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Originally Posted by Pturner
We bought a resale, so the terms they "demand" are new to me too. Did they at least tell you what the interest rate would be before you signed? If not, and you still have time to get out of the contract, frankly I think I would. Resales are sounding better all the time!
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Yes, they quoted the rate and we can lock-in today at 5%. Bank of America was 4.62% and that would be $50/mo savings. But BofA said there's no way they can meet the closing date, especially now (holidays). At this point, I'd be afraid to go with anyone but Citizens since the contract penalties. are so harsh. That's the way they want it. We can still get out of the contract. If we do, we'll be looking at pre-owned. We really want to be here. We like new build and we'll probably look for nearly new. We're going to try one more time to get some kind of exception from penalties in the event someone else fails in their responsibility, but I'm not hopeful.
It's almost comical. The contract says if missing the closing date is caused by the seller they're responsible for actual incurred cost for lodging, one meal a day, and furniture storage. On the other hand if closing is delayed
and not caused by the seller, the buyer will pay the seller for water, sewer, electrical, lawn and landscape, monthly amenity fees, interest on remaining balance (prime +1 1/12%), $250, and any Discount will be added back into Purchase price. Note that buyer accepts responsibility for any and all delays not caused by seller, that means Bank failures, delays in inspections, the appraiser gets hit by a beer truck, sudden surprise hurricane, or a stray meteor hits the Sales Center. It's hard to believe they demand we accept responsibility for the promptness of all their organizations. But that's the way it is.