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Pulling out of exchanged contracts on new build
Comments
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Yep. You've made a commitment to buy.
The sellers have made plans and paid out on things (materials, salaries, ect ect) on the basis you honour your agreement.
They aren't really going to smile it away, and say 'Ah, it's ok chief, we understand, you agreed and signed the contract to buy before securing the money... no problem, we'll just take the loss ourselves.'
This seems what you expected their position to be.0 -
I did, back then for 95% LTV (and they would have even given me 100% back then). Of course after 3 months they withdrew the offer!....this was just before the credit crunch....i was also in a "secure job" back then!
Surely I can't be the only buyer in this market wanting to pull out...
No your not!!
http://www.berkeleyhomescollective.com/
AMDDebt Free!!!0 -
yes, went on that webpage, thanks a lot, i hope other people in my position see this too.0
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I know this is not much help, but what was the reason for exchanging contracts on a property that was not built, as opposed to just putting down a goodwill deposit?0
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