If you have a new construction contract and would like to get out of it and get your full deposit back, check out GetOutOfContracts.com This site will connect you with lawyers that have gotten 15 people out of similar contracts. In the end they might actually save you money! Imagine that, a lawyer saving you money.
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when would you want to do this? if your pre-construction contract was for a place that was valued much much higher than the value it's probably worth at present? i thought pre construction prices were cheap?
Frank, thank you for this information. I came across a buyer who is considering taking a $50k loss to get out of his contract. I have passed the link onto his agent and hopefully he'll be able to recover some or all of his earnest money. Thank you again!
Thanks for your blog-I live in Northern VA myself and I am counting down the days to this all crashes. I have been priced out of the market for years!
Dear Anonymous 1,
That is the way it used to be. New condos were sold for $50k under the current market rate and when completed a year later be valued $100k higher. Now the reverse is occurring. People have contracts for places that are now selling for $50,000 less!
Another reason to get out of a contract might be if the builder is dragging their feet. They are supposed to complete the project within 2 years. If they don't, talk to a lawyer as they might use that as legal grounds to get you out of the contract with a full return of your deposit.
Thanks for commenting!
Frank Borges LL0SA- Broker/Owner
www.FranklyRealty.com
703-827-4OO6
Disclaimer: I am not a lawyer. I'm not giving legal advice. I'm just giving you some questions to ask your lawyer.
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