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Old 09-06-2007, 02:55 PM
 
Location: K-noxville
10 posts, read 35,163 times
Reputation: 11

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According to the realtor we can add to the sales contract that closing is added. There are other houses like ours in the subdivision. I just keep thinking that the builder has to have an idea that the house would appraise for the price they are selling for or they would not get any sold. Recent problems on t.v has brought this to my attention. Now I feel ignorant for not thinking about this before. Because if we cant get the loan we have no house and we will lose out on $7,000 on upgrades.
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Old 09-06-2007, 03:15 PM
 
Location: Portsmouth, New Hampshire
125 posts, read 414,449 times
Reputation: 81
Default Appraisal

At $188,000 for 1448 square feet you would be priced at $129.83 a square foot.

I took a look in the Multiple Listing Service at recent sales of new homes in that area and found some 13-1400 square foot, new houses that have closed at up to $132.00 a foot so the comparable sales seem to be there.

On some of those sales the original list price was pretty obviously inflated to include some additional costs.

I saw one that was bumped up from $170,500 to $180,084 for 1364 square feet.

The only downside to that is that you'll have negative equity for a few years so if you have to sell it could be an issue.

I have appraisers that call me all the time asking for details on my recent sales and the most frequently asked question is did the seller pay any of the buyer's closing costs.
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Old 09-06-2007, 04:12 PM
 
Location: Beautiful East TN!!
7,280 posts, read 21,329,215 times
Reputation: 2787
Quote:
Originally Posted by Knoxgrl View Post
According to the realtor we can add to the sales contract that closing is added. There are other houses like ours in the subdivision. I just keep thinking that the builder has to have an idea that the house would appraise for the price they are selling for or they would not get any sold. Recent problems on t.v has brought this to my attention. Now I feel ignorant for not thinking about this before. Because if we cant get the loan we have no house and we will lose out on $7,000 on upgrades.
If you have already paid for the 7k in upgrades, you don't need true 100% including closing costs. That 7k has to be shown as a down payment along with any other monies you have already given the contractor. Have you talked with your lender about this? What were you pre approved for?
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Old 09-06-2007, 04:23 PM
 
16,177 posts, read 32,511,189 times
Reputation: 20592
Holy Smokes Batman $129 a sq foot!?!?!?! We have our house priced at $114 a sq foot!
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Old 09-06-2007, 04:44 PM
 
2,197 posts, read 7,395,151 times
Reputation: 1702
My tax reappraisal came in at $155/SF, and my house isn't new. I'm surprised you didn't hear me scream all the way to Blount County!

Costs are all across the board in Knoxville.

There's no reason to appraise you below the comps, Knoxgrl, so you should be fine.

Hmmm... I wonder if I could get that 100% loan for an investment property that I eventually intend to rehab? Does anybody know? Because I've been told I need the full 20% down.
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Old 09-06-2007, 04:53 PM
 
Location: LEAVING CD
22,974 posts, read 27,027,148 times
Reputation: 15645
Quote:
Originally Posted by SmokyMtnGal View Post
Holy Smokes Batman $129 a sq foot!?!?!?! We have our house priced at $114 a sq foot!
Then I'm coming to see yours when I get sold...... I'm getting showings, and no negs so far so hopefully soon!
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Old 09-06-2007, 05:07 PM
 
Location: Beautiful East TN!!
7,280 posts, read 21,329,215 times
Reputation: 2787
Quote:
Originally Posted by goodbyehollywood View Post
.............
Hmmm... I wonder if I could get that 100% loan for an investment property that I eventually intend to rehab? Does anybody know? Because I've been told I need the full 20% down.
Can be done for 10% down easily....if you and the property are qualified. Pretty darn good rates on investment property right now too.
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Old 09-06-2007, 05:19 PM
 
Location: Lee's Summit, MO
592 posts, read 2,135,928 times
Reputation: 214
Quote:
Originally Posted by Knoxgrl View Post
According to the realtor we can add to the sales contract that closing is added. There are other houses like ours in the subdivision. I just keep thinking that the builder has to have an idea that the house would appraise for the price they are selling for or they would not get any sold. Recent problems on t.v has brought this to my attention. Now I feel ignorant for not thinking about this before. Because if we cant get the loan we have no house and we will lose out on $7,000 on upgrades.

If you are working with who I think you are working with, I'd think twice before trusting "the realtor" on ANYTHING. Just fair warning.

I don't know how many times I heard "everything will be ok buddy"....

At least you apparently got to choose your upgrades!
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Old 09-06-2007, 05:34 PM
 
16,177 posts, read 32,511,189 times
Reputation: 20592
Quote:
Originally Posted by jimj View Post
Then I'm coming to see yours when I get sold...... I'm getting showings, and no negs so far so hopefully soon!
You got a deal. I'll leave the porch light on.
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Old 09-06-2007, 06:17 PM
 
Location: K-noxville
10 posts, read 35,163 times
Reputation: 11
We havent paid for upgrades yet. We have added these upgrades to the cost of the house. We were required to give them a post dated check just in case we could not close or backed out.
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