NVR Double Team Yesterday

[MrChairman]

I had a meeting with my Sales Rep and Loan Officer yesterday. We have been in a dispute over 2300 for the past couple of months. I was approved through NVR at roughly 235k but they deleted some options without my permission that equals roughly 2300. I told them I wouldn't accepted the NVR loan without those options. So during the meeting yesterday they tried to "convince" me that 235K was the highest they could go. I simply said if you can't do it I will look elsewhere for financing and take YOUR $7500 and MY 8k in cash with me or you can go back and see what your underwriters can do. I just think it's pretty sad that they attempt to bully people that are spending a quarter a million dollars on a house. They basically were telling me its not worth the hassle and I can get this added later, which I don't want to. I asked if I could pay the $2300 in cash and they gave me some BS about the taxes for the $2300 will still be included in the sales price which will change the loan amount still. WHAT?! If I pay in cash you will still add the taxes to the loan amount? Make's no sense. I think they get alot of people in there that they do bully and don't ask the right question. Well they met the wrong guy today.

[foofighter74]

Part of what they are saying is that if you add the upgrades and pay in cash, the sales price of the house, which will impact your property taxes among other things, will be for the higher amount...it's just that you are paying for part of the sale with cash, and the rest is financed.

But again, nothing surprises me with NVR.  It's $2300 spread out over a very long loan term.  You'd think, to close the deal, they would just give you the upgrades free.  I think they might do that, but who knows with them. 

[MrChairman]

They told me that they would be in contact by the end of the week. I think I surprised them when I said I will just seek outside financing. I'm sure they will come up with something since they have been working on my loan package for 6 months now. I'm sure they're not just going to let me walk away with their money and mines to the lender down the street.

[foofighter74]

Just wait until they ask you to fill out a survey assessment.  I'm sure you'll give them high marks for their work. lol!

[MrChairman]

Foo,

I've been thinking about that moment for a long while now. I have read stories where they wouldn't leave a person's house until they got all 10's. They won't get anything close to 10's with me. I think they give this to you on the day of closing. I guess they figure with the excitement of closing you will give them a better score. Not me!

[foofighter74]

I think there's a good chance they will cave in about it. it's not like you're asking for $10,000 in additional upgrades or closing cost assistance or something.  Fact is, these upgrades are marked up so much by Ryan Homes that we're probably talking about half the $2300 in the first place. 

My wife and I got out of her car lease a few months early so that we didn't have to figure out how to get a second car at the same time we were trying to get a mortgage...we ended up leasing with the same company...sign and drive type of thing, no money down, and still wound up with a car payment about $100 less than we had previously.  However, the car is just a basic, base model car..no frills as we wanted to reduce our DTI as much as possible before starting the whole  home buying process.  Anyway, we were thrilled to get a reliable car at a great price and gave the sales staff and the dealership great marks on the survey.

Then, i get in the car the next night, and i attempt to use the dimmer switch for the instrument panels to get them a little brighter at night...and the entire switch just falls right into the dashboard.

I was p#ssed that i already filled out the survey forms. lol.

[K_J]

We are experiencing similar situation now, our LO added 3.5% we gave to the builder as a good faith to our sales price. Since we are going USDA route the 3.5% wasn’t really needed as no down payment is required and we plan to use the money for upgrades. So instead of our sales price being 410K it is not now 424k and some change. My wife and I are furious because this increases our taxes for the life of the loan.

[foofighter74]

Mr. Chairman, any news?

I actually fired off an email this morning to our sales rep along with our contact at NVR mortgage here because we were given essentially 3 percent of the loan in closing costs in our estimate, but when it became clear we were not going to be using NVR, they dropped a percentage point down.  I basically told them that we understand estimates are just estimates, but a seller can contribute up to 6% of the sales price towards closing costs, why did the point disappear, etc,...we will see what happens.

We have signed a contract, so we don't have a ton of leverage, but everything we have asked for since signing the contract has come through - they've caved in on everything.  We will see what happens. I dont' expect much, but i figured it couldnt' hurt to shake the tree and see if anything falls out. Worst that happens is we don't get a home built through Ryan, so we save money, find another builder or an existing home and go from there.   

[Autumnslight]

Good for you! I'm getting close to making an offer and signing a purchase contract, so a meeting with NVR may be in my near future. I'm not looking forward to it! But, I've gotten a quote from a broker I feel comfortable with, so I'll certainly be using that to my advantage. If they can't meet or beat his terms, then they're not getting my business. I'm not someone who can be bullied either, which seems to be what they count on.

[MrChairman]

I haven't heard anything as of yet. I e-mailed my LO yesterday and she said she is still waiting to hear back. I'm guessing sometime next week I should have an answer.