Advice on getting out of contract
Hello, looking for some recommendations on my situation. Would love to connect with an attorney to represent us in this case.
I went under contract on a new construction townhome in a new development in Palm Bay, Florida for a purchase price of 220k in May 2021 and with our 20% down payment required in escrow in July 2021.
In April I received a letter about the price increase from 220k to 290k with the letter being dated on March 3, 2022. We had 10 days to accept the price increase or the builder would assume buyer would not agree and the builder would cancel the contract and give down payment deposit back + 6% OR as the buyer wanting to cancel, we would initiate the cancellation of contract and just receive our 20% back.
I ended telling my agent, who is the one who presented and put my under contract on this property, within a day or two of receiving that letter that we would like to cancel and not go any further with this property. After no response from the seller to emails, cancellation contract, or voice messages, the agent stated that the builder is most likely holding onto the funds until the project is completed , then will cancel the contract and give the 20% back. To add, I am 1 of 46 buyers, and that there are 40 clients going through the same thing, just waiting.
It is now Dec. 2022, they have moved the completion date multiple times. Now it will be completed in Feb. 2023, I am still under contract for 220k technically, but my agent, builder and myself all know I am not getting the property for 220k.
Is there anything I can do to get my deposit back, get the seller to answer/their attention, and/or secure my 20% that I am 100% getting out of this contract and getting my 20% back?
Seller: D32
Buyer Agent: Realty Doctors
incase anyone is already familiar with this situation with other clients.
Thank you all! I do have emails of timely communication with my agent , initiation of cancellation contract, letter of price increase, and purchase contract available if needed to represent me.