It sounds like you got a word-of-mouth acceptance, and your agent should have pushed hard to get the signed contract completed so that the sellers would be in breach of contract by accepting another offer, and you would have grounds for a lawsuit if they did.

I agree that you may be able to do that, but it may not be easy.

You cant find an existing home for sale for same price that doesn't need extensive work and that comes with same assurances, let alone a brand new home, furnished, with amenities such as pool, gym, taco bar, steps to ocean, shops, and the sound.

Hey Sara,Sounds like you're considering using Traditional Financing.

It is what it sounds like.

It sounds like you have plenty of money and a good credit score enabling you to purchase a turnkey rental property with tenant in place, and cashflowing, depending on where you are shopping.  

This is never easy. 

This actually sounds like one of the more reasonable pieces of legislation being passed by city councils these days.

Most buyers do prefer a newer home, however given the downtown location and the history its not easy to find something younger than 40 - 50 years old.

Sounds to me like the sellers did make a claim and decided to take the money and not rebuild the property back to 100%.