ngo1
Posts:11
 | | 08/05/2007 5:33 PM |
 Alert | | I need some advice, I'm trying to cancel a contract with a homebuilder, they are telling me they won't return the money, it is their policy, but I noticed they haven't cashed the check yet? What can I do, can I stop payment? We did give them notice in writing? Help! | | | |
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IrishCream
Posts:277
| | 08/05/2007 5:49 PM |
Alert | I would think (although I do not have a leg to stand on) that if you gave them notice in writing, as well as the fact that they have not cashed your check yet, that you can "stop payment"!
I have never been in this situation, but I would think that you have some grounds for cancelling your contract! | |
“A foolish consistency is the hobgoblin of little minds.”
— Ralph Waldo Emerson | |
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jimbob
Posts:114
| | 08/05/2007 6:47 PM |
Alert | Usually those contracts state exactly what will happen if you cancel and what money you and the builder are entitled to. In our contract the only way we get our deposit back is if we can't qualify for a loan. It's very specific and we had to sign it.
Have you read your contract? If they told you they're not giving the money back I wouldn't try to stop the payment on the check. If you do that would probably be considered breaching the contract and they could go after you legally.
Would they try to go after you? Who knows. Right now they're hurting for sales but would have to waste time and money to collect from you.
-j
p.s. I'm definitely not a lawyer but we paid very close attention to our contract and have bought a couple new houses so that's been our experience. | |
Our website:http://jamesandchanin.com | |
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rule11
Posts:344
| | 08/05/2007 6:52 PM |
Alert | | yup, the contracts are very specific. if you can't not follow through with your contract, then you may have a chance to get your deposit back. most of the time, the buyer usually walks away with whatever deposit they put down rather than having a headache dealing with the builder. | |
i don't like people who uses "signature" on their profile. TAKE IT OFF!!! | |
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TheShermanator
Posts:277
| | 08/05/2007 7:59 PM |
Alert | | Did you sign the public report? If not, the contract should not be valid, until that is signed. That is how we canceled our contract, and received our earnest money back. | |
Formerly known as 'greytxracers'
"My greyhound is smarter than your honor student"
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ngo1
Posts:11
| | 08/05/2007 8:04 PM |
Alert | | Yes I did sign public report! They allowed me to split down payment into two, the first half was cashed but not the second half yet, I only signed about 4 weeks ago! This is so stressful! I'm afarid they will come after me if I stop payment on the second check! | | | |
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TheShermanator
Posts:277
| | 08/05/2007 8:05 PM |
Alert | Review your contract about refunding money for cancellations, and the reasons, but unfortunately you may not be able to get the $$ back.
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Formerly known as 'greytxracers'
"My greyhound is smarter than your honor student"
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Too_legit_to_quit
Posts:33
| | 08/06/2007 8:44 PM |
Alert | | call channel 3 | | | |
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CrownNCoke
Posts:810
| | 08/06/2007 8:49 PM |
Alert | | take your moneys and leave, you will never be contacted ahhahahaha until the credit pepsss got your number | |
The meeting of two personalities is like the contact of two chemical substances: if there is any reaction, both are transformed.
Carl Jung | |
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DingDong
Posts:252
| | 08/06/2007 8:52 PM |
Alert | | More info please.why are you cancelling your contract with the builder? I need more info. | |
DingDong
Senior Member
Joined: July 2005
" Yeah, definately yeah. " | |
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michmazz
Posts:40
| | 08/07/2007 12:28 AM |
Alert | I am with DingDong more info is needed.
But honestly, the builder most likely has the right to keep your money if it is stated in the contract. Generally, the builder's contracts are very clear about that. They do this specifically for people changing their minds frequently. While your reason may be valid, they protect themselves also.
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Michelle Mazzola | |
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ngo1
Posts:11
| | 08/07/2007 6:40 AM |
Alert | | It comes down to finances, I'm going to have to support my parents a bit more than I expected and have to be ready for that. It's a sacrifice but for my parents I'll do anything, especially as they are getting older. Can I just stop payment on the checks they have not cashed, they haven't even started building anything yet? | | | |
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ngo1
Posts:11
| | 08/07/2007 6:41 AM |
Alert | | any local realtor who has any good advice on this, please pm me! | | | |
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Fritzydoodle
Posts:959
| | 08/07/2007 8:57 AM |
Alert | I'm not a lawyer, but cancel my contract is an oxymoron. That is why you have a contract that spells out both sides of the agreement.
A tendered check is usually considered a form of contract. You give me XX, I'll give you this piece of paper with an assigned dollar amount attached. Putting a stop payment on a check nullifies one portion of the contract - but not necessarily the other. Example: you special ordered a yellow lollipop. To place the special order, you had to give the grocer a check for a dollar. The grocer placed the order but before you received it you decided you didn't want a yellow lollipop - you wanted blue jellybeans, so you stopped payment. Now the grocer has a yellow lollipop that no one else may or may not want. They are entitled to sue you for damages - the $1 that you stopped payment on. They upheld their part of the contract - you didn't.
Granted - that example is no where near your situation, but you see the point. Pay a couple hundred bucks and talk to an attorney who specializes in real estate law to see if you have a valid case to cancel the contract and get your money back. Or contact the homebuilder and see what you can negotiate. Otherwise, chalk it up to an expensive lession and lose your deposit. | |
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DingDong
Posts:252
| | 08/07/2007 1:07 PM |
Alert | | Also, If you are unable to sell a current home..then you will not qualify for the new home, right? or Go buy that new 50k dollar car you wanted and that should allow you to not qualify. Loss of income due to job change...I'm sure there is a loop hole. If we are talking 2k, 3k etc. it might be better to walk away....If the home builder sues you for breech of contract...your attorney fees will be alot more than ernest money lost. Good Luck to you. | |
DingDong
Senior Member
Joined: July 2005
" Yeah, definately yeah. " | |
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