I am not sure that this is appropriate for this strand, so Mods, please let me know if this is out of line.
I am posting here, because I know many of my fico friends have not heard from me lately AND many of my fico friends are in the process of buying a home and may have this happen to them.
So, as many of you know, I closed about a week ago. Everything was going smoothly (with the exception of the normal bumps in the road) until two days before closing. To keep this email from being two pages long, I will simply say that the LO officer got some numbers wrong and the final approval was halted. Then, the day before closing, he realized that he had highly overestimated my taxes and this brought everything back in line and I was good to go. What I did not know until the evening prior to my closing was that the appraisal came back lower than the price of the home, so they also had to lower the price by 10K which helped out all of the numbers and final approval was given and my docs were sent to closing.
The morning of my closing (I was to close at 11AM) I received a phone call from the builder sales office lady and she asked me had a received her call from the day before and I said no. She went on to say that there was a problem with the appraisal and the house came back 10K lower. She said that this was causing a big mess with my closing and that there was a problem. She indicated that they wanted me to bring 17K to closing to cover the cost they were losing in the appraisal and to pay for the upgrades of granite and a deck that I was given as part of the purchase agreement. I flatly told her NO, I did not have it. We went back and forth and she said she would call me right back. I called my realtor and explained to him the issue and he indicated to me that he would call them and see what could be worked out. Everyone knew that I had to be out of my condo by the 22nd of August and that I was under time constraints since it was now the 18th of August. An important point to mention here is that I did my walk-through of the new build on the 19th. WHILE WE WERE THERE conducting the walkthrough, the appraiser was appraising the home. This means that they waited to the LAST minute to have the home appraised. Had they appraised the home when I was first conditionally approved (about two week prior), this never would have unfolded this way.
When the sales person called back, she indicated that she had got her numbers wrong, everything was on track for me to close at 11, but that the builder would not be willing to put the deck in (I had previously been made aware that because of permits, the deck being constructed would likely be complete a week after closing).
It is also important for me to point out two key things here:
1. The builder salesperson asked me did I receive her call the night before closing. She left a message on my home phone which she KNOWS I never answer. In addition, she never tried my cell (which is how we communicated almost daily, nor my email). Don't you think that is a little odd?
2. I have the written addendum signed by both myself AND the sales person that I was being built a deck as part of my options/upgrades package. In addition, I have the original change order docs that I signed for the deck. They made me sign a removal of the deck change order at closing, but at this point, if I wanted to close on time WHAT CHOICE DID I HAVE?
I guess, what angers me the most is that they want me to pay for the fact that:
1. They waited to the 11th hour to have the appraisal done and
2. That the appraisal came back under value
Neither of these are MY fault.
In addition, the builder super told me that he was told by higher ups to go in and remove the granite and put the original counter tops back in the night before I was to close. He told them they were CRAZY and that it would cost more money to do this and that the granite had been cut custom for my kitchen lay out and would really be of no good anywhere else.
So, now, I am moved in, loving my new home and having to be reminded of this entire mess anytime I go into my garage and look at the new deck furniture I purchased with no where to put it...
Some of you might think, what is the big deal, do you really NEED a deck? Well, the house is three stories with a view out basement because it is somewhat on a small body of water. You CANNOT open you patio door without a deck. I have a two year old AND even if I put a slat of wood there, I still fear that she could fall out if she gets back there when no one is looking.
Finally, whether I need a deck or not, it is the principle of the matter. NO WHERE in any of the docks that I signed (and I have read them all) does it say anything about my options/upgrades, etc. are contingent upon the final appraisal price of the home.
So, I turn to my fico family for help. I also send the message to my home buying friends....READ EVERYTHING, keep good records of EVERYTHING and don't fall for EVERYTHING.
Now, I need advice on how to write a strong letter and what should I say in this letter to stress that they breached their contract agreement with me and I am not having it.
Thanks everyone!!! Sorry for the long post. I look forward to your advice.
MM--
Updates scores...inching along. Waiting for 7 recent medical collections to fall off!! (seriously working since END of May): EX 519 TU 576 EQ 449
8-02-08 EX 644 TU 647 EQ 575...650s here I come....700club, get ready!!!