Several months after signing contracts to construct new homes, many home buyers are being told by the builders to shove out thousands of more dollars or lose their contracts.
A couple of days before she was to close on her home, Britney Chan was hit with a big surprise.
“Either we pay an extra $30,000 or they would just cancel our contract,” she stated. The builder had told her the cost of materials had gone up, so this was the result, she said.
After communicating with her realtor, she learned that because of the fine print statement in her contract, the builder was permitted to do this. Chan eventually was able to come up with the funds.
Right now, overall building cost have risen tremendously since pre-pandemic.
When considering buying a home, it is sometimes necessary to consult with a lawyer before signing your name.
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