Home buyers' quitting deals, builders say

Home builders, after a boom that lasted years, are facing an unfamiliar threat: canceled deals.

[Jim]

Once again, look at the byline, this isn't a local issue.

[Kevin]

I considered canceling mine, and the builder took another $2,000 of the price. Can't beat that.

[Eric]

Has anyone gone through the backout process with Toll Brothers' contract .They have 55k of our deposit.Our closing is next month.my currebt house is not sold.I cannot afford two mortgages.
if I backout will I lose the deposit?Also will they comeback after the remaining 10% of the base price.(We have signed a promosoty note,

Any info will be helpfuk

[the truth]

Most likely they will keep your money, and come after the note.

Type in HADD in the google browser, search complaints, and the truth about toll brothers, there was an article were the home buyers backed out and they went to arbitration with toll, and the property was not even built yet and toll kept their money and the arbitrator only gave back out of$ 45,000.00, something like,$14,000.00 give or take, and charged the consumer for toll's legal expense.

If you go through with the sale hire an inspector that knows what they are doing no fly by night, hire an engineer, mold expert that did not ever work with toll, etc...