Beyond frustrated!

[Anonymous]

So I signed a contract on a new build back in September with an estimated delivery date of March. Well I've since gone through underwriting and came out with a approved with conditions of which the ones they asked for I met.

Well Bozzuto (the builder) has now given me a closing "date" of the first week of June, citing BGE (Marylands main gas and electric company) as the reason. The home itself was over 85% when I looked at it in early March and they've since moved on to the next set of homes to be built.

Has anyone dealt with this during a new build? What if any steps can I take? Could I potentially get out of the deal and recoup my EMD, even though I desperately want the house.

This process had gone from great excitement to great frustration.

[Lemmus]

...it depends on your contract ...if the builder has a completion delay clause that covers BGE delays then you probably won't get your deposits back ...if you really want the house and your uw is complete, a 90 day delay may well put you back in uw ...its certainly a royal pita ...you might want to consider talking to a RE attorney just so you know what your options really are ...hth

[ezdriver]

If you want out, retain an attorney and have the attorney notify the builder and request your EMD be returned. I'm betting that the builder will comply. A three-mthree-month delay means you should run from that builder.

[Anonymous]

Thanks Lemmus. I got my conditional approval on 3/19 with my rate locked until 4/30 which if I remember correctly it stared if it went past that date another commitment letter would have to be issued.

So say the current rate lock expires and I hold off until middle or end of may for another 30-60 lock, would I have to go through underwriting again if I close first week of June instead on May?

[Anonymous]

Ezdriver the builder is putting this all on BGE and claiming they've been pressing them to get the job done for months now but no avail, I personally find it hard to believe that a company that big would be so unprofessional.

I love the house so far and would absolutely hate to walk away but another month delay is simply not feasible

[Lemmus]

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@Anonymous wrote:
Thanks Lemmus. I got my conditional approval on 3/19 with my rate locked until 4/30 which if I remember correctly it stared if it went past that date another commitment letter would have to be issued.

So say the current rate lock expires and I hold off until middle or end of may for another 30-60 lock, would I have to go through underwriting again if I close first week of June instead on May?

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...yes ...all of your uw info will be outdated and they will put you back in uw hell again ...you have to weigh your desire for the home vs the builder's performance to date ...if they can't give you a firm written commitment that you can live with, I'd run ...they could have internal problems that they are covering with the utility story ...if there are actual problems with a major utility not being able to make utility connection schedules, your county planning people should be well aware of it ...hth