Builder asks for more options

[yunmingsong]

What is the name of your state (only U.S. law)? Virginia

We have worked on one new house deal about 2 months, our initial offer is $700K, and the builder holds one big amount of deposit $46,400. Our mortgage loan application has been approved based on $700K house value.

Basically builder agreed with our offer of $700K one month ago, but asks us to add more options around $150K. We do our best to add $33K, and yesterday they write us the following:

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Per your request of written counter offer on home site #85 your offer being $733,000.

Upper management has countered with best and final being $897,000. Meaning you must spend additional money in Structural and/or Design Studio options in order to purchase a home here.
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How should we deal with this case? Do we really need to sue them since their requirement doesn't make any sense and I have passed out quite a few good opportunities during working with them?

Please advise it at your earliest convenience.

Thanks a lot,

Yunming Song

[HomeGuru]

Originally Posted by yunmingsong

What is the name of your state (only U.S. law)? Virginia

We have worked on one new house deal about 2 months, our initial offer is $700K, and the builder holds one big amount of deposit $46,400. Our mortgage loan application has been approved based on $700K house value.

Basically builder agreed with our offer of $700K one month ago, but asks us to add more options around $150K. We do our best to add $33K, and yesterday they write us the following:

----------------------------------------------------------
Per your request of written counter offer on home site #85 your offer being $733,000.

Upper management has countered with best and final being $897,000. Meaning you must spend additional money in Structural and/or Design Studio options in order to purchase a home here.
----------------------------------------------------------

How should we deal with this case? Do we really need to sue them since their requirement doesn't make any sense and I have passed out quite a few good opportunities during working with them?

Please advise it at your earliest convenience.

Thanks a lot,

Yunming Song

**A: you are missing a lot of facts. For one thing, why would you even proceed with financing approval without a binding contract. Hopefully you can get your deposit back. You are being held hostage by the builder.