Need advice ASAP!

[Anonymous]

Signed our contract to build with a large builder in our state at the end of July. They have not yet broke ground and we have not been to the design center yet. I noticed yesterday that they lowered the base price of the floor plan we are building by $7,000. This includes a house in the neighborhood that just went under construction where the buyer backed out of the deal. They are refusing to honor the price drop. Is this common? I thought builders never dropped their base prices? Should we walk away? I feel we could get more for our money elsewhere and the more I think about it the more irritated I am that they won't honor the pricing when they haven't even broken ground.

[Anonymous]

Anyone?

[Anonymous]

My totally non- professional advice- find a way to walk if you can without getting punished. You will always have it in your head that you overpaid by 7,000. It may or may not create a long term bitterness in you.

[Anonymous]

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@Anonymous wrote:
My totally non- professional advice- find a way to walk if you can without getting punished. You will always have it in your head that you overpaid by 7,000. It may or may not create a long term bitterness in you.

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Ditto...It appears that it's already bothering you and so I agree that it is best to walk away now---Only if there are no penalties associated.  Good luck and let us know how you resolve it.

[Anonymous]

I am by no means an expert but I do know the best negotiating tool you have is your feet (walking away)

[Anonymous]

I too would walk if you can. The first condo I bought was new construction in the early 90's. I was super young & had now clue about anything. 3 months after I closed they were selling new units 30k less than what I paid. Prices continued to drop getting to 55k less than what I paid. Now I know that was the mega market crash time, but the biggest thing that hurt me was I was an early purchaser. The builder had a bunch of units to sell before I could compete with others owners for resale pricing. People who were new builds but at the end of projection completion did better because they didn't have to compete with the builder. Just my 2 cents.

[Anonymous]

UPDATE- Called the sales agent Friday to confirm that they in fact were not willing to honor the price drop.  Told them we wanted out of contract and a refund of our deposit. Things were drug out through the weekend. During this time we realized that another one of their floor plans would work even better for us and would be within our price range after upgrades. On Tuesday they said they would honor the price drop on our original floor plan but we would lose our $2,500 preferred lender credit. After going back and forth we were able to get the 7k credit and were able to change floor plans to the one that we originally thought would be out of our price range so all worked out in the end!

[Appleman]

Congrats on finding a solution where everyone won!