Can I get out of a new build purchase agreement?
Hi Everyone,
about a month ago, i signed a purchase agreement with a builder for a house to be built and completed by Feb/March 2018. The house will be located in Fredericksburg VA.
I put down $3000 when I signed. $3500 is due tomorrow, and another $3500 due in 1 month, which makes a total of $10,000 in earnest money. Here is my question:
If I wanted to back out of this contract for whatever reason, what are my losses most likely be? Will I lose the 3000 or will they make me pay the entire 10,000 earnest money? or will they make me buy the house. The purchase agreement is vague and makes no mention of default, it only mentions the dates that each installment is due.
I'm sure there are situations where people have gotten cold feet or have unforeseen circumstances, or whatever the case may be. My issue is the commute to work is going to be killer, an average of 1.5 to 2 hours each way from F'burg to Fairfax by car or train. Initially, I thought I'd sacrifice my time for greener spaces and larger spaces but now I'm thinking I may not be able to handle it. I'm seriously having doubts.
I've heard of people backing out right before closing or durung inspection. So I am wondering if I have a better chance of backing out since it is way early in the process -- only 3000 of 10,000 has been paid, the contract has not yet been ratified, no pulling of building permits, and of course we are way ahead of breaking ground.
Anyone have any ideas of the likely loss i would have to endure?
i appreciate all input. Thank you.