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Still Waiting for Pricing
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I'm sorry it's taken so long for me to update my blog, but we are still waiting for preliminary pricing from CRG and Britco (the factory). They asked us for 2 more weeks to come up with pricing due to the high level of customization of our schematic. Plus, they have not priced out a Glidehouse 2 yet. So, we'll be the first. We are supposed to get our pricing from them on Friday and then we will have to turn around our budget to Countrywide by Monday or Tuesday of next week.
We are very anxious - hoping that the pricing will be in line with what we have estimated so that we can go through with the land purchase and the project. We are 90% sure it will be, but you never know until we have the hard numbers in front of us.
Stay tuned . . .
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Financing & budget Q's
Jennie, I'm reading your pioneer's work with great enthusiasm as we are seriously evaluating the possibility of doing the same as you in (almost) neighboring San Mateo County. Could you share some more detailed info on how the financing part is going? All lenders that I spoke with require an approved building permit before lending you money for the purchase of the land. And acquiring that permit in the Bay Area is, as you know, a lengthy process of 6 to sometimes 24 months. Hence my Q's: 1. How does the lending process work in your case? and 2. if I may ask, how much % down payment are you required to make? and 3. As you stand further in the process, and have a local viewpoint, how much percent of the glidehouse's value will the overall contractor costs represent (costs for grading, foundation, connect utilities, button up the glidehouse once it will be at your site, driveway and landscaping, others...)
Lots of thanks!
Lending Qs
Sorry to take so long to reply - we've been in the thick of things with our lender and I need to post an updated blog entry. As for the lenders - we had a lot of problems working with anyone besides Countrywide because they just aren't comfortable with the whole deal. So, I would recommend using Countrywide - specifically Andrew Reid and Darrin Worthington - listed on the lenders page. They have a close relationship with CRG and are comfortable with the whole Glidehouse process.
With Countrywide - you don't need an approved building permit first. I'll go through the process in detail in my next blog entry - at least as it related to us.
I'm not sure how much downpayment is required - it probably has to do with the loan amount, etc. But, I would guess it is 10% as a minimum.
With regard to our site contractor's cost - it is about 1/5 of our total costs - but that also includes landscaping, fencing, driveways, our garage construction, and decking.
realtor fees
hi there-
thanks for all the great information. i hope the process is coming along successfully. i'm curious as to whether your realtor charged a fee for the whole loan/home or if it was just on the land?
thanks in advance.
lauren
? about expenses
So are you saying that the total for landscaping, site development, shipping and install was equal to about 20% of the purchase price of the modules?
20% is relative...
- ... to the total projected cost of Jennie's home. Note that her budget is large, due to the total cost of her land, but that her improvement costs are in line with other similar projects in the area (her actually factory costs
- building the glidehouse -- are actually much lower than area costs for site-built construction).
I'd be happy to work with you on a specific budget for your project. Give me a call at 415.462.0561.
Marshall
Confirmation
Jennie,
On our team call this morning, we confirmed that CRG is still on track to get you pricing by the end of this week (at the latest). As you noted, there are a couple of "early adopter" factors involved (it's a custom design), but we are in good shape to get you your numbers in time for your lender.
Marshall