Quote:
Originally Posted by TraceyMooreRN
Be aware of "Discounted Prices". I ran into a problem with my NEW CONSTRUCTION home--had a Discounted price--guess what appraisal came in at discounted price...not listed market value before the discount. I knew what I was paying after the appraisal--but thought cheap marketing technique by TV....
Anticipated 9,000+ off new home value--got no discount from appraiser. Value was what I paid. Seemed TV would know the value of the home before setting a price. Same technique as retail sales--up the price to show a discount to get a buyer.
Price didn't make the sale--location, type of house and lot made the decision for us to buy! Either way--happy I am in my new home
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We purchased new construction in February. We used a lender from NC we have used often and he can write a policy in 48 states. The Underwriters were in Texas. They went to a pool of appraisers and they went with the first on the list. Our villa wasn't discounted, but came in over the price we paid. We were putting down more than 20% and the bank only cared that the appraisal came in at a 20% to 80% ratio. If the appraisal was below what we were willing to pay, we would have walked since there are no negotiations with new construction.