Contingency Funds
MaineWe closed on a construction loan on 5/21/21. We own our land paid in full. Our home is a display model at a local modular home business. We put a deposit of $2500 down in March and purchase agreement was signed by all parties on 3/12/21. Loan approval received 5/13/21. There is a contingency fund of $8500 built into the loan. The Day after closing on the loan we went to the modular home company to look at the home and take some measurements. My husband went into the office to speak to the rep and was told at that time the price of the house went up on 5/11/21 almost $30,000 and now they are trying to get us to pay the inflated price and want to use the contingency funds towards the increased price. We closed already and they accepted over $18,000 cash of our personal money not the banks. What are our rights?
1 reply
Unfortunately, it is not possible for me to answer your question without knowing more facts and being able to review the terms of your purchase agreement. You should seek the advice of an experienced Maine attorney to help guide you through these issues.
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