Our build contract was valuated really low by evaluator. Removed items to reduce loan but valuation dropped with it. We told our builder we can't build. We took off as much as we could off the building contract but they wouldn't help with the discount and our valuation dropped anyway.
We asked the broker to send us a finance rejection letter. We forwarded it onto our builder. They sent us a letter that states we need to pay $20, 000 approx for incurred costs as we are cancelling the contract. We have no choice and we can't get finance approval. My wife now hasn't got a job.
Can they force us to pay incurred costs (we signed the building contract)?
We asked the broker to send us a finance rejection letter. We forwarded it onto our builder. They sent us a letter that states we need to pay $20, 000 approx for incurred costs as we are cancelling the contract. We have no choice and we can't get finance approval. My wife now hasn't got a job.
Can they force us to pay incurred costs (we signed the building contract)?