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Old 02-11-2010, 01:52 AM
 
1,933 posts, read 1,865,035 times
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Ok so I am hopping mad! We bought a new build home which is currently under construction. We were preapproved for our loan and stuff. Well today I decided to check out the builder's website and our plan which was at $208K is now being sold at $199K. Is there anyway we can get our home for that price? Has this happened to any one before?OOOO it boils my blood! Has anyone successful renegotiated when home is 50% complete?

And please helpful answers only......many thanks in anticipation in your assistance with this thread!

Last edited by CD's Only Mrs. X; 02-11-2010 at 02:12 AM.. Reason: another question added
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Old 02-11-2010, 07:11 AM
 
615 posts, read 902,458 times
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Quote:
Originally Posted by TheOriginalMrsX View Post
Ok so I am hopping mad! We bought a new build home which is currently under construction. We were preapproved for our loan and stuff. Well today I decided to check out the builder's website and our plan which was at $208K is now being sold at $199K. Is there anyway we can get our home for that price? Has this happened to any one before?OOOO it boils my blood! Has anyone successful renegotiated when home is 50% complete?

And please helpful answers only......many thanks in anticipation in your assistance with this thread!
I have no personal experience with house buying, but it's how a free market works.

When you buy a computer, car, phone, etc. do you go back to the place you purchased it, and get angry when they've put it on sale the week after you purchased? (Refunds aside)

I would ask the builder about special accommodations. Perhaps they can give you a 9K upgrade somewhere? It doesn't hurt to ask.
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Old 02-11-2010, 07:38 AM
 
Location: San Antonio
4,102 posts, read 6,522,228 times
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Verio is correct. It's a free market and while it sucks for you, they've got to raise/lower prices at SOME point and SOMEONE will always be in the middle of that. They aren't required to do anything to help you out.

However, go visit with them. Or have your Realtor call them. Builders do try to keep customer relations up because they get referrals that way. From time to time you may catch them on a day when they're willing to work with you.

But don't go in there ready to battle. The minute they sense attitude, they'll puff their chest out and you'll get nowhere. Go in there and explain your concerns and see if they'll offer you any assistance. If you've got a Realtor, let them do it, because they're more concerned with keeping the Realtor community happy because they know they can get a ton more business.

They don't OWE you anything. But you can ask.
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Old 02-11-2010, 07:58 AM
 
669 posts, read 862,619 times
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agree with the others to ask, but it does suck.
bought a new phone for $249 in December, today you can go to Radioshack and pick it up for $49.
on the bright side, look at positive.....you're approved at $208,000. many a people out there are struggling to get a house/loan period.
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Old 02-11-2010, 08:40 AM
 
54 posts, read 104,488 times
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I thought you didn't close until the home was totally built. Have you closed? You don't have to close. Refuse to close unless they give you the new price. Otherwise, you are immediately underwater on the house.
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Old 02-11-2010, 08:44 AM
 
615 posts, read 902,458 times
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Quote:
Originally Posted by househuntress View Post
I thought you didn't close until the home was totally built. Have you closed? You don't have to close. Refuse to close unless they give you the new price. Otherwise, you are immediately underwater on the house.
What about all of the money that's already invested? You don't walk into a house-building company and they build a house without collateral or a downpayment. Most places wanted 10-20% down that I've talked to in the past. That was just to get the house built.
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Old 02-11-2010, 10:30 AM
 
1,326 posts, read 2,706,928 times
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Quote:
Originally Posted by Verio View Post
What about all of the money that's already invested? You don't walk into a house-building company and they build a house without collateral or a downpayment. Most places wanted 10-20% down that I've talked to in the past. That was just to get the house built.
We built 14 months ago and all we needed to put down was $1000 earnest money for them to start... We didn't put anything else down until we closed with our downpayment... Our house was built for 225k... So it's possible they are not too much in the hole...

A possible option would be to pull out, if you don't have too much invested, and then write
up another contract on a new lot with the same floor plan but at the lower price... That is just a thought... Don't know if it's possible... Of course you would have to start the entire build process all over again and it will push your move date back several months...

I guess you have to decide if the 7k is worth it or not... In the grand scheme of things we are talking about an amount that will make a less than $100 difference a month on your payment... Don't get me wrong, I am all for saving money, I'm just saying is $70 a month worth it to you to push your build back...

Good luck!!!
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Old 02-11-2010, 10:39 AM
 
1,326 posts, read 2,706,928 times
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ALSO... You want to find out if the new lower price includes all the options your higher price got... Maybe some included items were now turned into optional items so they lowered the price... Maybe no more radiant barrier or you get smaller kitchen cabinets or sod is longer included... I have no idea what your actual included features were, I am just throwing stuff out there for thought...
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Old 02-11-2010, 11:14 AM
 
615 posts, read 902,458 times
Reputation: 410
Quote:
Originally Posted by mrstxcop View Post
ALSO... You want to find out if the new lower price includes all the options your higher price got... Maybe some included items were now turned into optional items so they lowered the price... Maybe no more radiant barrier or you get smaller kitchen cabinets or sod is longer included... I have no idea what your actual included features were, I am just throwing stuff out there for thought...
This is a good point. A housing complex we looked at had varying floor plans based upon the extra amenities that were added. For example, two exact floor plans were almost 10k cheaper from each other, mainly because of the type of carpeting used, and the warranty. The cheaper houses were only warranted for 3 years, and 10 years for the roof. The more expensive was 10years, all around and that even included the appliances. Was worth the money in my opinion (if I had it laying around).
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Old 02-11-2010, 11:33 AM
 
Location: 281 north of 1604 - otherwise known as traffic hell
450 posts, read 1,126,644 times
Reputation: 173
Quote:
Originally Posted by mrstxcop View Post
ALSO... You want to find out if the new lower price includes all the options your higher price got... Maybe some included items were now turned into optional items so they lowered the price... Maybe no more radiant barrier or you get smaller kitchen cabinets or sod is longer included... I have no idea what your actual included features were, I am just throwing stuff out there for thought...
absolutely this. Most of the lower price points these days come from lowered product offerings. Check on this and see.
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