jkonstant"
- Contributions:1970
Debts, much to my surprise I have just learned that in at least one state, a deposit is not required to make a contract binding. The contract itself is enough. I don't like it, but it is what it is.
As for the original question, I cannot answer whether it is normal for such a long delay, but it is what it is and your side of the transaction should have been initially handled differently. While most agents are not remotely qualified to draft new construction contracts, they should be qualified enough to ask for and receive a copy of the builders contract from the attorney in advance and then with the real estate purchase contract, a new and separate contract is drafted by the realtor, presented to the buyer's attorney for review and once cleared or modified then presented to the builder.
What is normal is the buyer makes the offer by presenting a contract to purchase and negotiations begin from the buyer's side offer, not the seller's side offer. In addition acceptance and compliance dates are common in any offer making both sides responsible. State law may in fact allow for failure to perform penalties including pricing adjustments.
As for the original question, I cannot answer whether it is normal for such a long delay, but it is what it is and your side of the transaction should have been initially handled differently. While most agents are not remotely qualified to draft new construction contracts, they should be qualified enough to ask for and receive a copy of the builders contract from the attorney in advance and then with the real estate purchase contract, a new and separate contract is drafted by the realtor, presented to the buyer's attorney for review and once cleared or modified then presented to the builder.
What is normal is the buyer makes the offer by presenting a contract to purchase and negotiations begin from the buyer's side offer, not the seller's side offer. In addition acceptance and compliance dates are common in any offer making both sides responsible. State law may in fact allow for failure to perform penalties including pricing adjustments.
Contract Question - Is this normal?
It is a month later and we are STILL not in contract.
The builders lawyer took a LONG time to write the contract and he is difficult to get in contact with to discuss changes with (there were A LOT of changes that needed to be made). Both our lawyer and agent have had problems contacting him.
We are getting very frustrated at how long it is taking to get a signed contract (we can not start the mortgage process until this is signed). Is it normal for it to take this long?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.