What kind of compensation can you get for a long, long extended closing date?
I am waiting to close the deal on a new house that was projected to be completed a by August 1st. That house is still not completed because of numerous complications. I have been paying storage fees on furniture, rent, etc, that is costing me money. I think it is the builders fault, the bank is waiting too. My loan has been approved, so that is not the problem. I am about ready to give up. The last time I saw this house, the kitchen still needed cabinets, the carpet needs to be installed, the porch needs steps, the bathroom was made without a tub, just the walk in shower that wasn’t asked for, or discussed with me, the walls were not painted, and there are no sidewalks or no landscaping at all. I have been told so many closing dates that now no one seems to know. Please help me. Since this has all started, I went into complete cardiac arrest and had to be revived with those paddles four different times before I went to normal rhythm. Thank you for your help. I am at wits end! Jerlean
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Unfortunately in new construction extended delays are very common. Usually the contract will have an "outside date" by which the builder must complete or you can cancel and get your money back. If your contract does not have an outside date for completion then try speaking to the builder. If the contract is very old then the builder may be willing to let you out of the deal and return your deposit because they could probably re-sell the house for more money now. If you don’t get anywhere with the builder, then try speaking to a real estate attorney. It may be time to send the builder a letter making "time of the essence of the contract", which means that if the builder doesn’t complete within a certain amount of time you are declaring the builder in default, terminating the contract and demanding the return of the deposit. This road usually leads to a lawsuit in the future so it’s best to try speaking calmly with the builder first.
If your not in a contract I would walk away!!!! Sounds like someone to watch out for. Make sure he pays all of his sub contracters
any compensation for construction delays should be in the contract. if not you are out of luck.
i assume they have a non refundable deposit that you would lose if you backed out. read the contract.