Building a new home?
I found a link to a very interesting article on REALTOR(r) magazine online. Here is the abstract of the article:New-Home Contracts Get Tougher on Buyers
Buyers of new homes are discovering that their contracts with home builders leave very little wiggle room as settlement day nears.
Some consumer advocates and real estate lawyers who have been fielding calls from remorseful buyers in recent months say few contracts are as rigid and one-sided as those for new home sales.The contracts are "written in a way to give every possible edge to the home builder," says Allen J. Fishbein, director of credit and housing policy at the Consumer Federation of America.
Some developers have added provisions that block buyers from getting any "remedy" beyond reimbursement of their earnest money, even if the builder breaks its agreement. Other provisions keep consumers from taking the dispute to court — instead forcing them into arbitration.
Builders say they're trying to protect themselves against buyers who frivolously try to back out from completing purchases, and they say that buyers weren't complaining about the contracts during the boom, when many were earning a profit even before they went to settlement.However, it should be noted that in today's softer real estate market, an increasing number of builders are willing to work with buyers to keep the deal alive.Nonetheless, consumers should take precautions.
Jeffrey Silverstein, a real estate lawyer, say buyers should get legal help to insert contingencies in contracts that outline when construction will begin and what will have to happen for the buyers to get their deposits back.
The full text article can be found online at WashingtonPost.com.
Have a great day!
Labels: Buyers, New Construction
posted by jkballentine @ 7:04 AM
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