Home Builder 3 months past delivery date, interst rates jumped, cannot afford house now.

[Irishguinea]

What is the name of your state? Viginia

Buying a home from XXX homes in Virginia. In our meeting with XXX homes and my builder we were told once they got the down payment it would take two weeks to order supplies and 7-10 days to build the house (manufactured in their plant). They cashed our down payment on July 15th. House should have been delivered in mid-August. House will be delivered next week, Nov. 12th. Between that time interest rates have jumped from 3.5 to 5.25. That's a $268.00 jump in P&I payment a month plus over $100,000 in interest over the term.

There was no written contract for a delivery date (I know, I know....) only a verbal agreement heard by my wife, my builder and myself with a XXX homes rep.

If they do not compensate me on the final home price can I sue to recoup some of that difference. Their delays are pricing me right out of this house. I may have to sell it once it's done because I will not be able to afford the payment anymore.

Thank you for any help with this situation.

 

[Zigner]

Not likely, but you may wish to have your contract reviewed in its entirety by a local attorney.

 

[PayrollHRGuy]

Doubtful. Was a cause ever communicated for the delay in construction?

 

[HRZ]

I don't see an legal leverage in there ...jawbone leverage perhaps with builder to help get his recommended finance source to grant the lowest available rate ...perhaps,not perfect ....but may be only game in town .