Builder backing out

California
We signed a standard purchase aggreement which was accepted by builder to buy a condo unit under construction.

That was a year ago and now property values have soared, while builders costs have gone up.

Contract was contigent on us providing pre-qual letter within 5 days - which we did.

Builder now wants to cancel contract saying that pre-qual letter was not sufficient. We have long ago received loan approval in addition to pre-qual

We have lawyer ready to file lis pendens and sue for specific performance if builder doesn't back down.

What determines "sufficency of prequal"?

Isn't there a general time limit to raise issues like this?

Builder signed - but didn't date his acceptance - does that matter?

We have opened escrow a year ago.

I feel good about our case, but have to wonder what his strategy may be.

[HomeGuru]

Check your contract and with your State office that registers new condo's.
In some states there is a public report and depending on what stage the report is in when the contract is signed, the Seller or Buyer may walk.