bump

I guess I am confused too! Or, something is missing from the story. Last year, Mom and I built a designer home in The Village of Charlotte. We are both retired. Citizens First knew from the start we were going to rent our home out long term, unfurnished as my 88 year old mother doesn't want to move to TV full time. We had to put down a larger down payment and have a higher interest rate but we got the loan for our new home.

I hope everything works out for you.

Talk to Glenda Adams at Citizens. She is very helpful.

Never said "for whatever reason". Sometimes common sense need to prevail.

I asked about the deposit when it looked like we might not want the lot we initially chose and I'm pretty sure they said the deposit would be put in escrow until we picked a lot. If you choose to not build at all your deposit is probably gone to the developer. Call the sales office for the true answer. Lots of opinions here.

I would fight for the money to either be switched to another lot or the timeframe extended. our rep had told us that each case is evaluated on a case by case basis.

Generally when you buy a home you put down a deposit. Since we both sold & bought a home recently I looked at our contracts. They do indicate that if the buyer backs out for ANY reason (other than previously agreed to conditions) they lose their deposit as mitigated damages.

Without seeing your contract, I am guessing that your contract reads more or less the same.

I think it would be best if you got your attorney involved in this process so that you have another voice working on your side.

Why is this an issue on this forum? It seems like a private matter. The OP signed a legal contract.

ANY day now, I expect Sweetie to welsh on the one he signed 51 years ago. I am a load. I hope he doesn't. A contract is a contract.

Good to know... especially if one intends to build in TV.

When you put a deposit down on a contract to buy real estate anywhere it is the same.

We are all grown ups here with very few property virgins.

I also would like to remind any potential buyers that on a new home you can only use a conventional mortgage with no contingincies.

AND that there is an additional bond amount for a typical designer of about 23K that is not part of the price. AND that the IRS issue is still pending.

Please everyone who would like to live here do your due diligence. We should be aware of most of this stuff if we are over 55 years of age.

AND just about every home has a dog here and every single dog here poops.

AND you are taking your life in your hands in January, February and March to drive, ride a bike, a golf cart or walk ...

I am getting a headache.

If you cannot transfer your deposit to another lot or home in order to delay building, and cannot obtain a mortgage for the new house, perhaps you might consider a line of credit/home equity loan, etc. on your primary residence to get you the funding needed for the short term. Just a thought as 7500$ is a lot to leave on the table.

May I suggest you try a different source financing then Citizens First? Maybe another bank would help you out.

The o.p.'s earlier post says this is a "2nd home". If I had a home in California.....from which several couples we know have moved here to get OUT of their falling home values that once were $900,000 but now are $350,000 "if you can find a buyer".....I would not make a contract to buy a $500k+ premier one here until the first one is sold. Or I'd buy a nice villa here for about $200k.

And I would not air on the web my personal money-management skills or lack thereof.

:ohdear:
Wow Gracie. Sounds like you are having a bad day. I hug is always nice when that happens. BUT... hehe.. I feel the EXACT same way as you have stated. You just usually are more diplomatic than others. A contract IS a contract! Everyone tries to get out of it when they don't like it and say they didn't know. Never hurts to ask I guess. The house thing.. Well it makes for a good laugh every time we read some of these too. Why don't people do their DUE diligence when they buy ANYTHING let alone a sizable amount such as a house! Asking for answers here versus going to the source amazes me sometimes. Sure it is nice to get others opinions and recommendations from previous experiences. But each person has different personal situations THEY need to address. We are HOW OLD and what have many been doing all their LIVES that they ask these types of questions on the forums? Nuff said...

Is a deposit on real estate refundable in any state?
 

Wonder if a person would know that if they were a real estate broker?

I am not.

I know someone who is.

I could never work in real estate, too many intrigues and too much pressure.