July 13th my wife and I take a trip to local Prestige Home Center to talk to a sales man and found out that in 2-3weeks we would be approved for new manufactured and 3-4 weeks later the new home would be done and ready to move to property. We will have p.O.# from factory with in 3 1/2weeks from sign date July 14th sign buy order gave $4,220 deposit check clears our bank 7/18/06 Note: (be approved) means some type of financing was to be in place.
4 weeks later august 11th manager of center calls me at 5:11P.M. And states that he had to order new appraisal of property due to low appraisal after my wife and I disscuss this new turn of events 5:20P.M. We call manager back and tell him to cancel order due to poor performance and the lack of any disclosure information Interest on loan, payments, length of loan?
When someone accepts buyers order or orders new home with financing involved does that person or persons have the right to know what the interest rate will be? Length of time of loan? Payment amount? To see if it is affordable? And if purchase is contingent to financing doesn't that mean contingent to both parties? Signed truth in lending statement?
Buyers order has no time frame indicated as to length of time to build this fact that there is no time also should work on behalf of the buyer.
Non refundable fees (does not mean deposit is non refundable just fees paid out I.E. Title search, land appraisal)
If no time frame in buyers order then lets wait 5-6 years then build it.
Land appraisal comes into prestige homes August 16th land is worth almost double cost of home but 5 days after we notified manager that this was enough.
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