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The Watercooler
For anyone astute about real estate....could use some help
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<blockquote data-quote="keista" data-source="post: 539194" data-attributes="member: 11965"><p>He absolutely must talk to the builder. It all depends on how the agreement was written up. Is there an "escape clause"? It's also possible that even if he breaks or defaults on the agreement that the builder won't report it to the credit bureaus. If it's not reported, it doesn't affect credit. Builder may be able to file suit, and get a judgement, but that probably wouldn't be worth his time.</p><p></p><p>You never know, builder may be very happy to get out of agreement, maybe he can sell outright now, or for more money, or whatever.</p></blockquote><p></p>
[QUOTE="keista, post: 539194, member: 11965"] He absolutely must talk to the builder. It all depends on how the agreement was written up. Is there an "escape clause"? It's also possible that even if he breaks or defaults on the agreement that the builder won't report it to the credit bureaus. If it's not reported, it doesn't affect credit. Builder may be able to file suit, and get a judgement, but that probably wouldn't be worth his time. You never know, builder may be very happy to get out of agreement, maybe he can sell outright now, or for more money, or whatever. [/QUOTE]
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For anyone astute about real estate....could use some help
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