 |
House Being Bult |
| |
 |
Last January, we got in a contract with a builder to build a home in Lubbock Texas for $290,000. I am from Illinois and moving there in August. I am wondering what will happen if the valuation of the house at the time of closing is less than $290,000. Can I bargain at that time? If not, can I walk away? Our contract has a earnest money of $3000. |
| |
| |
 |
You are bound by your contract, and should certainly consult a lawyer, in the area where the property is located, before trying to get out of it. Perhaps it contains some clause that would cover the situation -- if you were unable to obtain financing because the value had dropped, for instance. I can't tell from here.
But in general, you can't just ditch a contract without facing penalties. In some cases those might be for more than just the loss of your earnest money. |
| |
|
Edith
Originally published on May 2, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
