New home prchase, seller addendum error.

What is the name of your state? California

My wife and I purchased a new home in San Diego County. The Builder listed the home at $605,000 in June and we purchased it. In October after flooring and options were finalized we received and addendum to sign at their office. This was a few weeks after the builder changed an option of the Community and removed the pool/spa and replaced it with a mini park because of zoning issues. We were all sent letters about credits and such for HOA's and most of us agreed to the changes. So eventually we signed are new/final addendum in late October and it was for $579,000 and with options came out to $597,000. At the time we thought it was less then what we originally agreed to pay for the house, but figured since we didn't have a community pool anymore, that this was the new price. We asked the sales associate if this was the new final price and she said yes. We all signed the addendum, she signed the addendum and I submitted it to our loan broker. We locked in our rates and are less than 30 days from closing.

We got a phone call this morning stating that we signed the wrong addendum, and are final price should have been $623,000. They faxed us a new addendum and said we had to sign it and send it back. This requires us to get new financing and new higher rates then when we locked. Also we will not be able to close by our close date in December.

Are we obligated to sign the new addendum?

What is our liability if we refuse to sign?

If forced to sign, is the builder responsible for extra fees or rates we incur?

Thank you,

-jack

[HomeGuru]

Originally Posted by jackflack

What is the name of your state? California

My wife and I purchased a new home in San Diego County. The Builder listed the home at $605,000 in June and we purchased it. In October after flooring and options were finalized we received and addendum to sign at their office. This was a few weeks after the builder changed an option of the Community and removed the pool/spa and replaced it with a mini park because of zoning issues. We were all sent letters about credits and such for HOA's and most of us agreed to the changes. So eventually we signed are new/final addendum in late October and it was for $579,000 and with options came out to $597,000. At the time we thought it was less then what we originally agreed to pay for the house, but figured since we didn't have a community pool anymore, that this was the new price. We asked the sales associate if this was the new final price and she said yes. We all signed the addendum, she signed the addendum and I submitted it to our loan broker. We locked in our rates and are less than 30 days from closing.

We got a phone call this morning stating that we signed the wrong addendum, and are final price should have been $623,000. They faxed us a new addendum and said we had to sign it and send it back. This requires us to get new financing and new higher rates then when we locked. Also we will not be able to close by our close date in December.

Are we obligated to sign the new addendum?

**A: read your sales contract.
*****

What is our liability if we refuse to sign?

**A: see above.
********

If forced to sign, is the builder responsible for extra fees or rates we incur?

**A: see above.
******
Thank you,

-jack

**A: you're welcome.

[kingston]

You already stipulated the terms of the purchase in the contract
The addendum has to be agreed upon by both parties no need to sign but as previously suggested make sure you read the contract understand it