New home problems- delay by builder

[jerry1]

We signed a contract with builder in Jan 2022 along with we got bank intrest rates locked at 3.5 % as builder was after us to get bank approval and paid full down payment in April  2022. Now builder kept on delaying the construction. He finished other houses which were signed after we signed . In contract they agreed to finish it within 240 days of building permit. Now he kept on extending from August 2022 then December 2022 to Feb 2022 ,now it’s May 2023 . Bank can hold intrest rates for 330 days , now we end up paying 7% . As we started pushing the builder by April , they asked if we can we can move out of contract.

1 year time waste, for 1 year we kept our money unused in hands of builder( we would have invested it some where else) . For 1 year since august we kept on extending our monthly lease for rented house that we are currently living , this payments to rented house was painful . Builder said it’s august then delayed till May, even we are unsure . and climatic conditions are good in our location , this year no snow fall too. Summer they wasted time they didn’t start construction. Pandemic is done.

Now can we proceed legally and sue the builder for causing us loses by delaying construction and closing .Time is valuable, he wasted our time and money . Because of this delay we end up paying more intrest , we were paying more in form of rent.

what to do now

[Anta Assamey]

[chammakchandra]

Talk to an attorney .. this db won’t be of any use for these issues 

[hyperbole]

seek legal advice but you seem to have a very good case of filing a civil dispute, atleast that would put some fire under the builder

excerpt from google

The owner’s rights within the project may lead him or her to receive damages when the contractor is at fault for any delays in completing the job at the specified deadline. If this contractor has given the owner a fixed price for the project and agrees to responsibility if delays occur, he or she is liable for additional costs and completing the construction on time. If he or she causes the delays, this may lead to the job costing him or her more than originally planned. 

If the contractor caused any inexcusable delays or those that he or she is at fault for, the owner may take the compensation for the time out of the end paycheck. Certain stipulations may also exist in the contract that provide the owner with additional rights to seek damages for delays to the end date of the construction. The homeowner may have the right to seek legal representation and issue a civil suit for remuneration.

[Thokkalee]

Consult an attorney, who specializes in this kind of cases. Usually the builder agreements are one sided. 

[soldier]

Yea contact attoreny specialized in this. But i doubt theat helps any...endukante 500 lines code untadi aha contract lo  manam sign chestam anthe. 

Gather solid documenta for proof like you paid renta and interests and they finished houses for later signed than you all kinds. 

Even you proceed legally it takes lot of time and wont go anywhere. 

But try your luck. 

[Gorantlamdhav]

50 minutes ago, jerry1 said:

We signed a contract with builder in Jan 2022 along with we got bank intrest rates locked at 3.5 % as builder was after us to get bank approval and paid full down payment in April  2022. Now builder kept on delaying the construction. He finished other houses which were signed after we signed . In contract they agreed to finish it within 240 days of building permit. Now he kept on extending from August 2022 then December 2022 to Feb 2022 ,now it’s May 2023 . Bank can hold intrest rates for 330 days , now we end up paying 7% . As we started pushing the builder by April , they asked if we can we can move out of contract.

1 year time waste, for 1 year we kept our money unused in hands of builder( we would have invested it some where else) . For 1 year since august we kept on extending our monthly lease for rented house that we are currently living , this payments to rented house was painful . Builder said it’s august then delayed till May, even we are unsure . and climatic conditions are good in our location , this year no snow fall too. Summer they wasted time they didn’t start construction. Pandemic is done.

Now can we proceed legally and sue the builder for causing us loses by delaying construction and closing .Time is valuable, he wasted our time and money . Because of this delay we end up paying more intrest , we were paying more in form of rent.

what to do now

Rates taggutay cancel contract and buy next year 

[simha2727]

You can cancel the contract and also get some money back as compensation. On of my friend recently got 35k as compensation and got out of contract. Talk to an attorney. Don’t take it easy. 

[jerry1]

3 minutes ago, Gorantlamdhav said:

Rates taggutay cancel contract and buy next year 

taggav...in our city. In fact interest rates are high....we locked at 3.5 now its 7

[jerry1]

Just now, simha2727 said:

You can cancel the contract and also get some money back as compensation. On of my friend recently got 35k as compensation and got out of contract. Talk to an attorney. Don’t take it easy. 

ok that's good to hear

[godfather03]

1 minute ago, jerry1 said:

taggav...in our city. In fact interest rates are high....we locked at 3.5 now its 7

Rates ante interest rate kaadu…home rates/prices ani…

[Ravi860]

1 minute ago, godfather03 said:

Rates ante interest rate kaadu…home rates/prices ani…

I think he also meant same.. 

[Gorantlamdhav]

3 minutes ago, jerry1 said:

taggav...in our city. In fact interest rates are high....we locked at 3.5 now its 7

Mee city lo every year home price goes up?  Seattle and bay area ki dikku ledu , check in a year 

[Ravi860]

59 minutes ago, jerry1 said:

We signed a contract with builder in Jan 2022 along with we got bank intrest rates locked at 3.5 % as builder was after us to get bank approval and paid full down payment in April  2022. Now builder kept on delaying the construction. He finished other houses which were signed after we signed . In contract they agreed to finish it within 240 days of building permit. Now he kept on extending from August 2022 then December 2022 to Feb 2022 ,now it’s May 2023 . Bank can hold intrest rates for 330 days , now we end up paying 7% . As we started pushing the builder by April , they asked if we can we can move out of contract.

1 year time waste, for 1 year we kept our money unused in hands of builder( we would have invested it some where else) . For 1 year since august we kept on extending our monthly lease for rented house that we are currently living , this payments to rented house was painful . Builder said it’s august then delayed till May, even we are unsure . and climatic conditions are good in our location , this year no snow fall too. Summer they wasted time they didn’t start construction. Pandemic is done.

Now can we proceed legally and sue the builder for causing us loses by delaying construction and closing .Time is valuable, he wasted our time and money . Because of this delay we end up paying more intrest , we were paying more in form of rent.

what to do now

Proceeding legally and sue ani dhamki ivvu.. he will come back with compensation. That’s the only way. Lekapothe ask if builder lender can give that 3.5% for you, don’t think they will buy try 

[Ravi860]

1 hour ago, jerry1 said:

We signed a contract with builder in Jan 2022 along with we got bank intrest rates locked at 3.5 % as builder was after us to get bank approval and paid full down payment in April  2022. Now builder kept on delaying the construction. He finished other houses which were signed after we signed . In contract they agreed to finish it within 240 days of building permit. Now he kept on extending from August 2022 then December 2022 to Feb 2022 ,now it’s May 2023 . Bank can hold intrest rates for 330 days , now we end up paying 7% . As we started pushing the builder by April , they asked if we can we can move out of contract.

1 year time waste, for 1 year we kept our money unused in hands of builder( we would have invested it some where else) . For 1 year since august we kept on extending our monthly lease for rented house that we are currently living , this payments to rented house was painful . Builder said it’s august then delayed till May, even we are unsure . and climatic conditions are good in our location , this year no snow fall too. Summer they wasted time they didn’t start construction. Pandemic is done.

Now can we proceed legally and sue the builder for causing us loses by delaying construction and closing .Time is valuable, he wasted our time and money . Because of this delay we end up paying more intrest , we were paying more in form of rent.

what to do now

Who is this builder