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Old 09-28-2009, 11:04 AM
 
54 posts, read 190,200 times
Reputation: 34

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The mortgage company met us in the middle and we went ahead and bought our new home that we built. It is not that we couldn't afford to be screwed, it is that we did not want to be screwed. Sorry to prove your judgments wrong, Loves2read. To Turtle-- I never said I did not have "5,000 dollars". Just because we have it doesn't mean we are willing to spend it when we didn't feel it was right.
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Old 09-28-2009, 11:21 AM
 
Location: Dallas/Fort Worth, Texas
4,191 posts, read 14,055,990 times
Reputation: 2649
Glad to hear that you were still able to get your dream home.

Enjoy it.

Naima
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Old 09-07-2010, 10:54 AM
 
1 posts, read 1,501 times
Reputation: 10
I have a situation that may unfold like this one. I built a house with land for 626,000. I actually stayed within budget and payed for any overcost out of pocket. However, it appears that appraisers in our area are coming in low even after the initial appraised price. The bank who has kept all the receipts knows exactly how much the house costs. What do you do than?
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Old 09-07-2010, 11:24 AM
 
32,545 posts, read 51,084,504 times
Reputation: 18424
who is the person at the bank that you got your loan through???

what did he tell you when you started
and how much land are you talking about

look at houses in MLS that are comprable to yours

it is certainly possible that what you paid for the house IS in fact more than the market is willing to pay
in that case you will have to make up the difference I guess

there are some realtors who post here
maybe one of them has exp with this situation
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Old 09-07-2010, 01:00 PM
 
Location: Dallas/Fort Worth, Texas
4,191 posts, read 14,055,990 times
Reputation: 2649
Appraisers are being super conservatives so it's not always the reason that you may have overbuilt for the area. How low did the appraisal come in? Do you agree with the comparables that they used?

Did it appraise at least within the LTV? Many lenders will not issue a loan that is already tainted with negative equity at inception. It would be perceived as a risky loan.

Ask the builder (I assume you used a custom builder?) reduce his cost or challenge the appraisal by having another appraisal done. You mention an initial appraisal value. Go back to that appraiser.

Naima
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Old 09-10-2010, 01:32 PM
 
15 posts, read 38,630 times
Reputation: 13
Funny, we just built a home in Fort Worth (Fossil Creek,) and installed $20k in upgrades above the builder incentive. Two things happened:

a - the builder rep (and my realtor) only earned commissions on the base price of the home, and
b - the home appraised for approximately $8k more than we paid.

To AmberMarie -- congratulations on your purchase! Glad to see you prove some of the "board blowhards" wrong! Make sure you are paying enough into escrow to cover the improved value of your home. Many builders / closing agents will set your escrow tax payment or prepaid taxes based upon the value of the land only, and you will ultimately end up with a shortage during the following year.
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Old 09-10-2010, 01:53 PM
 
3 posts, read 4,080 times
Reputation: 10
Quote:
Originally Posted by Endzone View Post
When moving from apt. to house don't ever give notice. I know you wanted to do the right thing, but who cares about the $125 dollar deposit you will lose. That is all they can stick you for when you don't give notice--as long as you have fulfilled your lease and are paying month-to-month.
I wouldn't count on the above being true. It's been a few years since I worked in the Texas apartment industry but I can't imagine it has changed much when it comes to the lease. By not giving proper notice, you are not fulfilling your lease. A month-to-month lease has all the same requirements as a longer term lease. You are still required to give a 30-day notice in writing and if you fail to do so, you can and probably will be charged a "cost of reletting fee" which is usually 75% of one months rent. You may also be charged one month's rent to cover the 30 days notice you didn't give. You have to read that apartment lease carefully.
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