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Let get this home building on the way

Regular Contributor

Re: Let get this home building on the way

Wow that's crazy, did he say what was hanging up the permit approval? Missing the proposed deadline by 2 months is rediculous, you can be sure i would be expecting compensation in some form for a delay like that
Frequent Contributor

Re: Let get this home building on the way


Dvasil wrote:
Wow that's crazy, did he say what was hanging up the permit approval? Missing the proposed deadline by 2 months is rediculous, you can be sure i would be expecting compensation in some form for a delay like that

No, they did not say. We are contacting our realtor today to give her an update and see where we go from here. There's a clause in our contract that states the following:

 

"The home shall completed within two years from the Date of Ratification of this Contract, subject to only delays caused by matters which are legally recognized as defenses to contract actions pursuant to the laws of the State of XX". If any delays caused by matters which are legally recognized as defenses to contract actions pursuant to the laws of the State of XX occur, Seller has the right to extend the time of completion." 

 

We were aware of this before we signed the contract, as the builder's agent pointed that out to us. My husband is frustrated, and I think he is leaning towards backing out of this, but I don't want to go to that extreme yet. Thankfully, we are not in a situation where there's a rush for us to move. We are in a private month-to-month rental, and we have not made our landlord aware that we plan to move yet. Having the house delayed actually gives me more time to work on my credit, and more time for us to save money so maybe it's a blessing in disguise, I don't know. 

 

I go agree that there should be some type of compensation for this. Or, throw in the washer and dryer at least LOL. We'll talk to the realtor and see what happens. 

FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX
Frequent Contributor

Re: Let get this home building on the way

No update from realtor yet. I do know how to search the permit status online, and when I checked this morning, it's now saying the permits are in a "Pending" status with expected completion date of June 1st. In the notes section, it says "revised plans sent on 5/18/17, expected completion is 6/1/17". 

 

After a long discussion with the husband, we've decided we will not back out of this. We've already told the kids, and everyone has fallen in love with this house. This also gives us more time to save money. And since I'm working on my credit and increasing my mortgage scores, it's a blessing in disguise for me. I have two collections that I'm requesting early exclusion on next week that are only on my Experian report. The other two, I will be able to request early exclusion on in August. So being able to have 4 collections removed will be huge for me! 

FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX
Frequent Contributor

Re: Let get this home building on the way

We've heard from our realtor and talked with the builder's agent on Saturday to get an update as to what's going on. Our realtor spoke with the construction manager who told her that the current finish time is beginning to mid-September.

 

My husband and I spoke with the builder's agent and told him that the permits are currently in a pending status with expected completion of June 1st. His reply was the home could still be ready by end of August. 

 

Either way, we've come to the conclusion that we will just wait for the permits to get approved and see what happens from there. Because of our frustrations, they did throw in the washer and dryer for us, which is a $2,500 package. It's the front loading with the drawers at the bottom. So that's one less expense we will have to worry about. 

 

On another good note, we talked with the lender on Saturday about switching from FHA to Conventional when the next credit pull is done this summer. We were told that my mid-score just needs to get to 620 and we can. The lender did the calculation and moving to conventional will save us $120/month in payments, and the PMI will go away without having to refinance. I'm only 4 points away on that, so I'm sure I will make it there with no problem. The lender also mentioned that we will need 2 months of reserves for conventional, but we can use our 401K accounts for that.  

FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX
Frequent Contributor

Re: Let get this home building on the way


rookie08 wrote:

We've heard from our realtor and talked with the builder's agent on Saturday to get an update as to what's going on. Our realtor spoke with the construction manager who told her that the current finish time is beginning to mid-September.

 

My husband and I spoke with the builder's agent and told him that the permits are currently in a pending status with expected completion of June 1st. His reply was the home could still be ready by end of August. 

 

Either way, we've come to the conclusion that we will just wait for the permits to get approved and see what happens from there. Because of our frustrations, they did throw in the washer and dryer for us, which is a $2,500 package. It's the front loading with the drawers at the bottom. So that's one less expense we will have to worry about. 

 

On another good note, we talked with the lender on Saturday about switching from FHA to Conventional when the next credit pull is done this summer. We were told that my mid-score just needs to get to 620 and we can. The lender did the calculation and moving to conventional will save us $120/month in payments, and the PMI will go away without having to refinance. I'm only 4 points away on that, so I'm sure I will make it there with no problem. The lender also mentioned that we will need 2 months of reserves for conventional, but we can use our 401K accounts for that.  


Just dont make the same mistake i did the first time i used my new fancy front loading machine i had the builder throw in...lol.   I set it to wash and me and sister left to go to home depot.  when we got back i figured they were done but it was still GOING!  i didnt take it off presoak and it was set for EIGHT HOURS!!  hahahaha.  I had to turn it off, then start the cycle over so the water would drain.  id say my workout clothes were clean for sure.

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In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Frequent Contributor

Re: Let get this home building on the way

LOL Junie! I'm sure the clothes were spotless!

FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX
Regular Contributor

Re: Let get this home building on the way

Can someone tell me how to post a pic via the mobile version of the website?
Regular Contributor

Re: Let get this home building on the way

You cant bramma, have to switch to desktop view to get upload option
Regular Contributor

Re: Let get this home building on the way

Lots of progress this week. We had a ton of rain, but they still managed to get garage and basement floors completed. Now today was a good day. I stopped by this morning and am met with a swarm of workers moving lumber and making measurements. Because of this i made the promise to circle back at the end of the day. Boy was i surprised when I rolled up and saw a finished first floor! Cant wait to see second floor.

 

Starting point

IMG_20170526_220741_01.jpg

FB_IMG_1495854595929.jpg

 

Now when i came back...

FB_IMG_1495853730835.jpg

FB_IMG_1495853757933.jpg

Frequent Contributor

Re: Let get this home building on the way

Our permits were approved on Friday! Finally!

 

I will contact the construction manager this week and see what's the next steps now. 

FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX