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Suppose to pass papers on my new house tomorrow in Florida

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    Suppose to pass papers on my new house tomorrow in Florida

    Well the day has finally come. I drove to Florida and am suppose to pass papers on my new house tomorrow. Today is the Orientation at 10am, I'm up early as I cant sleep as I've been thinking about things. I contracted for the builder to build this house last Feb. Since that time things here have dropped even lower, the bank did a appraisal for my loan and it came in around 20 grand lower than what I'm suppose to be paying for the house tomorrow, so they are giving me a lower loan. The builder is now selling the houses around 20 grand less for the yet to be built houses meaning I could back out of this house order a new one, wait 5 months and save 20 grand, tempting because I really dont need the house until December anyhow and would also save about $7500.00 expenses until that time. So I'm thinking today I'm gonna stick to my guns and insist they at least drop the price 20 grand or I will walk away from this deal and contract on a new deal later. I know what they are going to throw in my face though, I had them build special features into this house for the wheelchair, wheel under counters, no door thresholds, etc. The total options including tile throughout instead of carpet amounted to around $9,500.00. Price on the new ones is now only $187,900.00. So that makes around $196,400.00. Price they want tomorrow is $216,500.00. They are going to use the excuse since I ordered the special wheelchair mods this was a custom build, they have not said this yet, I just have the feeling they are going to pull this. I know for a fact I have the right to walk away from this deal though being the appraisal is $20k lower and like I said I could order a new one for 20k lower if they would let me. Decisions, decisions, lol. Think I might just walk. This is a 10 percent difference they are trying to rip me off. Things have dropped further here in Florida since last feb, thats why the difference.
    Last edited by Curt Leatherbee; 27 Jul 2009, 7:14 AM.
    "Life is about how you
    respond to not only the
    challenges you're dealt but
    the challenges you seek...If
    you have no goals, no
    mountains to climb, your
    soul dies".~Liz Fordred

    #2
    Do you mean a property developer custom built you a house without taking an initial deposit and graduated payments as each stage was completed?

    I would walk away, if his building skills are on a par with his business acumen the place is likely to collapse within a year!

    Seriously, if the house is finished to a high standard and to your spec. negotiate hard and try to settle, it'll be a lot less hassle in the end.

    Comment


      #3
      No, I have 20k down, it is not a good situation at all. This housing crunch is a real compounding situation I've really learned and because of situations like this where someone like me wants to legitimately buy a house and cant it is proof to me of how bad things really are.
      "Life is about how you
      respond to not only the
      challenges you're dealt but
      the challenges you seek...If
      you have no goals, no
      mountains to climb, your
      soul dies".~Liz Fordred

      Comment


        #4
        u would be nutz to pay 20k over fmv in the area curt, absolutely nutz,. u would be startingt out upside down. get on the phone call them, dont wait till u r ready to sign. the papers will need to be redrawn
        Bike-on.com rep
        John@bike-on.com
        c4/5 inc funtioning c6. 28 yrs post.
        sponsored handcycle racer

        Comment


          #5
          Originally posted by Curt Leatherbee View Post
          Well the day has finally come. I drove to Florida and am suppose to pass papers on my new house tomorrow. Today is the Orientation at 10am, I'm up early as I cant sleep as I've been thinking about things. I contracted for the builder to build this house last Feb. Since that time things here have dropped even lower, the bank did a appraisal for my loan and it came in around 20 grand lower than what I'm suppose to be paying for the house tomorrow, so they are giving me a lower loan. The builder is now selling the houses around 20 grand less for the yet to be built houses meaning I could back out of this house order a new one, wait 5 months and save 20 grand, tempting because I really dont need the house until December anyhow and would also save about $7500.00 expenses until that time. So I'm thinking today I'm gonna stick to my guns and insist they at least drop the price 20 grand or I will walk away from this deal and contract on a new deal later. I know what they are going to throw in my face though, I had them build special features into this house for the wheelchair, wheel under counters, no door thresholds, etc. The total options including tile throughout instead of carpet amounted to around $9,500.00. Price on the new ones is now only $187,900.00. So that makes around $196,400.00. Price they want tomorrow is $216,500.00. They are going to use the excuse since I ordered the special wheelchair mods this was a custom build, they have not said this yet, I just have the feeling they are going to pull this. I know for a fact I have the right to walk away from this deal though being the appraisal is $20k lower and like I said I could order a new one for 20k lower if they would let me. Decisions, decisions, lol. Think I might just walk. This is a 10 percent difference they are trying to rip me off. Things have dropped further here in Florida since last feb, thats why the difference.
          but then again, if you back out and the price goes up 30 grand?????
          if it's a custom and you like it, go for it
          We must reject the idea that every time a law's broken, society is guilty rather than the lawbreaker. It is time to restore the American precept that each individual is accountable for his actions.
          Ronald Reagan

          Comment


            #6
            Originally posted by Curt Leatherbee View Post
            No, I have 20k down, it is not a good situation at all. This housing crunch is a real compounding situation I've really learned and because of situations like this where someone like me wants to legitimately buy a house and cant it is proof to me of how bad things really are.
            If you pull out what happens to your 20k deposit Curt?

            In the UK there's an old saying - "remember your house is not an investment it's your home".
            Last edited by Timaru; 27 Jul 2009, 3:37 PM.

            Comment


              #7
              dont even go down, you can bargain better from up here
              cauda equina

              Comment


                #8
                Originally posted by timaru View Post
                if you pull out what happens to your 20k deposit curt?

                In the uk there's an old saying - "remember your house is not an investment it's your home".
                its a down payment not earnest monies. 20k goes when he signs........
                Bike-on.com rep
                John@bike-on.com
                c4/5 inc funtioning c6. 28 yrs post.
                sponsored handcycle racer

                Comment


                  #9
                  Curt, did your contract have an appraisal contingency, and if so, what did it say about your deposit in the event that the home did not appraise at or above the proposed purchase price? Seems that especially in a declining market, it would seem unreasonable to get a loan commitment so far out from the closing date.
                  Daniel

                  Comment


                    #10
                    Believe it or not I had a loan committment for that far in advance, I payed the mortgage company 1300 bucks to lock in on a rate of 5.125 from last Feb. They had no intentions of doing the mortgage no matter what so that turned out to be a scam anyhow, thats one reason I was left high and dry with not being able to close on the property as even with me making up the cash difference they still would not do the mortgage and stole my 350 dollar application fee and the 1300 dollar lock, I will probabley sue them to get at least that much back.
                    "Life is about how you
                    respond to not only the
                    challenges you're dealt but
                    the challenges you seek...If
                    you have no goals, no
                    mountains to climb, your
                    soul dies".~Liz Fordred

                    Comment


                      #11
                      Looks like I got it all worked out today, talked to the head of sales at Pulte and he agreed to give me a discount so I'm not upside down in buying the house and also agreed to give me an extra couple weeks to come up with the cash, so hopefully I can get a line of credit within a couple weeks and I'll be all set to close on my new house. One thing I learned is Florida property is real tough to get a mortgage for at this point in time. Lesson of this story, any mortgage company tells you they can do a one year rate lock on a mortgage is lying through their teeth, I still cant believe I payed $1300.00 for that and fell for it. I was very nervous about rates skyrocking last Feb right after Obama got in and did it then. The Scam Mortgage company I was using nearly cost me this house deal and it would have been a shame because I really like the house and Pulte did do a great job in constructing it and with the HP mods.
                      "Life is about how you
                      respond to not only the
                      challenges you're dealt but
                      the challenges you seek...If
                      you have no goals, no
                      mountains to climb, your
                      soul dies".~Liz Fordred

                      Comment


                        #12
                        Heres some pics
                        "Life is about how you
                        respond to not only the
                        challenges you're dealt but
                        the challenges you seek...If
                        you have no goals, no
                        mountains to climb, your
                        soul dies".~Liz Fordred

                        Comment


                          #13
                          Way to go Curt. tht s really a beautiful house. congrats. How are the roads for riding? Looks like you can ride from your house. Makes we want to move from rainy Northwest to sun again.

                          Comment


                            #14
                            I especially love the view from the lanai. Beautiful house, Curt.
                            Daniel

                            Comment


                              #15
                              Real nice house Curt! Hopefully everything works out with your line of credit situation and then you will be all set to move!
                              "Unless someone like you cares a whole awful lot nothing's going to get better. It's not." - Dr. Seuss

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