Soylent Green Is People said:It's not really a case of finding a good lawyer, but making certain you have a good case first. It may not be in your better interests here to give too many details, so my post is more of a general overview than specific to the original posters circumstance.
The suggestion of a substitute buyer is a good one. Most builders will be OK with this arrangement, providing they don't crash and burn as well. You may have to close with the builder on a Monday at $1.x, then re-sell to the other buyer on a Wednesday at $1.050, closing on the following Monday and your obligation will be cleared. In this scenario, one would be wise to use the same Title company since getting data using a less expensive Title or Escrow company is practically begging for a delay. Remember that your 1st payment won't be until another 30-45 days into the future so you have time to get out of this obligation with your deposit intact. Any builder re-sale restrictions are 100 percent unenforceable so don't worry about those.
From what I've seen if one has a contract with IP, an attorney will run at the gates doing their best LEEERROOOOY JENKINS!!! impression, and promptly get kneecapped. Better to know now than to realize this far down the road when better choices could have been made.
What makes a good case for refunding a deposit?
1) Death of co-buyer (not death of non-occupant co-borrower)
2) Documented OUT OF STATE employment relocation. In state relocation? You're out of luck.
What doesn't make a good case for a deposit refund?
A) Loan turn down/Bad Rates/Unfavorable terms - That's not the builders fault.
B) Contingency not selling or not getting enough equity out - See above.
C) Loss of down payment in stock market/401k/gift from someone - also, see above.
D) Better lot - Substitute buyer is best.
E) New phases getting concessions/pricing breaks - That's capitalism, and not reason alone for quitting a contract.
F) Uncertain employment, loss of job. Sad, not a good thing, but not something the builder is at fault with.
G) Construction Defects - That's a question for binding arbitration as per the contract.
H) Undisclosed health hazards - Really? Here in California? The most disclosure happy place on earth? Not going to win with that.
I) Inability to insure. Cal Fair Plan, while expensive, still is an option.
J) Price, with options, now outside of budget. There are plenty of financing options to consider. To quote Mick and Keith "You can't always get what you want, but if you try sometime you will find you get what you need" - and no builder refund will be given.
This list can go on and on. I'd encourage others to tell their experience in getting a deposit back from a builder. Some will work with you if you work with them first. If you pull the "my attorney Saul Goodman will be in touch.." card, don't expect a favorable outcome via Slippin Jimmy on your behalf.
My .02c
Soylent Green Is People said:It's not really a case of finding a good lawyer, but making certain you have a good case first. It may not be in your better interests here to give too many details, so my post is more of a general overview than specific to the original posters circumstance.
The suggestion of a substitute buyer is a good one. Most builders will be OK with this arrangement, providing they don't crash and burn as well. You may have to close with the builder on a Monday at $1.x, then re-sell to the other buyer on a Wednesday at $1.050, closing on the following Monday and your obligation will be cleared. In this scenario, one would be wise to use the same Title company since getting data using a less expensive Title or Escrow company is practically begging for a delay. Remember that your 1st payment won't be until another 30-45 days into the future so you have time to get out of this obligation with your deposit intact. Any builder re-sale restrictions are 100 percent unenforceable so don't worry about those.
From what I've seen if one has a contract with IP, an attorney will run at the gates doing their best LEEERROOOOY JENKINS!!! impression, and promptly get kneecapped. Better to know now than to realize this far down the road when better choices could have been made.
What makes a good case for refunding a deposit?
1) Death of co-buyer (not death of non-occupant co-borrower)
2) Documented OUT OF STATE employment relocation. In state relocation? You're out of luck.
What doesn't make a good case for a deposit refund?
A) Loan turn down/Bad Rates/Unfavorable terms - That's not the builders fault.
B) Contingency not selling or not getting enough equity out - See above.
C) Loss of down payment in stock market/401k/gift from someone - also, see above.
D) Better lot - Substitute buyer is best.
E) New phases getting concessions/pricing breaks - That's capitalism, and not reason alone for quitting a contract.
F) Uncertain employment, loss of job. Sad, not a good thing, but not something the builder is at fault with.
G) Construction Defects - That's a question for binding arbitration as per the contract.
H) Undisclosed health hazards - Really? Here in California? The most disclosure happy place on earth? Not going to win with that.
I) Inability to insure. Cal Fair Plan, while expensive, still is an option.
J) Price, with options, now outside of budget. There are plenty of financing options to consider. To quote Mick and Keith "You can't always get what you want, but if you try sometime you will find you get what you need" - and no builder refund will be given.
This list can go on and on. I'd encourage others to tell their experience in getting a deposit back from a builder. Some will work with you if you work with them first. If you pull the "my attorney Saul Goodman will be in touch.." card, don't expect a favorable outcome via Slippin Jimmy on your behalf.
My .02c
Soylent Green Is People said:It's not really a case of finding a good lawyer, but making certain you have a good case first. It may not be in your better interests here to give too many details, so my post is more of a general overview than specific to the original posters circumstance.
The suggestion of a substitute buyer is a good one. Most builders will be OK with this arrangement, providing they don't crash and burn as well. You may have to close with the builder on a Monday at $1.x, then re-sell to the other buyer on a Wednesday at $1.050, closing on the following Monday and your obligation will be cleared. In this scenario, one would be wise to use the same Title company since getting data using a less expensive Title or Escrow company is practically begging for a delay. Remember that your 1st payment won't be until another 30-45 days into the future so you have time to get out of this obligation with your deposit intact. Any builder re-sale restrictions are 100 percent unenforceable so don't worry about those.
From what I've seen if one has a contract with IP, an attorney will run at the gates doing their best LEEERROOOOY JENKINS!!! impression, and promptly get kneecapped. Better to know now than to realize this far down the road when better choices could have been made.
What makes a good case for refunding a deposit?
1) Death of co-buyer (not death of non-occupant co-borrower)
2) Documented OUT OF STATE employment relocation. In state relocation? You're out of luck.
What doesn't make a good case for a deposit refund?
A) Loan turn down/Bad Rates/Unfavorable terms - That's not the builders fault.
B) Contingency not selling or not getting enough equity out - See above.
C) Loss of down payment in stock market/401k/gift from someone - also, see above.
D) Better lot - Substitute buyer is best.
E) New phases getting concessions/pricing breaks - That's capitalism, and not reason alone for quitting a contract.
F) Uncertain employment, loss of job. Sad, not a good thing, but not something the builder is at fault with.
G) Construction Defects - That's a question for binding arbitration as per the contract.
H) Undisclosed health hazards - Really? Here in California? The most disclosure happy place on earth? Not going to win with that.
I) Inability to insure. Cal Fair Plan, while expensive, still is an option.
J) Price, with options, now outside of budget. There are plenty of financing options to consider. To quote Mick and Keith "You can't always get what you want, but if you try sometime you will find you get what you need" - and no builder refund will be given.
This list can go on and on. I'd encourage others to tell their experience in getting a deposit back from a builder. Some will work with you if you work with them first. If you pull the "my attorney Saul Goodman will be in touch.." card, don't expect a favorable outcome via Slippin Jimmy on your behalf.
My .02c
JefferyT said:I need someone to help review the purchase contract and get the deposit back, ideally someone with experience dealing with builders.
Appreciate any referrals!
CalBears96 said:This is my experience so far:
Lennar (Serrano Summit) would refund deposit if you tried your best but failed to secure a loan.
Irvine Pacific stated that deposit is NON-REFUNDABLE regardless of the situation.
Yousr said:IP actually gives you a 30 day period from signing to get conditional loan approval. If you fail within that period (given your best efforts) and notify them you can get your deposit back. If that period passes, then you?re out of luck whether you can get approved or fail to qualify.
CalBears96 said:This is my experience so far:
Lennar (Serrano Summit) would refund deposit if you tried your best but failed to secure a loan.
Irvine Pacific stated that deposit is NON-REFUNDABLE regardless of the situation.
CalBears96 said:I don't remember our sales lady mentioning this to us. However, considering that you can't even get on the priority list unless you obtained a pre-approval letter from a bank, and you would have to keep updating your pre-approved amount as housing price increases to stay on the priority list, I don't think this would apply.
Soylent Green Is People said:People can fake a job loss. I've seen it done. Also, in this environment, a new job can be had in a relatively short time. There are also non QM loans that don't ask questions about employment.
If the company gave the State a WARN Notice, that might be enough to prove job loss. WARN Notices are given when a company is going to have a sizeable layoff round ahead. Builder Earnest Money Deposit refunding again can be influenced by "The Ask" and the circumstances.
Tough situation? Of course. Are there solutions? Yes.
Yousr said:JefferyT said:I need someone to help review the purchase contract and get the deposit back, ideally someone with experience dealing with builders.
Appreciate any referrals!
The question is how do you bring the lawyer into the picture? Virtually all new build contracts will stipulate an arbitration clause. Meaning you can?t litigate, you have to arbitrate.
CalBears96 said:Yousr said:IP actually gives you a 30 day period from signing to get conditional loan approval. If you fail within that period (given your best efforts) and notify them you can get your deposit back. If that period passes, then you?re out of luck whether you can get approved or fail to qualify.
CalBears96 said:This is my experience so far:
Lennar (Serrano Summit) would refund deposit if you tried your best but failed to secure a loan.
Irvine Pacific stated that deposit is NON-REFUNDABLE regardless of the situation.
I don't remember our sales lady mentioning this to us. However, considering that you can't even get on the priority list unless you obtained a pre-approval letter from a bank, and you would have to keep updating your pre-approved amount as housing price increases to stay on the priority list, I don't think this would apply.
talkirvine said:You can bring a lawyer in arbitration. Mediation is when a lawyer is not involved.
Yousr said:JefferyT said:I need someone to help review the purchase contract and get the deposit back, ideally someone with experience dealing with builders.
Appreciate any referrals!
The question is how do you bring the lawyer into the picture? Virtually all new build contracts will stipulate an arbitration clause. Meaning you can?t litigate, you have to arbitrate.
talkirvine said:You can bring a lawyer in arbitration. Mediation is when a lawyer is not involved.
Yousr said:JefferyT said:I need someone to help review the purchase contract and get the deposit back, ideally someone with experience dealing with builders.
Appreciate any referrals!
The question is how do you bring the lawyer into the picture? Virtually all new build contracts will stipulate an arbitration clause. Meaning you can?t litigate, you have to arbitrate.