Just found out the appraisal for our loan came in significantly under the amount we need to build. The culprit was the lot we chose. With several additional development costs beyond the standard lot (massive tree removal, slope excavation, and sewer "impact fee"), the appraiser couldn't justify all the extra expense. We can't justify all of it either to just pay the difference on top of a large down payment.
No fault of the bank and certainly no fault of Wayne Homes. The appraiser was fine with the cost of the house itself.
Back to lot hunting. I know better what to watch out for next time to avoid this appraisal issue.
To be continued....
Wednesday, October 17, 2012
Thursday, October 4, 2012
Preconstruction Meeting
Yesterday was our Preconstruction meeting.
Very long day for us but very worth it. Meeting our Field Manager was good. I think we're going to get along very well over the course of our build. After the lot meeting it was back to the main office.
Most of the time was spent going over changes we wanted to house and colors we had picked previously. We also made final changes to options/upgrades.
We determined our PPI amounts and now our lender should get the final numbers so we can set an official closing date. Getting excited!!
Very long day for us but very worth it. Meeting our Field Manager was good. I think we're going to get along very well over the course of our build. After the lot meeting it was back to the main office.
Most of the time was spent going over changes we wanted to house and colors we had picked previously. We also made final changes to options/upgrades.
We determined our PPI amounts and now our lender should get the final numbers so we can set an official closing date. Getting excited!!
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