The hot housing market is shining a spotlight on the fine print in many agreements between home builders and home buyers. Months after signing contracts to build new homes, some buyers said their builders threatened to walk away from their deal unless they could come up with thousands more to buy the house.
Read on to learn more about what’s driving the changes and what to know if you’re building a new home.
“We were incredibly frantic”
A few days before the scheduled closing date on their new home, Britney Chan said their builder bumped up the price.
“Either we pay an extra $30,000 or they would just cancel our contract,” Chan told NBC 5 Responds.
Chan said the builder cited the increasing cost of materials as the reason for the price change. The couple said they originally signed a contract with their builder in August of 2020 and spent months picking out the finishes, ordering furniture and preparing for the…