Rats! The counter came back and he wouldn't budge on the price. Still stuck at $158,000. Kind of disheartening at this point. That means a really not so small house... perhaps more than we would like, but who knows. We're trying to get in touch with our lender at BB&T to ask her what the implications are of a $158,000 lot- We had planned on $125,000 and ran some worst case scenario numbers at $145,000.
I'm trying to understand how construction loan appraisals work when there is no house yet to appraise. We're really not interested in a lot of the high dollar items like Granite countertops and Tile floors- I'm curious as to how they will affect our appraisal. Also, there's a bunch of money going towards landscaping and irrigation that I'd like to cut out for now and do myself as we have time and money, but I'm not sure the land/home will aprraise high enough without those things.
We're anxious to get something definite going on the lot but are going to have to sit on it for now until we can get in touch with the lender. Evidently, BB&T is very popular right now. They are giving out the best rates around and are slammed with refinances. The first slow-down is evidenced. Things aren't moving as fast as we would like and we haven't even bought a lot or finished the plans yet.
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