The appointment to discuss what the builder had to say was going to be the next day. Different scenarios of what the convesation would be filled my head. I figured the price of the home would be the discussion and I was ok with that discussion. Another thought was the my house construction was going to be delayed.
I met with Veronica via phone at the appointed time. Veronica was the builder's liason between the builder and perspective homeowners. Veronica is the person I called in January 2018 and she was at the first meeting when I met with the builder, and she was also the contact for the builder that I would get updates from.
Veronica ripped the band-aid off immediately.
I wanted to meet with you because there is going to be a media announcment tomorrow the 23rd of April and I wanted you to know first and hear it from us, and not in the media. The neighborhood is never going to be built. We couldn't get favorable loan terms, and the price of each house would have to be $375K. We won't be able to cap the appreication price at 3% for resale. This is not in the spirit that we wanted the project to exist. I'm sorry. Amy will reach-out to you to refund your earnest money.
I expected a conversation like this at least a year ago - not now that the models were built. I asked if I could buy my lot since its a corner lot at the outer edge of the back of the property, and develop the lot myself. (Stage 3 of the six stages of Grief: Bargaining) I was told no, that the entire property was going to be sold in whole. I asked what was going to happen to the models, and I was told, "we don't know."
Amy was the Real Estate agent for the builder who contacted me to make arrangements to have the earnest money returned. Amy also put me in touch with a Real Estate agent named Joe.
To be continued...
