Getting Out…Any way they can
A recent WSJ article titled, “As Market Cools, Home Buyers Seek a Way Out” takes a look at the wide range of disputes that are breaking out across the country between builders and buyers who signed contracts for new homes and condos when the market was hot — and now want to get out of them.
It seems that some buyers, desperate to get out of their contracts, are filing lawsuits claiming they were duped into purchases they couldn’t afford, or victimized through fraudulent investment schemes. Others are going through their contracts with fine tooth combs looking for loopholes, or searching out tiny flaws in finished homes that might allow them to back out without losing their deposits.
One of the better examples of this insanity was the story from an attorney in Aventura, FL who said he is representing a family who bought a $1.6 million condo in a waterfront high rise, expecting a private entrance. Recently, the family learned that the door to the garbage chute, which is shared with neighbors, cannot be locked. The attorney and his clients are now arguing that their privacy to their apartment has been lost and are suing to rescind the contract.
Lesson to be learned – besides the fact that we appear to be one of the most lawsuit happy countries on the planet that can’t admit to buyers remorse –beware of neighbors who are prepared to climb up your garbage shute anytime the mood suits them for the express purpose of invading your privacy.
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