Custom/Spec Builder
5iveminutesorless !
4 years ago
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lexma90
4 years agobeckysharp Reinstate SW Unconditionally
4 years agoRelated Discussions
Asking small builder for "Spec" home??
Comments (5)This does happen. (I'm sure not often, but it is possible.) My best friend did the exact same thing with her builder. The builder took on all the risk and sold the house at the end. Best friend was friends with the realtor who represents the builder, so the builder trusted them. That certainly helped. I think It will also depend on if the builder has the money on hand/credit to take on that much loan debt and whether the home will appraise for the cost to build. In my area, homes can and do appraise around the cost to build and property isn't very high....See MoreFYI: Price Dif Whole House in Builder Spec v Premium
Comments (5)pmacbee, sometimes (well darn it-most of the time)in new construction it is all the contractor can do is to keep other subs from coming in at the last minute to do their job and the GC leaving notes or reiterating to the subs to "Please Be Careful Of Newly Painted Walls". Especially when something other than a flat is used. Usually the painting is all done and here comes the cabinet finishers, carpet people, wood, etc. and 9 1/2 times out of 10 there will be little boo-boos made on the wall and touch-ups will need to be made . Not to mention NO ONE can seem to keep their darn hands off of the walls. Just make sure if any of this happens that in the aftermath your eggshell walls can be touched up without obviously seeing a difference. Might want to cover this with your GC. I have seen a few times when new construction painting is left off until the very last thing (walls trim that is). Ceilings would have already been done. In this case lots of things would need to be taken in consideration also; meaning everything would need to be covered in order to prevent paint accidents and takes up more time-labor . This is not the norm though because painting will take place right before end construction is complete. Just wanted you to be aware of any touch ups using other sheens rather than flats....See MoreCross-post: Being jerked around by spec home builders?
Comments (10)A couple of quick thoughts: 1) If I were you, I would explore what it takes to get your "earnest money" back. Your best leverage is the willingness to walk away from the deal. 2) You should not allow yourself to be held financially responsible for their realtor's mistakes. 3) The rush to have you make decisions is a calculated (or at least well practiced) attempt to get you to make mistakes and agree to things you wouldn't otherwise. 4) You should require your realtor to stand up for your interests rather than (hint, she'll do more if you threaten to walk away from the deal) 5) If you go through with the deal, I would strongly suggest a pre-drywall inspection. I would have little confidence the builder isn't cutting corners on the build. 5) This sounds like a crappy situation with numerous bad actors (the builder, the realtor(s), and likely the subcontractors working on your home), but to get an acceptable outcome, you need to take ownership of the situation. 6) If you're enough of a pain, stand up for your rights, talk about a pre-drywall inspection, lawyers to force builder to perform, they will likely be willing to give your deposit back....See MoreWould you work w/ this builder under these conditions?
Comments (50)To tell the truth, I never thought that Marshall & Swift was correct. We had to use it as a third party source, but the valuations were stupid wrong. No one really relies on the Cost Approach. The Sales Comparison Approach is given the greatest weight in residential appraisal. So, get the price per square foot out of your head. It means nothing. You won't know the price per square foot until the project is completed. It's going to be a lot higher than $85. The appraiser works for the lender. End of subject. The appraisal is not to protect you, it's to protect the lender. You pay for the appraisal. It's not yours. Get everything in writing. Get a real estate lawyer to draw up the contract. Be disciplined about your upgrades and change orders. It's good advice to spend your money on insulation, windows and HVAC. It's the stuff you can't see that makes the difference to how good a house you get....See MoreRobbin Capers
4 years agorobin0919
4 years agobeckysharp Reinstate SW Unconditionally
4 years agoHolly Stockley
4 years agoDenita
4 years agolast modified: 4 years agocpartist
4 years agojust_janni
4 years agoMark Bischak, Architect
4 years agolast modified: 4 years ago5iveminutesorless !
4 years agolast modified: 4 years ago5iveminutesorless !
4 years agolast modified: 4 years agocpartist
4 years ago
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