Homes Seller Reduces Prices After Closing

[cnguyen84]

Hi,

Thank you in advance for any assistance you may provide.

After 2 months closing on our homes in July 2007, MI Homes reduced the prices of new homes by almost 20 percent. This has tremendously hurt the current homeowners' equity. Do we have any legal recourse?

For my personal case, before closing on the house, I asked my MI Homes sales rep whether he is aware of any price reductions in the forthcoming months, assuming he knows because he works for them. He told me he knows there will not be one. Now, I know that my case is circumstantial because it is not in writing and therefore heresy, but is there any chance I may have any legal recourse to recoup any losses from the price reduction?

Thanks,
Carlin

[seniorjudge]

Q: Do we have any legal recourse?

A: No. It's called capitalism.