Signed but backed out with no consideration

[quincy]

I made the decision to go forward with building the house. That's actually the easiest way out of this headache.

That is certainly one way to solve the matter.

Good luck.

 

[smutlydog]

Live and learn. I'd strongly suggest that in the future you not only have a lawyer look over your contracts before they are signed but work on your bidding skills.

How did you discover you under bid and what have you done to make sure it never happens again?

I look at the square footage and cost of previous projects and compare that to this project. Today the electricity bids and central air bids came in those are as predicted. My stepson handled the initial meeting with the buyer. I signed though so it's my responsibility. Next time I want to do a contract which includes a budget plus 15% or more. What I will do is inflate the budget about $4000 and include a provision that the cost could be $5000 higher in the final price. If my projections are accurate the customer saves $9000 if not the home ends up costing $5000 more than expected.

 

[quincy]

I look at the square footage and cost of previous projects and compare that to this project. Today the electricity bids and central air bids came in those are as predicted. My stepson handled the initial meeting with the buyer. I signed though so it's my responsibility. Next time I want to do a contract which includes a budget plus 15% or more. What I will do is inflate the budget about $4000 and include a provision that the cost could be $5000 higher in the final price. If my projections are accurate the customer saves $9000 if not the home ends up costing $5000 more than expected.

The cost of lumber has skyrocketed so I hope you figured these costs into your original bid.