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Voorpaginanieuws uit de Naples Daily News

Lawsuits rising as pre-construction buyers want out in depressed market

They signed for homes costing hundreds of thousands of dollars two years ago, and then the market went bust.

Now, the homes aren’t worth the purchase price anymore and the credit crunch has made financing harder to get.

Buyers who signed contracts for pre-construction condos and homes in the booming market are suing developers under a federal statute to avoid closing and to get their deposits back. Others are just walking away from the deposits, usually about 20 percent of the purchase price.

“Buyers want out ... because the economy is bad,” said Richard Inglis, a lawyer with Fort Myers-based Phoenix Law Partners, who has handled many such cases. “It’s hard to think about buying a second home if you’re laid off or if your economic situation has changed substantially, ... especially in Southwest Florida where we’re selling make-believe and sunshine.”

Dozens of lawsuits have been filed in state and federal courts citing the federal Interstate Land Sales Full Disclosure Act.