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    drybias1's Avatar
    drybias1 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 7, 2008, 09:25 AM
    Refund on House Down Payment
    We made a down payment to a home builder less than a month ago. Due to unforeseen
    Circumstances, we decided not to have the house built. Nothing has been started
    Yet. Can we still get a full or partial refund from the builder?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Nov 7, 2008, 09:33 AM

    That depends on your contract with the builder. You need to read the contract and see if there is any cancellation clause.

    If not, you can try negotiating with the builder.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
    Expert
    		  
    #3

    Nov 7, 2008, 09:34 AM
    Possibly. Was your contract conditioned on anything, such as you obtaining financing? Will the unforeseen circumstances prevent you from obtaining financing? If so then you should be able to get a full refund of your deposit.

    The best thing to do is contact the builder immediately and explain the situation. If the builder is not willing to work with you then you need to sit down, carefully read your contract and possibly speak to an attorney about your options.
    jimmynoble12's Avatar
    jimmynoble12 Posts: 13, Reputation: 2
    New Member
    		  
    #4

    Nov 24, 2008, 10:57 PM

    Speak to an attorney ASAP! The money you spend on an atty could save your EMD(earnest money deposit) or down payment. Good luck to you.
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