topic Need advice in Mortgage Loans

Need advice

Anonymous — Mon, 12 Oct 2020 21:31:12 GMT

I am currently in the middle of a new construction build. Sales price is $388,525. Long story short appraisal came back at $386,000. I am also about 38-40k in extras and appliances, which I am paying for out of pocket. My question is, is it typical to be this much upside down on a new custom home build? Thank you for reading and or responding.

Re: Need advice

Niceman — Mon, 12 Oct 2020 23:46:38 GMT

Was it in a planned community? Typically those appraisals can come in where needed.

Re: Need advice

Anonymous — Tue, 13 Oct 2020 00:04:00 GMT

Mine is the 4th house of a planned 25 home community. It seems as though the contract price is really not including a whole lot. I am coming out of pocket substantially for general upgrades. For example; vaulted cielings in main part of the house, granite, upgraded flooring. My realtor thinks his base price was high, I really wanted this communities opinion.

Re: Need advice

NC_Mtg_Loaner — Tue, 13 Oct 2020 00:11:40 GMT

I think it's somewhat common in certain instances. Mayby you can see if the builder will concede $2500 somewhere.

Re: Need advice

Anonymous — Tue, 13 Oct 2020 00:20:48 GMT

I will do that. Thank you so much for you're advice!