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Answers (8)
- Dan Currie, "Daniel J. Currie"
- Contributions:129
I agree with quinton.cindy ... wish folks would update threads and let us know how the story goes!
- Rob Buffington, "robbuffington"
- Contributions:6
With FHA, they normally will assign a case number to the address so it would not matter which lender you're with. However, if you wait until it expires you should be able to get a new case number and get a new appraisal. Hope this helps
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
It would be nice if folks would come back and update on these threads. People tend to search and read these threads when they have issues. Nice to know how it shook out...
- PATRICIA AMADI, "highintegrityrealty"
- Contributions:120
This is the most common issues with owner of newly constructed custom homes and the Banks. Banks are refusing to change the construction loans into permanent loans. New custom homes are being foreclosed in record numbers. Hope your attorney could help. Good Luck.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3916
Talk to your attorney please, she/he is familiar with your circumstances. I hope this works out well for you.
- George Belleville, "George Belleville"
- Contributions:144
Check with your lender about non-FHA options. There are some changes in the PMI world, and there are some conventional loans out there that might work for you. I don't know your price range, but I get price concessions in that range from builders all the time. It sounds like you did not use an agent? The builder is saving some money right there.
Don't be afraid to push hard for the 17k concession- the builder does not want to be sitting on an vacant house. Good luck!
Don't be afraid to push hard for the 17k concession- the builder does not want to be sitting on an vacant house. Good luck!
- wetdawgs
- Contributions:26804
Did your purchase offer include an appraisal after the construction was completed?
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
I don't believe that the builder is required to negotiate here. I would think that the original lender would be liable, if anyone is. I am not sure what you could get out of them besides the extra money needed to put down. Unless they agreed quickly, you would have to take them to court and who knows how long that could take.
Do we have to walk away from our dream home?
HELP. Right now, we see our dream home slipping away. What recourse, if any, do we have? We do have a real estate attorney, but we're unable to reach him until morning. Is it really unreasonable to ask the builder to make the price concession? They claim it will cause an unfair downward spiral for other home buyers in their community... We know this is a buyer's market, but what are our rights/options?
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