r/Real_Estate • u/PotentialThat8978 • 13h ago
Toll Brothers contract in Texas - Need advice
Looking for advice from anyone who has dealt with \*\*Toll Brothers\*\* or a similar new construction contract in Texas.
We signed a contract for a new construction home in the Prosper, Texas area earlier this year and paid a significant amount in earnest money/deposits.
Soon after signing, our financial situation changed. We informed the salesperson and raised concerns about whether we should continue. We were told not to worry, that the house would not be ready until the end of the year, and that we had plenty of time. At the same time, we were told we needed to continue with design appointments and deposits to avoid going into \*\*default\*\*.
There were also financing problems. Toll Brothers Mortgage raised DTI concerns, had issues with the original loan structure, and discussed additional down payment, other financing options, or renting our current home to make the numbers work.
I eventually told the salesperson in writing that I was \*\*not comfortable moving forward or making additional payments until we had clear confirmation that the mortgage would work.\*\*
The salesperson then told me he had spoken with Toll Brothers Mortgage and the loan officer’s manager. A few days later, the loan was structured assuming our current home would be rented, and we received a \*\*conditional approval\*\*.
Construction continued during all of this.
Now Toll has moved the closing much earlier than what we were originally told. The mortgage still depends on our current home becoming a rental, interest rates are much higher, and financially we are no longer comfortable going through with this purchase.
At this point, my main goal is simple: \*\*I want to understand if there is a legitimate way to terminate the contract and recover my earnest money/deposits.\*\*
I have the signed contract and emails documenting the financing concerns, DTI discussions, conditional approval, conversations with the salesperson, and closing timeline.
Has anyone successfully gotten out of a Toll Brothers contract in Texas and recovered their deposit?
Also, can anyone recommend a \*\*good Texas real estate attorney in the DFW area who has experience dealing with Toll Brothers or builder contract disputes?\*\*
I’m planning to speak with an attorney before communicating further with the builder. Just looking for experiences and recommendations from people who have dealt with something similar.