Updated over 2 years ago on . Most recent reply
New construction not done on time
Hi I am hoping someone can help me with my current issue. I am new to real estate and so is my realtor. I have been under contract on a new construction duplex in fort myers, FL since March. The builder and seller agent said the home would be finished 8/18/23. They keep saying the property will be done in a couple weeks and have continued to push back the closing date. My closing is 10/1/2023 according to contract but they just now told us we need to sign something to extend the contract because they are still not done and my loan and rate expire 10/27/23. I have 25k locked in escrow and im sensing this to be a shady situation. They are threatening us saying they have higher offers on the property hoping I back out is my guess. Should I get a real estate lawyer involved? Should I be compensated for breach of our original contract and sign the extension? I dont know what to do.
Most Popular Reply
#4 House Hacking Contributor
- Investor
- CO
1. Start by looking at the contract and see your options there.
2. If your agent isn't helping, reach out to their managing broker or designated broker.
3. Consult an attorney if #1 & #2 doesn't provide the information you need.