Getting our of a Preconstruction Contract

By
Services for Real Estate Pros with TenantDispute

Anyone know a good lawyer that can help get out of a preconstruction contract in chicago?

With job situation changing and creditors wanting much more money down (5-10% increased to 20%) than what people were pre-approved for, this is causing people to back out of their precons. contracts.

 

 

Comments (1)

Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Makota:  I am wondering if there was a financing contingency in your preconstruction purchase agreement ?  If so, that should do it... if your lender is requiring more money down than you originally put in the terms of the purchase agreement.  But... asking an attorney is always the best idea if you are unsure.  Remember... we are not supposed to practice law.  That's a great way to lose our licenses.

Dec 30, 2009 06:08 AM