Mortgage Loans

[Cloudlb]

Am trying to get an amendment to a purchase contract through the builder/seller.  Their standard form doesn't even give me the right to inspect, review the title commitment, or the survey. 

Builder says, oh, we've sold thousands of homes with this contract, and we aren't gonna amend it.  My attorney says, but what if there are mechanic's liens against the builder?  What if the rock wall is off the property line?  What if . . .

may have to walk away.  will be sad. 

[webhopper]

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Cloudlb wrote:

Am trying to get an amendment to a purchase contract through the builder/seller.  Their standard form doesn't even give me the right to inspect, review the title commitment, or the survey. 

Builder says, oh, we've sold thousands of homes with this contract, and we aren't gonna amend it.  My attorney says, but what if there are mechanic's liens against the builder?  What if the rock wall is off the property line?  What if . . .

may have to walk away.  will be sad. 

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You can always have your real estate agent prepare a regular purchase contract..   If they dont sign it, then you walk...

Sad, but its better to be protected!

[Cloudlb]

It's just that I work for a real estate attorney.  He'd shoot me if I signed this contract as is. Also, the property is in New Mexico.  NM's contracts suck.

So, we prepared the amendment.  We're negotiating.  Builders say, but we've never had a problem!  I say, if that's so, then what's the problem giving me the opportunity to review the survey, commitment, etc.? 

[IOBA]

I have walked away from deals and houses I thought were wonderful but there was something...  and it's sad and disappointing, but you get over it.  And looking back on my walk aways (two last year, two this year), I can see where it was a wise choice in each case.

And if the contractor won't sign, well, that's a big red flag for me.  Who cares what he says?  Things change.  Things can happen. 

[Cloudlb]

I've done my due diligence -- researched the builder and past lawsuits, reviewed the survey, flood maps, title commitment, easements, covenants, etc.  We finally convinced them to let me do an inspection before signing (my attorney boss called the owner--he knows everyone!), which happened today.  Inspection went great, in fact the inspector was pretty complimentary., so . . . . SIGNED TODAY! 

Mortgage approval, appraisals, and insurance ahead!  We have a 30-day window to close, so we'll see.