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Can't build a new home

I've been trying to build a new home with a builder for a couple months now.  The problem at first was price, and now the problem is the appraisal value of the home at closing time.  I'm worried that the appraised value will be low, and the builder will wxpect me to pay the difference out of pocket.  With all the foreclosures, it seems there is no way around this.
  • April 17 2009 - Waddell
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Answers (2)

you are right to be concerned... you would be better off buying a resale property,with all the foreclosures in AZ this should not be so hard to accomplish... good luck
  • April 17 2009
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If you are obtaining financing then your lender will not allow you to close on the property if it's upside down. The builder will want the property sold, I assure you. You can always request to renegotiate the contract. Try contacting your buyers agent and have him represent your best interest. That is what you hired him for. 
  • April 27 2009
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