Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago,
Pulled out of contract, builder wants to keep $10k deposit
Hey everyone, new user here.
We just signed a contract for a new home with a builder in Florida, possibly for real estate investing. Started the process on April 22nd and signed the contract the following week after initial structural changes in place. At the time of signing, 10k was given. Another 50k + design center costs were to be paid within 30 days. However, due to issues with the builder and not having all the upgrades we want for the house, and with the banking sector blowing up, we decided to pull out of the contract. They have our 10k and they say it's only refundable in the first 30 days if I was not pre-qualified or mortgage issues. However, we had to prequalify to even get on the VIP list. I don't clearly see it in the contract, but I'm wondering if I'm entitled to my 10k back. Or wondering if I shoulder lawyer up to get some of it back.
If you have any insight into this or any good lawyers to speak to, let me know!