topic Re: New Home Construction in Mortgage Loans

New Home Construction

Anonymous — Mon, 26 Oct 2009 13:07:13 GMT

Does a home need to be completely finished in order for an appraisal to be done? Does the appraisal need to be done before I get the clear to close? Just curious how much longer I'll need to wait until we get the clear to close notice. The only real major things they have left to do in our house in put in the carpet and the siding and then install the appliances.

Thanks.

FYI.. we are scheduled to close Nov 9th... hopefully I don't have to wait that long to get the clear to close.

Re: New Home Construction

Anonymous — Mon, 26 Oct 2009 18:54:54 GMT

You have quite a ways to go before your ready to move in.. if you are putting on siding and carpet, then you have weeks go to..

Message Edited by Lel on 10-26-2009 11:54 AM

Re: New Home Construction

Anonymous — Mon, 26 Oct 2009 14:15:56 GMT

You definetly have to have an appraisal before getting the clear to close.

Re: New Home Construction

Anonymous — Mon, 26 Oct 2009 14:24:21 GMT

Your builder must take a lot longer than mine. It will take them less than a week to do both the siding and carpet.

Re: New Home Construction

Anonymous — Mon, 26 Oct 2009 16:38:47 GMT

Wow so you already have a closing date. It sounds like we are pretty close to the same schedule. Our flooring is due to be put in this week. That is about all we have left. They did our driveways, airconditioning etc last week. Our builder expects to be completed by next week. Can't wait to get that closing date We are going FHA and I know we have to have the appraisal done first. Good luck to you!!! Let us know how the next couple of weeks go

Re: New Home Construction

Anonymous — Mon, 26 Oct 2009 17:07:19 GMT

Question,

I have a new construction home as well but on my Sales Agreement there was a closing date. Now it does say it's an estimated date but the builder is holding firm to that day. He even has both my walk thru's set and the time I should come and pick up my keys at 3pm as that's when Recording should be completed since he said all the paperwork with Title should be completed at least 4-5 days prior to then.

Has anyone experienced this before?

Re: New Home Construction

Anonymous — Mon, 26 Oct 2009 18:09:39 GMT

@Anonymous wrote:
Does a home need to be completely finished in order for an appraisal to be done? Does the appraisal need to be done before I get the clear to close? Just curious how much longer I'll need to wait until we get the clear to close notice. The only real major things they have left to do in our house in put in the carpet and the siding and then install the appliances.

Thanks.

FYI.. we are scheduled to close Nov 9th... hopefully I don't have to wait that long to get the clear to close.

your appraisal i would think has already been done. my closing is the same day as yours (lucky day). the siding has been done for 2 weeks now, but the whole outside is now complete; driveway is done and the grass has been laid. my ceramic tiling has even been done....not sure about the carpet, couldn't see the staircase through the window. so at most, carpeting and appliances is all i have left. my walkthrough is the 5th; both dates have been scheduled for 2 weeks now...

Re: New Home Construction

Anonymous — Mon, 26 Oct 2009 18:25:38 GMT

@Anonymous wrote:
Question,

I have a new construction home as well but on my Sales Agreement there was a closing date. Now it does say it's an estimated date but the builder is holding firm to that day. He even has both my walk thru's set and the time I should come and pick up my keys at 3pm as that's when Recording should be completed since he said all the paperwork with Title should be completed at least 4-5 days prior to then.

Has anyone experienced this before?

no. and if i were you i wouldn't hold my breath on any of those dates. one of the most crucial holdups in that is the county permitting (well, atleast it was in my case). i did my purchase agreement in mid-May and was told i'd have a Sept 1 delivery. the county did not approve the permits to start construction until mid-AUGUST.....clearly the Sept 1st date was blown out of the water! lol i didn't get my walk-through date until my pre-drywall meeting and that was last month. after all is said and done....i'm closing 2 1/2 months later than initially forecasted.....

Re: New Home Construction

Anonymous — Mon, 26 Oct 2009 18:33:25 GMT

MsDonesha,

Oh my... I totally understand. However, this poor Builder had about 10 totally completed Quick Sale homes. No additional work can even be added except adding Window Covering. So mine was a 45 Day close since it was standing Inventory.

I received an email from the Underwriter & LO last week Tuesday stating that my close date should be OK and the UW said she will have final signatures by today at the latest... but anything is possible.

I'll keep you guys posted as my close date is set for Nov 6th. I have a Walk Through setup for this Friday.

Re: New Home Construction

Anonymous — Mon, 26 Oct 2009 18:44:44 GMT

I'm scheduled to do the final walkthrough at 10am on the Nov. 9th and then go over to the title company later in the day and get the keys and do all the paperwork. My appraisal is expected to be done about a week before the 9th so I probably have another week or so before I get the clear to close.

Re: New Home Construction

Anonymous — Mon, 26 Oct 2009 19:45:28 GMT

@Anonymous wrote:
I'm scheduled to do the final walkthrough at 10am on the Nov. 9th and then go over to the title company later in the day and get the keys and do all the paperwork. My appraisal is expected to be done about a week before the 9th so I probably have another week or so before I get the clear to close.

That's exciting. Congrats. May I ask have they pulled your credit for the closing yet? I called my LO today to ask some questions but she is out until Friday so now I just have to be patient Wish me luck!! And good luck to you too!!

Re: New Home Construction

Anonymous — Tue, 27 Oct 2009 14:14:29 GMT

My LO said he didn't think they would need to pull my credit again since the reports do not expire for 90 days.

Re: New Home Construction

Anonymous — Tue, 27 Oct 2009 14:16:34 GMT

Whoops meant 180 days... my rate lock is good for 90 days... best of luck to you!