bkgold7936
New Member
My husband and I currently own a home in Spring Hill, Florida and were trying to relocate to Clermont, Florida. We signed a sales contract and gave a deposit of 10,000 dollars with a new home builder and their preferred lender who pre-approved us. At the time, we were assured by the builder and the mortgage company that if we did not sell our current home, we could rent it out and still be approved on our new home loan. During the building process we were contacted by the mortgage broker and notified that due to changes in lending guidelines that renting our current home was no longer a possibility. We would definitely have to sell our current house if we wanted to purchase the new home. Then a few weeks later the home builder dropped the price of the house 25,000 dollars. The mortgage broker said since the price dropped we could still buy the house as a investment property if we could come up with another 43,000 dollars which we do not currently have. When we contacted home builder about situation he said " it was unfortunate but they have been telling buyers they could rent their homes and still buy for the past 9 years". Now the home builder would like us to sign a cancellation form but we are not sure if we should. The cancellation form has a place to explain the reasonf for cancelling . We are worried if we sign a cancellation then they have no reason to return our deposit. We still want the house but can no longer get approved for a mortgage. The builder sent us a letter saying if we do not close on new house by December 12 they will cancel the sales contract and retain our deposit for damages. We would be happy just to get any portion of our deposit back. What should we do to get any money back?
