[Rbgold]

Originally Posted by graciegirl

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.

[Steve & Deanna]

I would re-read the contract to see if there are any stipulations as to WHEN you have to build a home. If there are no time restraints, sound like the land should be yours...but then again, I'm not a sidewalk lawyer.

[graciegirl]

Who knows? But you shouldn't kid around with a girl scout.

My mom said that.

Even an old girl scout.

[justjim]

When we bought our lot on the golf course you had a year to build. I heard it was 3 months to start now. Interior lot I heard was 6 months. Don't panic and do look at all your options. By the way, we have a mortgage from our bank in Illinois that we have done business with for several,years. We got a lower rate than we could get here. Check around---you still have some time.

[Bogie Shooter]

Agent in TV? Sorry, reread OP, agent somewhere else.........with different laws.

[mickey100]

Well, it may be a lousy contract but yes, you signed it and have to abide by the consequences. I agree with others that just because Citizens won't give you a mortgage, there may be other banks that will, possibly at a higher rate of interest. But once home is bought, and your finances straighten out, you should be able to re-finance if you choose your lender carefully. I'm glad you shared your situation, so others will know how the Developer operates and they can avoid this scenario.

[stuckinparadise]

When we bought our lot we paid the deposit knowing that it was only holding that piece of land. If we did not build within a year, we had two choices: a. Find another lot (your year deadline would start at that point) or b. Lose your deposit. We were able to build on the original lot, so it all worked out. Our sales rep. told us that he worked with a couple who changed their minds 4 times using that same deposit until they finally had a home built.

[gomoho]

Gracie - in North Carolina the contract has a "due diligence" clause and during this time the buyer can get their deposit back for "no reason or any reason". The idea behind this change that took place a few years ago was the buyer would also have to pay "due diligence" money that would not be refunded if the sale fell through and applied to the sale if a closing occurred. Problem was the market was so bad there were very few buyers willing to pay due diligence $ and it wasn't really enforced. Don't know if things have changed or not with the market improving. So yes, there are some states where you can get your earnest money deposit returned.

[gomoho]

Okay - I'll ask - Angie are you same Angie that is a successful REALTOR in Cali and holds an inactive license in Florida???

[Bogie Shooter]

Originally Posted by ilovetv

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.

That pretty much sums it up! Like your last sentence................