My 1st Deal Fell Through! Do I Have Any Recourse?
I bought a single family home 2 blocks from the gulf in Mississippi this April. I bought through a broker who located a builder and I signed a purchase contract agreement with the builder and obtained the funds. There were no contigencies that I knew of or that I signed. The escrow was due to close at the end of July and I got a call last week from the broker that the builder had sold the home to another investor for $10000 more than I had paid. After running comps it looks like the home is worth around $20000 more than the contract price I initally had. I asked him how this could be after I had made a deposit and paid $600 in appraisals and he said that the builder had a 90 day option on the lot. I was never informed of this and had I known I would not have bought the home. He offered to pay my $600 and give the deposit back but I obviously would rater had the home. Any suggestions?[ Edited by BuyNHold on Date 07/19/2005 ]
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