New Home Builders

[sierraAZ]

Originally Posted by sheena

Oh what happen to the greedy builders making you put your name in a hat and raising the prices 10,000 a week.

You'd think they should've saved for rainy days... To be fair, they did take a lot of losses on impairments, though. Not that this excuses the previous greediness.

[Great Joy]

Originally Posted by sierraAZ

Well, "reorganization" is just a nice euphemism for Chapter 11 bankruptcy...

Chapter 11 Reorganization

Good one sierraAZ!

I've been through several reorganizations/restructurings and haven't experienced bankruptcies yet.

[sierraAZ]

Originally Posted by sheena

The first time they said they were reorganizing they layed off about 100 people. Many in upper Management jumped ship last year before they were pushed out.

What else is new... Just like orange Angelo who sold all his stock at the peak in '05 while at the same time "directing" his company to buy its stock back.

[sierraAZ]

Originally Posted by Great Joy

Good one sierraAZ!

I've been through several reorganizations/restructurings and haven't experienced bankruptcies yet.

I'm not saying they necessarily will go bankrupt. Of course, most of them, if not all, will be saved somehow. Just like the Fed saves the banks. And some innocent souls cheer the federal funds rate cut expecting to get lower mortgage rates. Aha! And they'll be cutting more. I just made the mistake recently to bet against the Fed. Not a good idea! Then again, who knows... might turn out to have been a good idea after all...

[sheena]

Originally Posted by sierraAZ

What else is new... Just like orange Angelo who sold all his stock at the peak in '05 while at the same time "directing" his company to buy its stock back.

Yep and they kept saying everything was gonna be ok. Luckliy we didn't listen.

[sierraAZ]

Originally Posted by sheena

Yep and they kept saying everything was gonna be ok. Luckliy we didn't listen.

Oh, yes, lil' sheeple... everything will be rosy until we're safely out of it and decide to crash it! Only we're not gonna tell YOU when!

[chuck-a-muck]

STATED/STATED Spec Home Financing is available to small builders and owner-builders up to 4 properties max. $600k -- low rates, construction-term only -- appraisal, credit for approval.

[SOON2BNSURPRISE]

We recenly compled the paper work, financing, ect for a home in Surprise. It should be done in June. They are still building in Surprise Farms and that is within your range. We bought a home from Richmond American that we like. It fits your price range. They start from the 189,000 range and go up from there. Our home price started at $199,900. We added $10,000 in upgrades, covered extended patio, radiant Tech Shield in the ceiling, R38 insulation in the ceiling along with R19 in the walls. We also wanted all the rooms to have ceiling fans along with the covered patio. After that the price increased to $210,440. They also offered us $10,000 that we could spend in there design center. At this time we are scheduled to go into the design center in December. I have heard that many people are not too happy with the design center, mainly because they use this as a profit center, meaning that many of the prices that they quote you could probably have done by a contractor cheaper, or by yourself even cheaper. For us we had certain things that we wanted done and because our home is only 1,850 square feet the money covers what we want to do anyway. Not sure if they will offer more of an incentive in more expensive homes in the development.

Problems that I have since heard about from this builder are that you need to watch them every step of the way during the building process. They do have you come by at specific times during the build to have things passed off. I have heard that it is good to hire a home inspector to come with you during these inspections and act as an unbiased party. Also there is another thread within this forum that talks about another Richmond American development that has stopped building homes even after the person that posted the thread put down money to have there home built. These things scare me a little bit. I am confident that the homes in Surprise will be built, because it is the end of the development, 4th phase. There are allready homes built in the development and many of the lots have been sold allready. Just wanted to let you know that there are some things to be aware of. Also the lots size is small for many, only 100 ft X 50 ft. They let us have a bigger lot without charging us extra which is the case with the homes. You may be able to talk them into selling you a premium lot at the base price as we did. Also in our contract if prices decline more than the incentive that they offerd us the cost of our home will also decrease. Meaning, not if the value of the homes declines, only if they reset the prices for there homes will they give you this benefit, and only if it happens before you close on the home, after it is comlete.

For us we are very happy with the deal. But then we are basing everything on our current lifestyle on the coast in California, where our current rent is more than our future housepayment, based on the interest rate we were quoted. The interest rates could go down or they could go up. No knowledge of that as of yet, but then traditionally in an election year I have heard they go down. We will see. They are low now though, so as long as they don't go up I am happy.