a rather unique situation. normally u would lose the deposit, but i may have a small window to get a full refund. according to my contract, "if construction of the premises is not commenced w/in 10 months or substantially completed w/in 20 months of the date of sellers acceptance of this agreement and said failure is not caused by strikes, emergencies, acts of god, then buyers sole remedy shall be to terminate this agreement by giving written notice within 10 days thereafter and in such event, all sums paid shall be returned to buyer without interest" etc. so on march 5, 10 months have passed and we've had construction meetings, but no permits and no work done yet. i asked toll bros rep about this, and he said it didnt apply since we've had meetings to discuss. has anyone ever been sucessful cx? thx
tiguak said: a rather unique situation. normally u would lose the deposit, but i may have a small window to get a full refund. according to my contract, "if construction of the premises is not commenced w/in 10 months or substantially completed w/in 20 months of the date of sellers acceptance of this agreement and said failure is not caused by strikes, emergencies, acts of god, then buyers sole remedy shall be to terminate this agreement by giving written notice within 10 days thereafter and in such event, all sums paid shall be returned to buyer without interest" etc. so on march 5, 10 months have passed and we've had construction meetings, but no permits and no work done yet. i asked toll bros rep about this, and he said it didnt apply since we've had meetings to discuss. has anyone ever been sucessful cx? thx
If the Toll Bros rep is successful in pushing you off for another 5 days then they automatically win. In my experience, meetings about construction is not construction. Just like meeting about closing on the home isn't actually closing on the home.
You may want to consult with a lawyer, but at the very least draft a letter that you wish to terminate the agreement and request your refund. Mail it to the local office as well as the corporate and/or divisional headquarters.
Toll is probably different - don't they do custom homes? But the builders in our area (which is a big area, all new construction within the last 5 years, with lots more to go) stupidly allow "buyers" to get out of pre-construction contracts at no cost. Worse, in many cases at least, they let these presumed buyers pick options for the homes. Mostly from their standard "menu", but we've seen cases that turned out to be big negatives.
One had weirdly put a shower in their downstairs guest bathroom - not anywhere near a bedroom mind you. It also had very dark hardwood floors and even darker kitchen cabinets. Nice quality stuff, but the result was very gloomy. The builder rep who showed it to us seemed pretty desperate - discounting their discounted price before we even showed any real interest.
The people we bought our house from had a contract to buy a condo to be finished in May. They had some change in circumstances and recently bought a different townhome nearby. No penalty at all.
I guess when these builders started this development in 2003 or so, losing a preconstruction contract was no big deal, and they probably wound up getting better prices in many cases. But they were still doing it early last summer, apparently no commitment from buyers.
Stand up guy
posted: Mar. 10, 2008 @ 6:51p
OP, exactly what is it you want? Do you want to prod the builder to start work, or do you want out altogether?
Senior Member - 2K
posted: Mar. 10, 2008 @ 7:23p
sounds more like buyer's remorse to me
posted: Mar. 10, 2008 @ 7:36p
send the letter of cancellation ASAP to preserve your rights!
posted: Mar. 10, 2008 @ 8:34p
we are happy with the purchase, in this area the home seems reasonable. it'll run about 1.2 mil. we looked at homes between 1.4-1.7 figuring that if we did cancel we would be able to scoop up the higher priced properties at a bargain, but those home are much to big, or the features are not optimized for a young family (ie, 2nd floor playroom and laundry, walkout basement and location near playground). We ARE debating whether toll would offer any incentives if we were to try and cx. when we first signed up there were no incentives because the development was almost sold out.
Senior Member - 2K
posted: Mar. 10, 2008 @ 9:08p
For some reason I tend to think that any Toll Bros house at 1.2 million in this disaster of a real estate market doesnt sound like a great deal to me. I could care less about the 1.4-1.7 million dollar houses from Toll also. 1.7 could drop by god knows how much as things are getting worse for these builders. A few years ago they were in the catbird seat. The party is now over.
Take a look at tol stock and pull up the news and info about the company from yahoo etc. I can guarantee if you make noise like you are going to cancel Toll will do everything they can to keep you in the game. Especially if you have the ability to get the loan done etc.
Good luck Rob
posted: Mar. 10, 2008 @ 9:11p
If you want to cancel, send them the letter the second that option is in the money. Be aware that you might have to use a lawyer to defend your right however.
If you are just trying to get some incentives, don't waste your time.
posted: Mar. 10, 2008 @ 9:19p
thanks for all the help. it ends up that there are several foreclosures in a very nice gated golf community near the hospital i work. i think we'll end up cx the toll bros account and try bidding on the foreclosed properties. in the event we fail, we figure we can always restart with toll and maybe get some more incentives!
posted: Mar. 10, 2008 @ 10:34p
one other factor was the fear that we wouldn't be able to sell our current home. if we had to carry 2 mortgages, our current home would be a total of 3500 a month (mortgage, assessment, prop tax). and if we rented it out would only rent for 2000 a month. cx now would allow us to sell current home first and then close on the new one (renting another place if we need to while they build).
Senior Member - 1K
posted: Mar. 11, 2008 @ 4:01a
If you want to cancel, then hire a lawyer to review the contract and tell you your options.
posted: Mar. 11, 2008 @ 12:09p
ArbolLoco said: send the letter of cancellation ASAP to preserve your rights!
If you go the DIY route, make sure to send it certified mail (at least) to prove you mailed it.
posted: Mar. 11, 2008 @ 6:29p
funny. while my lawyer is drawing up the letter i stopped by the office and the sales rep tried to get me to sign an addendum removing that 10 month cx clause. of course i didn't sign...
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