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....
How is everything coming? We are still dealing with the bank after almost four months. Things are nearing an end and we are almost ready to build, but it has been painfully slow. The house will be built in less time than it took to get the loan. I hope all is well with your building process.
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