Can the builder make me buy this house??

[JLH]

What is the name of your state? Yuma Arizona.

Hi Gang,
Great forum you have here !

My question pertains to the purchase of a new home.

I put a deposit of $5K on a home in Yuma about 4 months ago..The house was completed 2 weeks ago and I went to do my final expection.

I did my walk through and found the house to be satisfactory..Upon leaving the area I noticed a tremendous amount of house's for sale and for rent...I wanted to purchase this home for rental property and decided that it would be best for me to just walk away from my $5K deposit rather than get stuck with a vacant home..So I called the contractor and left him a message saying that I wanted to cancel my purchase of the house.

The builder sent me a fax saying that I am obliged to purchase the house and the deal can not be cancelled..Keep in mind I have not signed any final loan ducuments or Title documents.

Any and all advice on this matter would be GREATLY appreciated.

Tks

[JLH]

Originally Posted by SleezeAtty

My response:

Yeah, just walk away. No one will find you for a lawsuit in Afghanistan.

IAAL

WTF is that supposed to mean?

[acmb05]

Originally Posted by JLH

WTF is that supposed to mean?

It means congratulations on the purchase of your new home.

You maybe should have checked the market out BEFORE you decided to purchase.

[JLH]

Originally Posted by acmb05

It means congratulations on the purchase of your new home.

You maybe should have checked the market out BEFORE you decided to purchase.

What milk truck did you fall off of?? In case you didn't know the real estate market is dynamic It can change at a moments notice.

[pojo2]

What everyone is trying to tell you is that the seller does not have to settle for JUST that 5K they can sue you for many thousands more.

Unless you do not have a signed, sealed and delivered purchase contract. Read that sentence it says nothing about up until you have your loan it says purchase contract!

[moburkes]

Originally Posted by JLH

I put a deposit on a home in Yuma about 4 months ago..The house was completed 2 weeks ago and I went to do my final expection.

You mean inspection, don't you? So the market changed GREATLY in 3 1/2 months?

Upon leaving the area I noticed a tremendous amount of house's for sale and for rent

So, none of these homes were for sale 3 1/2 months ago?

In case you didn't know the real estate market is dynamic It can change at a moments notice.

Yes, since the real estate market IS dynamic, you obviously considered all of the pros and cons before you put put down the deposit, correct?

[JLH]

Since I received ZERO constructive feedback from this pathetic forum i spoke to my attorney this afternoon..Bottom line is liquidated damages are set at the deposit amount and as long as I give up my lousy $5K deposit i'm not responsible!

[Zigner]

Originally Posted by JLH

Since I received ZERO constructive feedback from this pathetic forum i spoke to my attorney this afternoon..Bottom line is liquidated damages are set at the deposit amount and as long as I give up my lousy $5K deposit i'm not responsible !

So...
You come to a free site and leave a 9 line message and then get pissed when you don't get exactly the advice you are looking for.
So, you run off to your attorney and show him your ENTIRE AGREEMENT, which none of us had privy to. And then you come back here complaining?

Just want to make sure I got it right