Mt Prospect in North Potomac
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Anonymous
| What’s wrong with the traffic circle? |
Anonymous
Its weirdly tiny and people don't know what they are doing. |
Anonymous
| Driving slow is key at that circle. |
Anonymous
| The circle seems off center and is weird but works well |
Anonymous
| Has anyone been able to negotiate or has backed out at closing because of high mortgage rates. At this current rate we would be able to back out, but we won’t know for sure til we close. And Toll Brothers hasnt given us any clear answers on what would happen since we aren’t near our closing date yet (so the rate could still drop). We were told they weren’t going to be listing any more homes in 2022 and so we even had to bid on our plot at that time. Now there’s plenty open and with 80k incentives. Just feels like we got a terrible deal that I can’t wait to get out of. |
Anonymous
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Hello, I work for Long and foster. I liked their design but their current contract says you can only back out if rates go to 16%. I advised all my clients not to buy there currently. There are other new developments that aren’t as strict.
Can call me at (831) 392-5903 to advise. |
Anonymous
What about locking with TBI? |
Anonymous
|
Contact a real estate attorney or contract attorney. It sounds like your contract allows you to back out at the current rate but if the rate goes down you can not. Toll Brothers is not responding to your request to back out now because the last rate increase triggered your back out provision. You are unsure as to whether you can back out now or have to wait months until closing? Is that correct?
Rates are unlikely to go down so hopefully you won’t be stuck with the house at a rate right below the threshold but it delays you months. A lawyer can help you understand your options and get Toll to at least respond. |
Anonymous
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Feels like a clause like that could be subject to some serious gaming by Toll. Let's say it says something like, "buyer can back out if average 30-year interest rate is 7% 60 days before close." House is close to completion. Toll tells its contractors to hold off on some minor thing, finds a day that interest rates tick below 7%, says closing is 60 days from then, and then tells the contractor to finish up that minor thing.
All the more reason to consult with an attorney if you do want to back out. |
Anonymous
| Wasn’t there a MD bill 1183 that protected home buyers from losing their earnest deposit if they were unable to get a mortgage? If interest rates have risen where you no longer qualify for a fixed 30 year then I would assume that this would apply. Best to consult a real estate attorney to see if you can get your deposit back and how quickly. |
Anonymous
Anonymous
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I’m with Long and a foster previous poster. Recently took two buyers, and the team there Andrea told me I can’t write a contract and back out unless interest rate goes to 16%. And they can go after my buyers for more money even after they lose EMD by backing out.
Definitely recommend the talk with lawyer. |
Anonymous
Wow, 16% is crazy!! The people that bought early lucked out with low interest rates and low base prices…I don’t think they’ll be able to sell as quick as before. They should have planned better! |
Anonymous
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The Hamlets are the only homes available right now and they’re still selling. Looks like a deposit was just put down on one of the newly released lots.
Yes, the market has changed - it was crazy there for a while. Things are more normal now. That doesn’t mean that Toll is going to have any difficulty in selling this community. From what I’ve heard (I’m a current resident), most potential buyers are waiting for the Windmill lots to open up again. |
Anonymous
| Are they planning to have any Orchards anymore, or is it Windmill and Hamlets from here on out? |