Posted on: 21st Sep, 2008 10:32 pm
hi me and my fiancee put a deposit on a brand new house we did not get finance, and it's been almost a year and the builder has in the contract he has to sell the house before we can receive our deposit back but the contract has expired, can we get our deposit back without taking him to court? i live in Georgia I'm not sure of the real estate law we are first time home buyers and we really did not do our homework if anyone can offer some advice i would really appreciate it THANK YOU
Hi beanie!
I am afraid to say that once the contract has expired you have hardly anything to do. You can sue the builder in the court. But as you have mentioned that you do not want to sue him, you can request him to pay you back the deposit.
I am afraid to say that once the contract has expired you have hardly anything to do. You can sue the builder in the court. But as you have mentioned that you do not want to sue him, you can request him to pay you back the deposit.
Unfortunately, you will be taking him to court as I would seriously doubt he will be giving it back after this amount time has passed.
The longer you wait to try and get your money back, the better your chance of never getting your deposit back. You need to understand that the financial well being of many builders in this country is horrible and that they probably aren't giving it back because they don't have it!
You may even take him to court only to have him file for bankruptcy afterwards. It's harsh to think about, but certainly is a possibility in these trying times.
The longer you wait to try and get your money back, the better your chance of never getting your deposit back. You need to understand that the financial well being of many builders in this country is horrible and that they probably aren't giving it back because they don't have it!
You may even take him to court only to have him file for bankruptcy afterwards. It's harsh to think about, but certainly is a possibility in these trying times.