Builder buying home back

What is the name of your state? Wi

We bought our home from the builder 2 years ago, within 6 months of purchasing we noticed major foundation problems with this home (built on a concrete slab). Since then we have been in contact with the builder he has finally agreed to buy the home back, after we consulted an attorney and started legal action. The builder is only willing to buy the home back for the original purchase price. We have been making payments, tax payments...ect. in the last two years, and have made minor improvements in the house in the event that we would end up needing to sell it out right. The fair market value is now 10,000 more than what we purchased it for, do we insist the builder buy it for fair market value, or accept the fact that we are finally getting out of this nightmare, and sell it back to him at the original purchase price? He is also saying that he wants the original real estate agent fees recouped so that $$ would come out at closing, along with any closing costs. We put a down payment down of 20,000 on this house, and if he is going to take out all of these fee's then we walk away with less than what we put into it. What are your thoughts?

Thanks in advance!

[JETX]

Simply, you got to live somewhere virtually rent-free for two years.

How much do you figure that house would have rented for??

If the fair rent was $900 a month, you would have paid $21,600 in rent for the 24 months!!

If the fair rent was $1200, your rent would have been $28,800!!

So, how much did you SAVE by getting rent-free housing??

And, on top of that, you got to write off the first year (or two?) of interest payments!!

So, consider the HUGE savings that you are getting... and the savings of several thousand in legal fees if you were to go to court ..... with no guarantee of winning.

Thank you for your response. I was thinking along the same thoughts as you, however, (and I don not disagree with you at all) but when you purchase a home. Do you not consider that an "investment" (a good one at that) my meaning is..dont you consider the home to increase in value? We did not "rent" this home per say, but I agree that we will have lived here virtually "rent" free. But we purchased the home as a first time home buyer, only planning to own the property for up to 5 years and then sell it for more than what we purchased it for, to "upgrade" to a larger home. Does that make sense..anyway, my thought on the subject was that we should get some sort of equity out of the home.

But I do totally see what you are saying, and what the builder probably already thinks too. I was just thinking about it and had to wonder if we should push it any further.

I guess you are right and we should just be happy that he is buying it back after this whole ordeal.

Thanks again! I appreciate it!

[HomeGuru]

I agree with JETX and have negotiated many "buy-backs" in new construction due to construction defects.
If you think you are not getting a good deal read some horror stories at [url]www.hadd.com[/url]

Thanks homeguru! I have actually been to that site many times, our foundation is cracked like what you see there. So I completely understand!!

I agree with the both of you, and we will take our losses, and just move on. I mean we will have lived there for free anyway...so i guess that's not all that bad of a deal.

Thanks guys

[HomeGuru]

[quote]Originally posted by kwatson122
[b]Thanks homeguru! I have actually been to that site many times, our foundation is cracked like what you see there. So I completely understand!!

I agree with the both of you, and we will take our losses, and just move on. I mean we will have lived there for free anyway...so i guess that's not all that bad of a deal.

Thanks guys

**A: good luck to you.
What you are going through really pisses me off to no end.
Believe me, I know what you are going through. In an age where we can fly to the moon, make nuclear bombs and clone animals, we should be able to build a home correctly.

amen!! Isnt that the truth!!

Thanks for being so helpful on both of my questions, I really do appreciate all of your opinions and trust your advice! You really are a hero to me, along with brokerE and halkat..Thanks to everyone!

[HomeGuru]

[quote]Originally posted by kwatson122
[b]amen!! Isnt that the truth!!

Thanks for being so helpful on both of my questions, I really do appreciate all of your opinions and trust your advice! You really are a hero to me, along with brokerE and halkat..Thanks to everyone!

**A: we were not telling anyone but since you let on ok, HomeGuru, IAAL and Halket are the main Super heroes of this website. There is no brokerE here although I once jammed with Shelia E.

lol!! my mistake..Thank you Homeguru, IAAL, and halket! You are all my hero's!

[jusme]

kwatson122--

I agree with you about HomeGuru.IAAL,and Halket. I haven't had any posts from Halket,but have read some of his and they all seem to know their stuff. I feel that HomeGuru and I are partners(I don't know about crime, ha). He has helped me so much and in my thread there seem to be many questions at this time. Thank goodness for this forum as I feel I'm between a rock and a hard place.

Good luck to you and hope your situation turns out good for you.

jusme

[HomeGuru]

This is great. Postive feedback rather than complaints.

jusme-

I agree with you, these guys(or ladies) do know their stuff, and I just cant get over how helpful they have been to me..(i have another thread on the buying & Selling forum) They have answered so many of my quesitons I cant beleive it!! I am just thrilled to see that they really do care and give the best advice they can!

So hats off to you guys/gals!! Keep up the great work!

I am glad that i can give you positive feedback, and am sorry that you do get some nasty complaints! It is nice to hear positive once in a while..LOL

[jusme]

kwatson122--

Can you imagine the time it takes to cover these forums and help people like myself. Doesn't make any difference if they are lawyers,indian chiefs or anything this is time consuming for them and I appreciate like you for the help they offer.

jusme

[JETX]

Whoa, now, ya'll!!
My head is already spinning from the compliments and appreciation noted. And, NO whiney ass complaints.... well, not on this thread at least.

Seriously, thanks for the good comments!! They are rare and much appreciated!

ok me again..I have another situation with this builder..for some reason I cant figure out he is trying to "stall" the process. Is there some reason he would be doing that? Meaning is there any laws in wisconsin that state he would not be liable after so many years?

This is what he has up his sleeve, he is saying that we should sell the home ourselves for fair market value, and that he would help with filling out a discolosure to make sure that everything is covered. Then he goes on to say that he will "idemnify" us..so that he is responsible for any work that needs to be done that the buyer does not want to take on? Is that the true meaning of "indemnify" (sp?)

I do not at all want to sell this home ourselves with or without him fixing the issues..the damage is already far gone that I dont even think that "fixing" the cracks in the concrete are going to help any..we are also getting water in heat vents...blah blah blah No water up through the cracks but we also have plumbing issues which are probably due to the cracks in the concrete.

Sorry to keep this so long..thanks for any input.