No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@newmomnewme wrote:
I'm pre-approved for 235k, new construction in a usda qualified area....I love, absolutely, love the location....but new floorplans and new prices, I'm not feeling too good about this.
The floorplan I liked no longer exists and the closest to it is 200sq ft smaller for 20k more. I meet with them tomorrow...I plan to make my demands see what it will cost, then offer him 220k...if he says no, I wait until he goes belly up and work with the next developer unless something better comes along???
I don't know your market newmomnewme. Here that wouldn't work because we mainly have production builders in structured developments with a limited line up of floor plans. Think DR Horton or Pulte type developers. These type of developers have master plans for each model, plus a limited number of alternates (elevation changes and some structural options, limited in scope and number).
If you demanded from a production developer a change not anticipated in their designated plans, they just say no. That is the whole point of building in a structured neighborhood setting for the developer. Their costs are contained because the floor plans are limited.
You can get upgrades or a contribution toward upgrades in your negotiations.
If you have a custom builder in an infill lot, that is a different thing. Then the custom builder can make changes and charge accordingly.
In my area the demand is greater than the supply so the builder would say no and let you walk, unless it was a custom builder. Of course, in my area there are no USDA areas until you get outside the county or very far away from employment centers. Based on your post, you don't have an issue with USDA limiting the area in which they finance. Do you?
Certainly if you don't like a house, then don't buy it. Look at other neighborhoods or look at resale homes to see if the plan you prefer is available.
One more thing: I would be treading carefully in a neighborhood that has busted out three developers in 3 years. Check into the common areas of the proposed development. If they aren't built yet, be careful. Read any HOA docs carefully before you commit. Something is going on if 3 builders went bust in 3 years.
@newmomnewme wrote:
I'm pre-approved for 235k, new construction in a usda qualified area....I love, absolutely, love the location....but new floorplans and new prices, I'm not feeling too good about this.
The floorplan I liked no longer exists and the closest to it is 200sq ft smaller for 20k more. I meet with them tomorrow...I plan to make my demands see what it will cost, then offer him 220k...if he says no, I wait until he goes belly up and work with the next developer unless something better comes along???
Why would you work with a builder whom you suspect will go out of business before the development is completed? Is it wise to tie up your funds in something risky like this?
Its a very small market...and the homes are a bit out of the price range for the residents. Location is perfect for me, as I keep my current income. But, as you all said it is a HUGE red flag and I am going to let it go. I gave them my demands and I haven't heard back yet. I told them I needed a decision before Friday. I am a bit disappointed.
I must say thanks to you all for your insight on this topic...I actually took time to talk to the residents of the community and they seemed to be happy with their homes, but the market is soooooooo slow, that they are only adding about 4-5 homes per year.
I didn't put a lot deposit down, I am waiting to hear back from the builder and do a little more of my own research. I really am so sad, but I should just look for another community right...no worries. In a year, my credit will be even better and I will be able to find a sweeter deal right?
@newmomnewme wrote:I must say thanks to you all for your insight on this topic...I actually took time to talk to the residents of the community and they seemed to be happy with their homes, but the market is soooooooo slow, that they are only adding about 4-5 homes per year.
I didn't put a lot deposit down, I am waiting to hear back from the builder and do a little more of my own research. I really am so sad, but I should just look for another community right...no worries. In a year, my credit will be even better and I will be able to find a sweeter deal right?
Sounds like a good plan. The thing about homes is it's an emotional investment too. That's where our families are and we pour our hearts into it. But, you can fall in love with another neighborhood too, or another home. It happens all the time. I think back to my house where we used to live and I fell in love with it almost from the moment I stepped into the door. But now, I am not that impressed by it and don't think much of it. I'm looking forward to the home we're building and falling more in love with it as it nears completion.
Thank you so much for the encouragement (that's why I love this forum!!!) I just found an awesome deal on an apartment close to the community..I can check out the area and continue to look for another place at the same time. This way I can relax and take my time looking for a home.
I am taking the apartment...probably moving in less than two weeks. Can you guys believe that the builders agent hasn't even called me to check-in or provide any updates??