Ryan homes in Maryland--house value going down - need help and suggestions (Washington: sales, real estate) - City-Data Forum

annalove · 04-27-2007, 04:47 PM

Greetings All,

My husband and I are in a process of buying a new home with Ryan Homes. we signed the contract back in may 2006 , but since we requested to change our lot , our house is now in the process of being built and scheduled to be completed by June 30th 2007.

here is my issue. Since we signed the contract, the house value kept going down. Ryan sold the same that we buying for 50,000 less and now this month they are selling them for 100,000 to 150,000 less !!!!!!! so we are like what really going on?

when the house value went 50,000 less in February 07, we talked to the sales manager and she gave us additional 5,000 towards closing cost.

That to me was crazyyyy ,but better than nothing.

Well as the we are getting closer to completion of our home, I am very worry about the house value today and in the future.

What can we do ? wait until we get closer to closing and approach them again? does anyone ahs any suggestions on how to approach them again?
or just cancel the contract and probably some of our deposit ?

I am a little frustrated at this point---- every single upgrade that we had to pay for, Ryan homes is now give it for free to the new buyers.... I mean free granite, free 100% finish basement, free ceramic everywhere....free sitting room, morning room etc in addition 20,000 towards closing cost.

Please share your wisdom, advices and tips with us ....please.

Thanks a lot!

xkingsyx · 04-27-2007, 10:57 PM

I think you are SOL. It stinks but you signed a contract when the housing market was at its peak and you have to live with it. If you really want out, I'm sure you can capitalize off of another upswing in the next 5-10 years. If you can get out of the contract, do so and give them the deposit if it's not too big. I'm sure it is nothing compared to the 150k less your home is worth compared to what you will be paying for it. Who knows, maybe if you threaten to bail, they will give you a nice discount.

Just my 2 cents

Zack · 04-28-2007, 04:46 PM

Get a lawyer and perhaps a realtor to help you negotiate the price down. You should be able to leverage your deposit and the fact that the builder doesn't want to take back the home and take a loss to get a much better deal. Your worst negotiation position is to give up your deposit and then re-buy the home at the lower price. Put a negotiating agent between you and the builder should improve your position over doing nothing. Disclosure, I'm not a Realtor.

katzenfreund · 04-30-2007, 11:06 AM

I'd let them have the deposit, unless it was huge, and get something else, if the prices have really dropped that much on the same type of house.

annalove · 05-01-2007, 11:27 AM

Thanks to everyone! we talked to A realtor who suggested that we get an independant appraisal done. so we may have to do that because our deposit is over 50,000 and we don't want to lose it.

any other suggestions ? please comment. Thanks!

shift_limitations · 05-16-2007, 07:51 AM

Hi Anna,
We also bought Ryan home in Howard County. Can I know, How much did the home apparised for?

Thank you
Raj

helenwb · 05-21-2007, 09:21 AM

We purchased a Ryan Home 2 1/2 years ago and included the granite upgrade. This week May 18, 2007) the sink fell down into the counter--literally. We found out that the sink was glued and brackets were not used. Ryan stated that since we have been in the home more than a year, they are not responsible for this. The company that installed the counter/sink said glue was what Ryan specified, but they stopped doing this around the time our home was built because the sinks began falling!

I think I will take pictures and send them to the Washington Post-- a million $ house that the sink drops into the counter!

helenwb

triniboy · 05-23-2007, 11:54 AM

You guys should have tried an NV home. Tha`ts what I am building right now. Hopefully no sinks fall through for me afetr a year. I think NV has a better build quality than Ryan. Close to I`d say Toll Brothers. Can`t wait for mine to be finished. Just 4 more weeks. Oh yea.

weisla · 05-30-2007, 10:47 PM

Absolutely consult a real estate lawyer. You have too much $ at stake. I would be well worth the lawyers fees to know that your interests are protected, because the builder sure isn't looking out for you.

rrjackson · 07-08-2007, 09:30 PM

Not that it helps, but your 1 of 100,000's of people who get this same sort of BS. Ryan Homes builds homes to last one year, because that's all they have to do. At HOBB.ORG we are working toward getting laws that change this, because it's inexcusable. Otherwise, Ryan Homes can just laugh at how they got away with another rip-off, because they've rigged the laws against consumer protection. Your toaster has a better warranty than your house.

NV is Ryan Homes. NVR comes from NV Ryan abrev. after Dwit took over Ryan Homes.

Quote:

Originally Posted by helenwb

We purchased a Ryan Home 2 1/2 years ago and included the granite upgrade. This week May 18, 2007) the sink fell down into the counter--literally. We found out that the sink was glued and brackets were not used. Ryan stated that since we have been in the home more than a year, they are not responsible for this. The company that installed the counter/sink said glue was what Ryan specified, but they stopped doing this around the time our home was built because the sinks began falling!

I think I will take pictures and send them to the Washington Post-- a million $ house that the sink drops into the counter!

helenwb