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by LiveModern Webmaster last modified Jan 04, 2012 02:37 AM
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by Tandemracer ( last modified Oct 10, 2007



I thought it would just be a formality, but now the bank has appraised our planned house for much, much less than it will cost us to build it. The low appraisal was blamed on the lack of single family comps in the neighborhood. Most of the recent construction and sales have been condos and townhomes. Many of these townhomes have even been much more expensive than our planned home, but that does us no good for appraisal comps.
Now it is time to rethink the game plan. Do we shop around for a more willing lender with a more sympathetic appraisal (probably not too smart) or do we somehow find a way to cut our construction cost by over a third so that the budget will be within the current appraisal?
As much as I would like to forge ahead with the current plan we are getting a clear message from our bank that this house on that lot at that price is not a good investment.




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