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Old 09-13-2013, 02:22 PM
 
3,313 posts, read 4,296,635 times
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Quote:
Originally Posted by DUNNDFRNT View Post
I thought when you sign a contract is contingent on financing which of course depends on the house appraising for what is listed for. I dont see how you would lose the deposit.
The only way to get out of contract and get deposit back is to provide builder with the letter saying you are not qualified for mortgage. If you provide this letter from your lender, builder has a right to force you get approved through their preferred lender (it's actually in the builder's standard contract).
The appraiser is getting right where you need to be and preferred lender is OK with giving your mortgage... with higher interest rate and adj. rate terms. Unless you are moving far away or/and loosing your job, it's very hard to get out with your deposit.
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Old 09-13-2013, 08:39 PM
 
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Quote:
Originally Posted by EngGirl View Post
The only way to get out of contract and get deposit back is to provide builder with the letter saying you are not qualified for mortgage. If you provide this letter from your lender, builder has a right to force you get approved through their preferred lender (it's actually in the builder's standard contract).
The appraiser is getting right where you need to be and preferred lender is OK with giving your mortgage... with higher interest rate and adj. rate terms. Unless you are moving far away or/and loosing your job, it's very hard to get out with your deposit.
You don't have to stay in a contract if you are denied by a lender and the builders lender will approve you against the terms you are willing to accept.

That would mean that hardly anybody would be able to back out...any good realtor will at least set some terms in the contract about the rates, etc.

Otherwise you can be approved for 10% interest and can't back out...
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Old 09-13-2013, 08:44 PM
 
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Originally Posted by EngGirl View Post
It will be interesting to see how they will be doing. Their smallers floorplan (2000 sq. ft.) is starting at $270K - adding any extras and lot (premium) it will easily run over $300K. Their next floorplan (2600 sq. ft.) is starting at $300K... final price after upgrades, extras, lot will be over $350K. I got it they are pricing at Seven Oaks price levels, but they are not Seven Oaks and soon they will be rezoned to new elementary school from SOE.
On the bright side, they don't have CDD.
If some realtors think it's a good idea to pay close to $400K for a new house there, we will see a lot of short sales and foreclosures in the future Most people been there, done that before.
I will not judge prior to seeing the models and what they have to offer. If they offer energy saving windows, etc. it will be different then if they have nothing to offer...lets wait and see on Wednesday.

We have a property listed with all energy saving windows, new insulation, newer roof, doors, etc. and the energy bill for 2012 was only $ 2835 for the entire year incl. charging an electric car....for 3518 sqft with pool, Jacuzzi, waterfall, etc.

This to me shows that some upgrades can be worth a higher price.
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Old 09-13-2013, 09:30 PM
 
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Originally Posted by bentlebee View Post
You don't have to stay in a contract if you are denied by a lender and the builders lender will approve you against the terms you are willing to accept.

That would mean that hardly anybody would be able to back out...any good realtor will at least set some terms in the contract about the rates, etc.

Otherwise you can be approved for 10% interest and can't back out...
I don't have any contracts from builders in front of me right now, but as far as I remember, the part where they talk about financial contingency is written the way you actually will have to use builder's lender if you are denied through your lender. Or you can walk away and loose your deposit. We tried to modify builder's contract with a realtor as well as with a real estate attorney - no luck. Builder don't allowed any changes and variations from their standard term.
My friends ended up buying a new house with builder's lender because house was not appraised to the sale amount and their lender refused the deal. Their interest rate was 0.85 higher compare to what they've got on the paper from their lender. And instead of 20 yearx fixed they had to go with 30 year fixed, not really sure why.
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Old 09-13-2013, 09:42 PM
 
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Quote:
Originally Posted by bentlebee View Post
I will not judge prior to seeing the models and what they have to offer. If they offer energy saving windows, etc. it will be different then if they have nothing to offer...lets wait and see on Wednesday.

We have a property listed with all energy saving windows, new insulation, newer roof, doors, etc. and the energy bill for 2012 was only $ 2835 for the entire year incl. charging an electric car....for 3518 sqft with pool, Jacuzzi, waterfall, etc.

This to me shows that some upgrades can be worth a higher price.
Upgrades are great. But I am pro-choice here. I rather start from very basic price and add upgrades I feel I need. For example, I don't care for granite in the kitchen and all bathrooms. Or 18x18 tile in all wet areas. Or natural gas (I know about economy)... I just don't like adding a cost of it in 20-30 year mortgage and overpay for it. When upgrades are included you basically had to accept it and pay for it whick make starting price higher to begin with.
If we are talking about Arbor Woods here, there are many lots within first phase that are considered to be premium and the price runs fom 2-3K up to 40K. Paying extra $40K for "view" is not adding $40K to your home value. And there is only one lot if I am not mistaken that cost $0 for lot, so basically price of each house will be increased by the lot price...

Seven Oaks still has some new home construction going on and the prices are at the same level. I would rather go with established community than playing lotto with this new one.
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Old 09-13-2013, 10:28 PM
 
Location: Toledo, OH
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You make some very valid points.

I like what they are continuing to do in Seven Oaks. Standard Pacific continues to build and there still is a lot of land to the North. I don't think I would worry about Taylor Morrison. That higher end builder will sell the subdivision out. They are building all along HWY 54/56 and homes are selling. I think it is actually in a very good spot. I don't know if they will eventually look like Seven Oaks, but that large section of land just to the West is now under contract. Not sure if residential or commercial. A different buyer moves into Taylor Morrison. They put down 20% or more on a 400K home and it's not an issue. Some flat out pay cash.

I have seen that as well with the new home builder (interest rates sometimes higher than other lenders) but the buyer has some options. They tease you often with paying your closing costs. Which can be 10K to 15K if you take their rate. Buyers don't have to fork out that cash to close, so they pay an additional 100 dollars or more each month. If you get 15K for closing costs and a mortgage costs you 100 bucks a month more, (the average person lives in their home for 7 years - read that a while back - maybe different now), 1200 a year or 8400 over 7 years. It's a numbers game. The mortgage company sells your mortgage anyway. These home builders preferred lenders don't keep them (IMO). OR - OR - you could pay that 15K in closing costs in the way of buying points and get that rate even lower then others. Again, it's a numbers game. They still however have to abide by national mortgage standards.

I have to go see that 40K lot. It has to be a beauty! Usually don't see that wide of disparity (0 to 40K). 0 could be a marketing ploy to get people buying for phase I. Lot prices for David Weekly, Taylor Morrison and Arthur Rutenburg in Old Memorial have prices almost to 6 figures!!!

As long as you go in informed. They will try to load you to the moon, but if you know you want to spend 1500 total for mortgage, taxes, insurance, HOA, CDD, etc... don't let them keep running up the options. Have them throw in the lot premium, have them meet you half way on options, etc... You the BUYER, are the boss.
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Old 09-14-2013, 01:00 PM
 
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Maybe it's just me, but I wouldn't put Taylor Morrison next to David Weekly or Arthur Rutenburg. I don't think they are at the same level at all. Taylor Morrison have not very good reputation for the houses they built in 2004-2006 in Wesley Chapel. I personally was looking to buy a house like that and our inspector found some major issues (leakage on the ceiling from the roof) - it's unacceptable for 7 year old house.
But we all know that builders just hire contructors to do work for them, so the house build in one part of Tampa might be way different in another.

Right now I don't understand why their sign says the price starting at $200 where the cheapest house will be at least $270 on $0 lot and without any upgrades - FALSE ADVERTISEMENT!
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Old 09-14-2013, 02:09 PM
 
Location: Toledo, OH
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TEASERS!

I actually put them close to David Weekly, but no way Arthur Rutenburg. I think it is great you point out some issues that you have seen, and state the builder as well. I haven't seen that many issues with them. Fluke?? Not sure, but a bright spot should be the warranty that should have been provided with the home. Most builders back there roof for 10 to 20 years.

If you live up in the Wesley Chapel area, have you been over to Watergrass? I think you would like what you see there.
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Old 09-14-2013, 06:10 PM
 
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Builder's warranty is a joke. It looks great on the paper, but when time comes to use it - it takes a lot of time and effort to make builder do whatever they supposed to do. We are in major lawsuit with one active builder right now (for almost 3 years to the date) and notithing was resolved yet. We already spend our money to fix major problems in hope that the builder will reimburse us when lawsuit will be over. We paid independent experts to evaluate all problems and gave us reports... let's just say it was not cheap. Our house supposed to be under warranty, and it's pretty new - but I blame everyone who was involed in the building process during last housing boom, because nobody cared for quality, they all cared for quantity... My point is warranty is something I wouldn't count for. Just google pretty much any builder and you see the same things happening to other people.

Yes, I went to Watergrass. The location is something most people don't like about tthat community. At some point in the future next exit from I-75 will be build ( between SR 54 and SR 52), but still... They are trying to make another Seven Oask out there, but so far it's just a cheap resemblance... their pool is a joke compare to Seven Oaks And Standard Pacific is charging you for any lot, even if you will be surrounded by other houses from all sides... what an easy way to make the money... to pay $7-10K to back up to 3 neighbours and have one on each side. Other than that it's a nice community. By the way, their on side Elementary School received "C" grade for last year, it's not going to help increase sales for sure.
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Old 09-14-2013, 06:26 PM
 
Location: Toledo, OH
1,725 posts, read 2,990,500 times
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Well, sorry that happened to you. I don't know what percentages are of the amount have homes that have issues vs the amount that do not. If 95% of the homes have no issues, that sounds great on paper but the 5% of the people that have the problems are effected big time.

I have been in so many new home builders offices over the past month or two that I have a hard time keeping them all straight. You are right, almost every site now has a premium. It has always been that way, but builders were working with people on incentives more last year because it was slower. They are busy and they don't have to now. Don't expect that to change and honestly, prices on lots are going up! The builders are announcing it, and it's happening. (DISCLAIMER: THIS IS NOT A RAH RAH BUY BUY NOW SPEECH!!) How much for how long, nobody knows.

If you find a quick move in home from one of the builders, that is where you will gain some savings. Example: Homes priced at 250K with some wheeling and dealing, can be had for probably 225K plus have them pay closing costs. (I did read what you said regarding the additional .85% on the rate. That may happen, but the builder I am working with right now has market rates right in line with the market. Mortgages are all about shopping just as much as the home is.
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