My husband and I decided to purchase a new townhouse with Ryan homes we were told we would get an interest rate of 5.00% (they had money to buy our rate down to that) so we brought an earnest deposit of $10K and signed the initial paperwork. Come time to do the finance paperwork the interest rate we were promised was higher bumping out payments up thus making it more than we could afford we decided to pull out one week after doing initial paperwork.
Now Ryan homes is trying to keep our deposit - we are military family that is our whole life savings!!
I could understand if they began construction and then we pulled out but they hadn't even sold out the whole building yet and hadn't even submitted for permits. so bottom line is be very careful when dealing with Ryan homes and make 100% sure this is what you want also I do not suggest giving them any money until you do financing first
Monetary Loss: $10.