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Alex Esquire
Alex Esquire, Attorney at Law
Category: Real Estate Law
Satisfied Customers: 16721
Experience:  Experienced Licensed Attorney / Real Estate Law Mentor
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I bought a home of which had a 20k lot premium biggest lot

Customer Question

I bought a home of which had a 20k lot premium for the biggest lot in a new development, and only had to pay 2% of the sales price at the time of contract initiation. The rest of what was owed was not due until signing. Ours was a cash buy for close to 400k. I was the first contract buyer in the development. We didn't close on our home until October 1, 2015; that of which they threw my home together the last month in a half prior to closing after the developer/builder finally realized they had a shotty foreman. Now, the builder/developer has dropped home plan prices by 100k. They aren't even offering my home plan anymore (funny huh?), but yet are offering a home plan with 20 more square feet than mine for 100k less. Do I have any rights? Especially since I entered contract under the impression all the homes ranged from 240k to 355k. Now all the homes they are building range from 199k to 240k but with the same square footages. They also introduced new home plans. The shear fact that I paid close to 400k for my home that is 2993 sq. feet, but took my home plan out of the equation and are offering one that is 3033 sq. feet for 240k base price; I am livid and feel deceived. I will now never make the money back on my home.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Alex Esquire replied 1 year ago.

Hello. My name is***** will be happy to answer your question.
I am sorry to hear about this unfortunate situation.
Please note, I cannot comment on your specific situation, as this services is only limited to general information and for any legal advice / legal service you should contact your local attorney.

Unfortunately, generally, if the home buyer had agreed to a price, signed a contract and then closed on the house at the agreed price, unfortunately, there would generally not be any legal recourse if the developer / builder decides to reduce the prices for any unsold homes in the development, due to marketing, economy or market reasons.

I am very sorry to provide you with this bad news, but please understand that I do have professional obligation to provide customers with correct answers, even when answer is not favorable to the customer.

I wish you the best of luck and God bless you!

Expert:  Alex Esquire replied 1 year ago.

Please let me know if you have any related follow up questions?
If not, please positively rate and accept my answer, so I can be compensated for my work.
Thank you.