builder sold the property to someone else. what do I do?

[Raj Konda]

I used a turnkey provider to buy 'build to rent' multi-family house. We signed a purchase agreement with builder in Feb 2021. This summer, builder came back and said they need to increase the price by 10% due to increased expenses. with all the news around lumber prices, I sympathized with the buyer and agreed to pay the additional amount. Last month, one of the builder representatives mentioned that there has been a miscommunication on their end, they made an error, sold the property to someone else and would like to terminate my contract.

I have been eagerly waiting on this property to close and missed on other opportunities. This will be my first property in this MSA, wanted to test waters before expanding. The appreciation in the market has been crazy, one of the top 5 appreciating markets in US. I sincerely doubt, I will get any property at the revised price (initial contract + 10% additional)

Builder is non-responsive to my phone calls now. What are my options?

[Stephanie Dupuis]

Go see an attorney. Every state has different laws but in my state typically the Buyer can sue Seller for "specific performance", or seek damages, or let it go (obgligatory "I'm not an attorney" statement - really...I'm no attorney). So go see an attorney.