Signing contracts

D

Donegal75

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I am due to sign contracts on a new house next week. These houses were supposed to be finished at the end of March 2007. There has not been any work done on the site since October 2006. I have spoken with my estate agent and he has told me that it will be ready in July 2007, after speaking with the developer.

My problem is this- I have information that both the Contractor and devleloper are in financial difficulty. I have to sign contracts next week. Anybody any advice?
 
Hey if they go bust you would be 1st in line to buy it off their bank, perhaps for less to clear their debts! :)

You however do not want them selling it to higher bidder ( if it IS actually worth closer to 200k as above ) whilst you have not signed contracts. I owuld push on this. If the banks valuation is more accurate and reflective of a rising market in your area since your agreed price Id get skates on to close.
 
Thanks for the advice. I have not met with solicitor as of yet. Will do Tomorrow. He said all contracts are in place and just for me to sign. He does not know of the information that i Know. I will let you know how i get on.
 
hmmm. Where did you get your information? Not the EA, not the developer, and not the contractor? Was it a disgruntled builder working for developer? Every site has at least one of those - take that info with a pinch of salt.

Unfortunately you will have to make your own judgement here - the solicitor is not going to give you any clue as to what to do.
 
I have heard that the developer owes the contractor a lot of money and he has told someone that i know, that if the developer does not pay up and they try and get someone else on site to finish itoff, he will take an injuction out against the developer. The houses are bascially nearly completed as well, there is not much work to do on them.
 
OP, where is this development. Just curious because I'm buying in a new development that's almost finished. Hoping there's no coincidence. Jake
 
Please correspond via PM on the issue of what development it is-unless it has been in the media or officially revealed that the developer is in difficulty, it is hearsay at this stage.
 
Everything sorted, happy, and I got wind of inaccurate information. it will be ready in a few weeks :). Thanks for all the advise!
 
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