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Hello. I'm not sure what my options are but I began the process of purchasing a new construction home that was more than half way completed when I signed in early April of this year. I gave them $5000 in earnest money.
The lender (recommended by the builder) will not lock in my rate. He says that he has to wait for the builder to give a closing date.
The builder states that there has been theft of the cabinets which has caused a delay in completing the build & will not give a closing date until the cabinets are in. Pretty much everything else is complete on the house. The only other thing is an inspection. Now I'm hearing it may be the end of August before we close.
My initial contract lists a possible closing date of July 30th. I am moving there from another state & I thought for sure by now I'd at least have a closing date. I'm due to move mid August.
Is this normal? How long can they keep me in limbo? Can I back out?
Over my lifetime, I've been involved in having 4 houses built and my experience tells me that, despite the best estimates by builders, houses seldom are finished on time. And in today's COVID-impacted world, I would not expect ANY house to be completed on time given the shortages of materials due to supply line problems and labor.
In your situation, assuming that the cabinets really were stolen, I can certainly understand the builders reluctance to provide a closing date until the cabinets are in. I can tell you from my recent experience in trying to get appliances and flooring for my personal house, no one can tell you with any confidence when things will appear....sometimes they arrive early, sometimes late.
So, to answer your questions...no, this is not normal but the world today is not operating in a normal state. They can keep you in limbo as long as necessary for the cabinets to arrive and be installed. Even if they wanted to close and let you move in, they cannot because the County would not issue a certificate of occupancy with the cabinets missing...plus, would you really want to close and move in without cabinets? Regarding backing out....the builder may welcome you backing out as they probably have people lined up to buy the next house available and they can probably sell it for more than you contracted to buy it for. If you back out, where are you going to move to? The housing market is extremely tight and competitive right now even for re-sales....if you're not there and make and offer the first day, you're probably going to lose out. Even though you are frustrated (and clearly have a right to feel that way), IMHO you're better off waiting this out and postponing your move date.
Of course, you can consult with an attorney as suggested above but what solution are you seeking? The attorney cannot force them to finish the house faster if the materials are not available. If your desired solution is to get out of the contract, simply ask the builder to release you and save the attorney fee. As I said above, they may be happy to release you from the contract. But, you certainly won't be moving to Myrtle Beach in August or September if you do so.
I moved across the country into a new build and was given about four weeks notice of the closing date. I had arranged to have the moving company store most of my things, and I lived bare bones for several weeks so that I’d be ready to go when it was time. I was a little concerned that the closing in my new house would be after my old one, but my neighbor offered to let me stay there if needed.
From talking to people that are currently building in my new neighborhood, it sounds like it’s getting even more difficult for the builder get building supplies, appliances, etc., making it tougher for them to pinpoint a closing date.
I'm with you. We signed with Creekside last Nov 2020. It's now Sept 2021 and the house is just getting drywall. The septic has to be installed then approved by the county so we may not even close before Christmas.
I wasn't looking forward to another northern winter but glad I didn't list our current house for sale.
Also missing out on a getting a pool built. Prices went up $2k since Apr 21 and the wait is until Nov 22 for a build.
Good thing I was in the military and understand hurry up and wait
If anyone is getting a new construction built be prepared for a loooooong wait. Signed the contract in Nov 2020. It is now Jan 2022 and still no closing date. I was able to contract the pool. It went up $12k over the wait.
Be prepared to not move anytime soon, ring up storage fees (if you can find storage in Conway, they're mostly full), enjoy watching the mortgages rates rise during the wait.
What Creekside community did you choose? Is there HOA fees? I have friends living on the out skirts of Loris, who i will be visiting over the next two months... Maybe i will venture out to view some communities or other homes...
If anyone is getting a new construction built be prepared for a loooooong wait. Signed the contract in Nov 2020. It is now Jan 2022 and still no closing date. I was able to contract the pool. It went up $12k over the wait.
Be prepared to not move anytime soon, ring up storage fees (if you can find storage in Conway, they're mostly full), enjoy watching the mortgages rates rise during the wait.
I just purchased a new constructed home sept.2022 and the expected closing date is november 10th 2022.
Buy an existing home and forget the hassle!! Wham, bam, thank you!!
I agree with this! In this area, all the new construction neighborhoods have no trees and the houses are practically on top of each other and all look the same!
If you're able to get out of your contract, consider an existing home!
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Conway build delays
