By now, many of you have commented and queried about the down-payment situations that buyers are finding themselves with. This is a classic situation that homebuilders have planned for - despite a perceived "hot" market - and buyers have not thought out.
The situation in this article is very common but I believe that the government's efforts to fix the housing crisis will begin to encompass issues like this as well.
If I were Toll Brothers, I would prepare for some compromise in the coming months. Good lawyers are finding ways to bring these contracts to "more acceptable" closure.
Up In Smoke: The Deposit Vanishes
New York Times
March 20, 2009
http://www.nytimes.com/2009/03/22/realestate/22cov.html?_r=1&hp=&pagewanted=all
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