Real estate question............

[ducklite]

Thank you for all your responses!!!!!! My hubby was the one who said even if they accept an offer they can still sell it out from under you if you have a contigency. I guess he was right!

We are 2 miles from the beach (resort area), and we have builders giving away cars too! I heard of one development paying your mortgage for the first 6 months! It goes to show how much mark up they really have in a home like this!!!! The down side of it all is our condo isn't selling either It's been on the market since July and we haven't had one offer yet! Up until Nov, we were getting two to three showings a week.

We sold our townhouse very quickly. Granted the market was hot at the time, but here's what we did and you might be able to do the same. First, we painted every wall a nuetral cream color, and we had new carpeting installed--although our old carpet was in TERRIBLE shape, if yours is still in good shape just be sure it's freshly shampooed.

Then we priced our home $3K less than the others for sale in the neighborhood. In the long run because ours had fresh paint, new carpet, and a ton of upgrades--it basically showed as a brand new home, we got more $5k over the original asking price with a three way bid-war, but the lower original price is what brought the traffic in.

Good luck!

Anne

 

[MagicalMom]

Just really make sure you read the conract good. When we signed for our new home in 2004 they told us our home would be completed in 9 to 12 months. We are still waiting. We've looked over the contract & there was no time frame listed. They have offered many times to let us out of the contract, but we refuse. We know the value of the home has increased & we know they coul;d sell it to someone else for a lot more. We'll just sit here & wait. At this rate, by the time the house is complete it may be our only bill.

 

[SillyMe]

Just really make sure you read the conract good. When we signed for our new home in 2004 they told us our home would be completed in 9 to 12 months. We are still waiting. We've looked over the contract & there was no time frame listed. They have offered many times to let us out of the contract, but we refuse. We know the value of the home has increased & we know they coul;d sell it to someone else for a lot more. We'll just sit here & wait. At this rate, by the time the house is complete it may be our only bill.

2 years!? Oh my.

 

[MagicalMom]

2 years!? Oh my.

Yep. We're just taking it to be God's will. When we signed the contract I was fresh out of college. We signed, got in the car & thought to ourselves "what were they thinking? We can't afford that house!" We purchased the basic model, with no extras. Then we paid some bills, got raises, added on the 2 car garage. Eventually we went & added on the basement too. If we cancelled the contract right now, we wouldbn't be able to buy a 20 year old rancher for the rpice we are buying this brand new 4 bedroom house for.

There are about 50 homes in the final phase of the development that we are biuilding in, so we know we are not alone in our wait. Hopefully we'll be debt free & living comfortably in the house that a couple of years ago we thought we could barely afford.

I just said to DH the pother day "We might as well call them up & tell them we want a fireplace too." After waiting this long I plan on living there for a long, long time.

 

[SillyMe]

Yep. We're just taking it to be God's will. When we signed the contract I was fresh out of college. We signed, got in the car & thought to ourselves "what were they thinking? We can't afford that house!" We purchased the basic model, with no extras. Then we paid some bills, got raises, added on the 2 car garage. Eventually we went & added on the basement too. If we cancelled the contract right now, we wouldbn't be able to buy a 20 year old rancher for the rpice we are buying this brand new 4 bedroom house for.

There are about 50 homes in the final phase of the development that we are biuilding in, so we know we are not alone in our wait. Hopefully we'll be debt free & living comfortably in the house that a couple of years ago we thought we could barely afford.

I just said to DH the pother day "We might as well call them up & tell them we want a fireplace too." After waiting this long I plan on living there for a long, long time.

What is their reason for taking so long?

 

[ducklite]

Just really make sure you read the conract good. When we signed for our new home in 2004 they told us our home would be completed in 9 to 12 months. We are still waiting. We've looked over the contract & there was no time frame listed. They have offered many times to let us out of the contract, but we refuse. We know the value of the home has increased & we know they coul;d sell it to someone else for a lot more. We'll just sit here & wait. At this rate, by the time the house is complete it may be our only bill.

Wow! We signed our contract in February of 2003, and were told 9-12 months. It was finished in August of 2004. Yours seems to be taking a LONG time!

Glad to know you're able to play the waiting game. I surprised your bank is OK with it though...

Anne

 

[MagicalMom]

We are 2 miles from the beach (resort area), and we have builders giving away cars too! I heard of one development paying your mortgage for the first 6 months! It goes to show how much mark up they really have in a home like this!!!! The down side of it all is our condo isn't selling either It's been on the market since July and we haven't had one offer yet! Up until Nov, we were getting two to three showings a week.

mla2177, the builder that is taking years on our home is also the same building building the condos in Rehoboth with the "no payments for 6 months" deal. I would not recommend building through him.

I bet your showinf will pick up again right after the holidays. This can be a bit of a dead time in home sales.

 

[MagicalMom]

Glad to know you're able to play the waiting game. I surprised your bank is OK with it though...

Anne

The people at the mortgage company know the people at the construction company. Some of our updates have actually come through the mortgage company, so they are pretty aware of the situation. I just keep telling myself that someday it will be over.

 

[iloveboardwalk]

Just really make sure you read the conract good. When we signed for our new home in 2004 they told us our home would be completed in 9 to 12 months. We are still waiting. We've looked over the contract & there was no time frame listed. They have offered many times to let us out of the contract, but we refuse. We know the value of the home has increased & we know they coul;d sell it to someone else for a lot more. We'll just sit here & wait. At this rate, by the time the house is complete it may be our only bill.

Check with your stae's department of Real Estate. Some states have a maximum time allowed for a builder to produce, regardless of what their ridiculous contract says.

 

[MagicalMom]

Check with your stae's department of Real Estate. Some states have a maximum time allowed for a builder to produce, regardless of what their ridiculous contract says.

If was the state that wasn't approving the final phase of the development. The gave approval this past fall so we are hoping to move in the summer or next fall.

 

[iloveboardwalk]

If was the state that wasn't approving the final phase of the development. The gave approval this past fall so we are hoping to move in the summer or next fall.

Oh man, the dreaded public report! In AZ, the builder's cannot even officially sell lots until they get the public report, the can take "lot reservcations" though.

Well, it sounds like you have the right attitude about it so good luck and have fun when you finally get in your home!