Be careful when signing those builder contracts


https://www.fox26houston.com/news/canceled-for-convenience-north-texas-family-loses-home-after-builder-backs-out-without-warning?utm_campaign=trueanthem&utm_medium=trueanthem&utm_source=facebook&fbclid=IwAR1drsNH0vn6Zv-Latvft40-19DPEjHKvvBT8ZmUv6Ceq1aneEz4IK1VEdo&fs=e&s=cl#l47xq36yzlaj4jwksto

Jeez that is scummy

"gas leak" in the house burned it down

oops

According to Jason Hartman some builders are refusing to honor rate locks for some new build buyers.

I've not seen that story elsewhere but it would t surprise me.

On the other hand I inspected homes that contracted before or early Covid that took forever to build and buyers were able to wait. Two of them have monster equity in their brand new homes, not that that will be realized in any way.

One of their partners is a lawyer. It looks like he has buttoned up every angle to be able to pull this off. I wonder if it is too buttoned-up and the contract is illusionary.

Even if they win in court the scumbags need to lose in the court of public opinion. Under no circumstances would I enter in into any business with that entity in the future.

I mean I'd never buy from them, and think this may hurt them more than they gain in the grand scheme of things.

But not sure how you can win this lawsuit when you signed a contract that allowed for cancellation for convenience....

combat wombat said:

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Even if they win in court the scumbags need to lose in the court of public opinion. Under no circumstances would I enter in into any business with that entity in the future.

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They will just change the name of the company and screw someone else over.

Buddy is a borrower and Megatel tried this on one of his clients. These types of building are friggin garbage. I hope the current market totally screws them.