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Please HELP: builder wants to change contract price

Emma Jones
9 years ago
last modified: 9 years ago

Last week we signed a contract to purchase a new constructed house from a big reputable builder. This will be our first house. We got a list of sale price breakdowns for the preliminary changes in house one day before we signed the contract. While glancing through the list, I noticed the figure seemed odd for one of our "downgrades". The builder deducted much more than we thought. I immediately contacted my realtor and asked about this. He informed the sales rep of the builder the same day. However, next day when we signed the contract, the price addendum has not been changed, so we assumed that it was either the correct price or they gave us a credit of some sort. On the other hand, we were told that the final price may be subject to change because we haven't gone to the design center so there may be a few new add-ups. However, the itemized price on the addendum is supposed to be fixed.
One week after we signed the contract, our realtor contacted us that the builder found that the price that I pointed to was a typo. They mistakenly deducted additional $4000 to our total price. The builder argued that we had noticed this and that was a obvious mistake, so they are going to add the $4000 to a new contract and ask us to sign for that.
I was furious because that was the number that they put together, that I did my good faith effort to let then know and correct this error, and that they had time to make the number right but did not do so. We had been relied on the price on the original contract and already contacted several lenders to get GFEs. I do not want to sign the new contract, but my husband warns me that we should keep a good relationship with the builder because they can do anything they want during the construction to make us pay more down the road. We are not very familiar with the whole process since this is our first home. Any advice?

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