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Old 03-20-2009, 07:58 PM
 
1 posts, read 7,741 times
Reputation: 13

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Hello Everyone,

We are needing to move from our current house (need more space) and were considering the Ball Homes Trade In Program. We have had three different people tell us how they have given them very low trade in values. One guy we know house appraised at $205,000 (the low end of the appraisal) when he was thinking about refinancing his house three months ago. Ball Homes said they would accept his house at $165,000 less the 7%. I don't think it could be possible to go down that much in just three months. Another person we know was told his house was worth $20,000 less than he expected it to be based on comparable houses that sold in his neighborhood. He ended up telling them to forget the trade in program and sold it himself at the price he expected to get. Has anyone else had this problem?

Also, is Ball Homes a good company to go with? We hate the cookie cutter type houses, but it seems like they have some large houses for around $240,000. Would anyone suggest something else?

Thank you so much for you help!!
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Old 03-20-2009, 08:34 PM
 
Location: Lexington, KY
168 posts, read 516,553 times
Reputation: 109
Anderson Communities also buys houses, like Ball homes, but I think they're a little more reasonable, just because they're local - of course, I'm biased. I have a couple of friends who bought Ball homes and had moved out within 5 years because of ridiculous problems stemming from the construction process being quick and crappy.
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Old 03-21-2009, 01:26 PM
 
683 posts, read 2,093,417 times
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We had a short term rental in a Ball home, and it was poorly built. In fact, they "forgot" to run cold water to the kitchen sink. Both taps were hot water.
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Old 03-21-2009, 04:14 PM
 
Location: Todds Rd. area
930 posts, read 1,619,539 times
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Most of the bigger builders offer a trade in program. I have also heard that their appraisals come in low. Here is my problem with the whole thing: Everybody you deal with has Ball's interest over your's. The appraiser wants to keep getting work for Ball, so they go conservative, the agent in the model homes represents only Ball in the transaction, etc.

I have a client in Georgetown that was going to do the trade-in program. They were offered $133,000 less 7%. I sold it in 2 weeks for $137,000 less a 5% commission. THAT SAVED THEM $6460!!!!!

I
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Old 03-26-2009, 05:04 AM
 
Location: St. Augustine
9,258 posts, read 11,847,924 times
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I lived in a newly built Ball house for 3 years. It was well built and very good value for the money. I was pleased with it.
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Old 11-24-2009, 03:24 PM
 
1 posts, read 6,947 times
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we were looking to trade in our old house with ball homes and build a new home. we had heard that ball would give us a low amount for the house we lived in. our house was 3 years old and i had upgraded a few things around the house. i was very pleased with the amount ball offered. they gave us $3000 more than we paid and then took out the 7% for the trade in. we are know in our new ball home and have had NO problems what so ever. the building process was flawless, everything passed inspection on the first go around, and the guys building the house were great. at closing, everything went very smooth, the siging of our new house and the trade in of our old house. it took about and hour and a half to complete the process and we were walking out of the ball office with the keys to our new house. the key is understand what you are trading in, what you are getting, and understanding the building process. Understand your finances, and that you are dealing with people. will there be mistakes along the way, sure, but that is life. the key is, taking care of them early on and being envolved in the process.
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Old 02-08-2010, 10:45 AM
 
4 posts, read 10,492 times
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One thing to keep in mind when you are thinking about trading your home to any builder is that trade programs are not really profit centers for builders-- they are something that they offer when the resale market gets slower and people are reluctant to sell their home and buy another because they aren't sure they can sell it fast enough or for what they would like to. Trade programs are intended to remove this obstacle and make it easier for people to buy a new house. They tend to be offered by builders during slower times, to help them sell houses, and you will see them go away again when the resale market heats up again.
From the builder's point of view, they're really hoping not to lose money on buying your house. In most cases, they will be making an offer to buy it based on today's market, and then four to six months later when you close on the new home they will take possession and immediately start trying to re-sell it, which will probably take several months and involve advertising a 5 or 6 percent commission. In the meantime, they'll be mowing the grass, paying the utilities, property taxes share, and generally tying up their cash flow or paying interest on a loan for it without getting any of the benefits of ownership that someone who bought it to live it in would. All the while, they're taking a chance that a foreclosure in your neighborhood won't actually drive the market value down. You'll notice that most of the trade deals allow the homeowner to keep trying to sell the home themselves-- and in fact they're probably hoping that will happen.
Trade programs are a convenience program more than anything, so you don't sell your house and then have to rent and move twice. They are also a security factor in a market where it's hard to say exactly what a house is worth. They also keep you from paying commission to someone for selling your house for you. So part of the answer will depend on how much the convenience is worth to you. The other part of the answer may have to do with how much equity you need to be able to cash out when you sell your house, especially if you refinanced and rolled in some other debt when it was easier to borrow money and appraisals tended to be very generous. And, appraisals done for the purpose of refinancing tend to be generous by their very nature--the more they can get the house to justifiably appraise for, the more they can lend.
Obviously, nobody wants to sell their house for less than it's worth. But there is probably also a range of price that will work for you to pay off what you owe, and still meet your needs. If you think a builder has offered too little, you can always pay $300-$400 for your own independent appraisal and see if that helps, or explain why you think it isn't high enough-- like maybe you know of houses in your neighborhood similar to yours that have sold recently for a significantly higher amount. A trade offer may be somewhat negotiable. And if you decide that you can live with a trade offer, you may still get lucky and be able to sell it yourself if your agreement lets you continue to try to sell the house for a period of time.
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Old 05-10-2012, 02:57 PM
 
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Reputation: 10
Plumber - I have a nice house in Rabbit Run I may consider trading for a smaller home after being divorced. It is $ BR, 2 & 1/2 bath 2 story, nice, fenced yard, 2 car garage, etc. Home on the corner of my street recently sold for $253,900, I would take $225K for mine. If interested, e-mail me at jdclex.com
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Old 05-10-2012, 06:28 PM
 
Location: lexington ky
6 posts, read 11,754 times
Reputation: 11
my ball built home was built in 1990 we bought it in 1997 ,,, BALL HOMES do not walk but RUN RUN RUN AWAY,every house in my sub-div has foundation problem and evey othe kind of cheap crappy built problems from day one. I grew up in old old farm houses and coal camp houses in W.VA , so i know what problems old houses have , but EVEN they didnot have some of the problems we have had,6 months after we bought it the 7 year old windows started rotting out and that is just the beginning of that 1st year ,did i mention every house in my sub-divide have bad foundation shifting and cracking problems (made this long and repetting my self for a reason ) BEWARE
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Old 05-11-2012, 10:20 AM
 
Location: Todds Rd. area
930 posts, read 1,619,539 times
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Not that I am trying to defend Ball Homes here, but I've been on hundreds of home inspections in Lexington and the surrounding area and the Ball Homes don't inspect any worse than any other builder. All builders view code as the maximum, but it is really the minimum. Most of the problems you see on a 20 year old house have to do with maintenance. If you have wood windows, they will need painted every few years to keep them from rotting. I own a home built by Ball that I rent out. It is 27 years old. It had been maintained very well when I bought it last year. I use the same home inspector I recommend to my clients. He actually found far ferwer problems that he usually does.

Your foundation problem is more likely to have to do with the soil stability of the ground under the house than the contruction itself. Several areas all over town have foundation problems. Out Lakeshore Drive near New Circle, Lans-Merrick, Gainesway, Century Hills......all have a high percentage of homes with foundation issues. I own another house in an area known for foundation issues. It has cracks about every 4 feet. It is a nuisance and will effect its market value, so I feel your pain.
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