What a predictament

**Kathleen3** · 07-11-2009, 09:17 AM

I'm hoping someone can help me. First off I want to say that the house I am living in sold on Wed.! We have not gone thru closing yet. I had a house built last year. My current house did not sell right away. So because of the economic down turn the builder said he would have to put the new house on the market. I signed a paper saying I would pay the cost of the house as well as each month's interest on the construction loan if my current house sold and the new house was still available. I talked to my realtor, who is tied in with the construction firm, and told him I didn't know what price the new house was at because it was posted in the newspaper at a considerable lower amount from what I was quoted. The realtor said I should only have to pay what the newspaper stated since the numbers I was originally given was taken from back in February. I guess I want to know if I am still bound by the original quoted price, do I make an offer or what? I plan on talking to my realtor this Mon. But I thought I could get some feedback before then. Thanks-Kathy

**tucsonhomes** · 07-11-2009, 03:00 PM

Originally Posted by Kathleen3

I'm hoping someone can help me. First off I want to say that the house I am living in sold on Wed.! We have not gone thru closing yet. I had a house built last year. My current house did not sell right away. So because of the economic down turn the builder said he would have to put the new house on the market. I signed a paper saying I would pay the cost of the house as well as each month's interest on the construction loan if my current house sold and the new house was still available. I talked to my realtor, who is tied in with the construction firm, and told him I didn't know what price the new house was at because it was posted in the newspaper at a considerable lower amount from what I was quoted. The realtor said I should only have to pay what the newspaper stated since the numbers I was originally given was taken from back in February. I guess I want to know if I am still bound by the original quoted price, do I make an offer or what? I plan on talking to my realtor this Mon. But I thought I could get some feedback before then. Thanks-Kathy

First, the builder's salesperson does NOT represent you! That person works on behalf of the builder and no one else. (the bad news)

If you are buying by getting a new loan, however, your lender will require an appraisal to quailify you for a new loan. If the new home does not appraise for the agreed amount, the lender will not fund the loan - in most cases. (the good news)

Work with someone experienced in the kind of transaction you are contemplating and have them work for YOU.

Good luck!

**Greg** · 07-12-2009, 11:18 AM

Originally Posted by Kathleen3

I talked to my realtor, who is tied in with the construction firm, and told him I didn't know what price the new house was at because it was posted in the newspaper at a considerable lower amount from what I was quoted. The realtor said I should only have to pay what the newspaper stated since the numbers I was originally given was taken from back in February. I guess I want to know if I am still bound by the original quoted price, do I make an offer or what? I plan on talking to my realtor this Mon. But I thought I could get some feedback before then. Thanks-Kathy

This agent is not your realtor. This agent works for the builder and not for you. If the builder does not lower the price for you in writing then it sounds like you are entering into a legal quagmire without representation. Your best bet is to get legal representation.