According to KOAA News 5, In the hot housing market in Colorado Springs, there are home buyers saying that they have been burned by a builder. As what they told News 5, the builder agrees with one price, cancels contract, and last-minute increasing another $50,000. Although what the builder did is legal, the homebuyers wanted others to be aware.
They tell News 5 they know real estate is in high demand. They signed the contract as soon as possible. They were getting ready to take over ownership. They had done their drywall walk, purchased their appliances, and locked their loan.
Four Other People About Same Builder Cancels Contract
They learned the builder exercised a clause canceling the contract. News 5 learned from another four people telling a similar story about the same builder.
The builder terminate their contract but would give the first right of refusal to resign a contract for my same unit, but requesting another additional $50-thousand. They need to make a decision within 48 hours.
An attorney says that the home buyer overlooked it as there is a short clause that allows the builder to back out for any reason.