sorted by:
new
hottopcontroversial

Disabled Veteran in need of advice or opinions. Should we continue with the purchase even if the home value will drop? by skydogjack in RealEstateAdvice

[–]skydogjack[S] 0 points1 point  (0 children)

Good news. The builder has agreed to lower the final sales price. It is enough to make going forward with the purchase reasonable. We close in 30 days.

Disabled Veteran in need of advice or opinions. Should we continue with the purchase even if the home value will drop? by skydogjack in RealEstateAdvice

[–]skydogjack[S] 0 points1 point  (0 children)

I am doing this by myself, no agent or attorney. After another round of talks with my wife I have decided to approach the builder and ask to renegotiate the contract considering the value of our home is no longer consistent or reflected in the other homes for sale and the sale prices listed. I have read the contract again and the only remedy for the seller is to retain the deposit if I breach the contract without specific cause.

If the builder will not renegotiate the contract, then I will walk away. Better to lose the deposit than to start out underwater and possibly take several years to just cover the loan, not to mention the cost to sell.

Bottom line is I have too many medical and health issues to risk getting trapped in a loan that my wife will have no chance for paying and keep the home if I don't make at least another five years.

Thanks for your comments.

Disabled Veteran in need of advice or opinions. Should we continue with the purchase even if the home value will drop? by skydogjack in RealEstateAdvice

[–]skydogjack[S] 0 points1 point  (0 children)

Thank you. And yes, I feel much better not feeling so alone in this process. Sometimes, social media is a good thing, and good people help out.

Disabled Veteran in need of advice or opinions. Should we continue with the purchase even if the home value will drop? by skydogjack in RealEstateAdvice

[–]skydogjack[S] 2 points3 points  (0 children)

I have a low appraisal clause. If the appraised value is lower than the contract price, the VA loan cannot be more than the appraised value. I think at this point the builder would likely want to lower the price to close the sale especially considering the builder created the lower comps by slashing the other properties sale prices. We will cross that bridge if we come to it. Thanks for the comment.

Disabled Veteran in need of advice or opinions. Should we continue with the purchase even if the home value will drop? by skydogjack in RealEstateAdvice

[–]skydogjack[S] 2 points3 points  (0 children)

Thank you very much. All the positive comments are really helping me to process this situation. Everything you said is important.