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thesmiths

Junior Member
What is the name of your state?What is the name of your state? Idaho

We are having a house built and we have a signed contract including earnest money.

However, now my company is crashing and I may have an opportunity out of state. If I back out of the contract can I recoup all or part of the earnest money I have paid?

Another fact is that the builder is behind schedule as we have already bumped the final walk-through (closing) from 9/12 to 10/27 and now an updated schedule is for a final walk-through on 11/2. Can I use this as a reason to back out? Also, with the market now the house can easily be resold for $10-15k higher than we are paying.

Any help is appreciated as we don't want to be out this money.

thanks,

thesmiths
 


pojo2

Senior Member
What does your contract say? Have you signed paperwork for each extension of time?

How would you sell the home, through an agent, there goes the 10-whatever gain you mentioned.
 

HomeGuru

Senior Member
thesmiths said:
What is the name of your state?What is the name of your state? Idaho

We are having a house built and we have a signed contract including earnest money.

However, now my company is crashing and I may have an opportunity out of state. If I back out of the contract can I recoup all or part of the earnest money I have paid?

Another fact is that the builder is behind schedule as we have already bumped the final walk-through (closing) from 9/12 to 10/27 and now an updated schedule is for a final walk-through on 11/2. Can I use this as a reason to back out? Also, with the market now the house can easily be resold for $10-15k higher than we are paying.

Any help is appreciated as we don't want to be out this money.

thanks,

thesmiths
**A: have an attorney review your contract.
 

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