The scenario is - had preapproval from bank but new home as per HIA standard contract overvalued by builder and unable to get finance. Even their own "broker"couldnt swing it ! Did not give them notice as per contract as were still waiting for bank to get back us after 14 day period expired.
Paid 5% deposit and we would like to exit from the contract and have the balance of our deposit refunded (less itemised expenses). Builder says ïts like a marriage with no divorcë"and is trying to hold us to the contract, calling and harassing us, telling us we will have to sell our land to compensate them for loss of profit etc
Has anyone in this situation got an advice about remedies we can seek ? Saw a solicitor but did not provide us with any concrete advice. We would like to go to VCAT but under the Civil Claims section rather than the Domestic Building List as its a cheaper easier process. Has anyone done this whot may have advice for us.
Basically our position is that we did our best to obtain finance and could not do so - got an independent valuer who supports the bank valuation. Want nothing to do with this builder anymore they are rip off merchants and bullies to boot. The fact that they were to pesky during the finance approval stages suggests to me that they might have cash flow problems.....
Any advice would be much appreciated.