All Forum Posts by: Caroline S.

p.s. the agreement does not state at all that the EMD is refundable. just simply states when each installment is due, and what type of extra charges of any changes to the agreement are made after some key dates.

@Vinod Dasani Hi Vinod, yes i spoke to the builder. it was a long, awkward conversation that basically said "we can, technically, get you for the whole 10,000 so you shouldn't back out, Caroline" but it was also fluffed with a lot of sugar coating as to why this is such an amazing investment. Sigh....so now I'm consulting an attorney. tick-tock, time is running out though.

@Dan Bernstein hey Dan, would you be available for a quick chat on the phone? i could really use some advice before the day is over. i tried to PM you but i think my phone does not get along with this BP app.

@Dan Bernstein Hi Dan, I'm looking at the purchase agreement right now. Under a heading called "Purchase Price", subsection A: Earnest Money Deposit due upon signing 3000. This i already paid. Subsection B: 3500 additional payment due today. Subsection C: 3500 Other due in 1 month. I wish i could take a picture and post the language that follows. it really does not mention any default, but only mentions the charges that may incur if any changes are made to the agreement after certain days. Sigh. To give or not to give, the next 3500 that is.

@Scott Mclaren Hmm, I've qualified for two loans. one of which is theyre in house mortgage co. I'm well qualified, but what kind of setbacks? sorry, if i am naive about this.

@Khaled Helmi thanks, Khaled. i tried talking to them a few days ago. They said that technically they get the 10,000 from me and how the contract is binding yada yadaaa.The sales guy then proceeded to tell me why this is a great investment and that i shouldnt back out, yada yadaa. I really really like the sales guy a lot, and i could tell it was awkward for him trying to convince me. i know its his boss telling him what to say. Gosh, i guess i must get an attorney.

@Chris Seveney good advice. you convinced me to call the attorney. Thank you!!!

@Chris Seveney Hi Chris, I've been told by few that an attorney should review my documents and a few others that I wouldnt need to seek an attorney because it should be written in the purchase agreement. It looks like I will be calling an attorney tomorrow, which is the same day the next installment is due. I dont want to pay it :-( . Wish me luck.

Hi Everyone, i posted this in another category, but i wasnt sure if it is the correct one, so I'm posting here in the General Real Estate category. I apologize if you see this post twice. about a month ago, i signed a purchase agreement with a builder for a house to be built and completed by Feb/March 2018. The house will be located in Fredericksburg VA. I put down $3000 when I signed. $3500 is due tomorrow, and another $3500 due in 1 month, which makes a total of $10,000 in earnest money. Here is my question: If I wanted to back out of this contract for whatever reason, what are my losses most likely be? Will I lose the 3000 or will they make me pay the entire 10,000 earnest money? or will they make me buy the house. The purchase agreement is vague and makes no mention of default, it only mentions the dates that each installment is due. I'm sure there are situations where people have gotten cold feet or have unforeseen circumstances, or whatever the case may be. My issue is the commute to work is going to be killer, an average of 1.5 to 2 hours each way from F'burg to Fairfax by car or train. Initially, I thought I'd sacrifice my time for greener spaces and larger spaces but now I'm thinking I may not be able to handle it. I'm seriously having doubts. I've heard of people backing out right before closing or during inspection. So I am wondering if I have a better chance of backing out since it is way early in the process -- only 3000 of 10,000 has been paid, the contract has not yet been ratified, no pulling of building permits, and of course we are way ahead of breaking ground. Anyone have any ideas of the likely loss i would have to endure? i appreciate all input. Thank you.

@Dave Ramirez Hi Dave, sorry for late reply. I have not checked into BP in a minute..I would def love to learn how to do owner financing deals if you have time to chat. I see that you are in VA as well. I know that I can potentially utilize my TSP and my IRA to purchase rentals, but just haven't done so. I'm really not sure where to start or what kind of capital I'd need to start? i really appreciate you input.