Home Buying in 79424>Question Details

JMH, Home Buyer in Texas

Builder needs appraisal on specs and plans before breaking ground ... How long should this take?

Asked by JMH, Texas Thu Apr 25, 2013

We have been approved by our bank to build a home and have found a builder. The builder said they are waiting for their bank to appraise the plans and specs for their interim financing so they can start. We signed the construction agreement April 1st ... how long should something like this typically take? They have built this exact home before as it is their model that we looked at ... wouldn't it be based on that same job's appraisal? Just feel like we've sat on a month of valuable time as our loan commitment letter expires 10/31 and the house will take 6 months ... if there are no issues.

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ok, good to know. Outside the city would also typically take a little longer. Let me know if I can help you in any way.
1 vote Thank Flag Link Thu Apr 25, 2013
In Lubbock, an appraiser would have 15 days to complete the appraisal once the appraisal has been ordered. To be able to order the appraisal, the lender would need to give complete plans and scecs to the appraiser. Ask your lender when your builder gave them the plans and what day the appraisal was ordered.
1 vote Thank Flag Link Thu Apr 25, 2013
Well, this is one business that is like no other. When dealing with a good builder the first thing they should do is get the home owner ready for multiple headaches, water issues, and inclement weather. Although it is a spec home, that just basically means,"heres one you can walk through and see if you like it".
Different kitchens can change all kinds of costs, adding frame work for granite counter tops for example or bigger rafters for same roof line but slate or concrete shingles. A 2000 sq ft home's price can litteraly be doubled in just having different finishes. Porcelain over ceramic tile, heated garage vs. un-heated.
I have been in the industry for 20+years and home building has a small margin and big headaches, namely weather, un-decided change orders and prima donna tradesman. Some hard learned, free advice is, when you are prepared for the worst and face it with determination, than it generally goes better than having everyone under the gun to finish on a schedule. Better to have a well built home that does not squeak, lights all work and you received all the bells and whistles that you may want than have one that is done in 6 months but the can lights shine through the ceiling fan creating that highly sought after strobe effect or your garage door shuts but there a 1" gap under one side that snow blows in creates a great drift in your garage that is supposed to be heated but is not etc, etc....
Just know your blueprints and treat your tradesmen with respect. I have seen more Architects be wrong than carpenters when having....let's say heated conversations about interpretations of the blueprint. A good Architect will listen to the tradesman. Good Luck!!!!!
0 votes Thank Flag Link Tue Jul 9, 2013
Ok so we are approaching 60 days and still NOTHING! They are still telling us it will be done end of Sept - mid October. We have picked out granite, flooring and lighting ... I think that was to pacify us. Could it be that the builder is over-extended ... financially and has to release some of the houses they have built before building ours??? So frustrating!
0 votes Thank Flag Link Wed May 22, 2013
Great! I figured that just getting concerned as we're a month in and i'm not sure what progress has been made. Thanks Tim
0 votes Thank Flag Link Thu Apr 25, 2013
Hi Tim, Actually building in Lubbock County. The builder is actually getting the interim financing for the project from their bank so their bank is asking for the appraisal which makes sense. Thank you for the response.
0 votes Thank Flag Link Thu Apr 25, 2013
You know I have a realtor?? Actually I don't so you don't know. I went straight to the bank then straight to the builder. My PROBLEM is that I have never "built" a home before and was asking how long the appraisal of specs would take...
0 votes Thank Flag Link Thu Apr 25, 2013
I know that the Builder has done this before; and they can answer your question.
I know that you have a Contract that covers your butt for Contingencies and Extensions.
I know you have a Realtor representing you and protecting you.
So, what's your problem?
0 votes Thank Flag Link Thu Apr 25, 2013
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