Even I am in the same boat can you let me know the model for this one.Is this for Dublin?

Great answer in Post #1.
If you are financing this purchase no lender will lend on more than the appraised value.
However, you can also help with that issue. Have your Realtor pull comps, then make sure that when the appraisal is being conducted that your Realtor shows those comps to the Appraiser.

Check your purchase contract regarding the appraisal /loan contingency.

It sounds like you have a Realtor (let's call he/she your agent) working on your behalf (you mentioned "my Realtor"). Did you sign an Exclusive Buyer Brokerage Agreement with that agent designating that his/her real estate firm is representing you? If so, that agent is supposed to be looking after your interests. If you have concerns about the transaction, your agent should discuss those concerns with you, review the contract, and advise you as to your rights and options based on the contract that you have signed. Once you have entered into a contract, you are bound by that contract and you are obligated to live up to the terms of that Agreement. But that also is the case with the contract you signed with your agent - and he/she is bound by that Agreement to represent you and your interests.

In my opinion, you should re-read very carefully your Exclusive Buyer Brokerage Agreement, as well as your Purchase and Sale Agreement, to determine if there is any cause or reason that would allow you to take some kind of action if you are either not being represented adequately, or if the Seller is not living up to his/her end of the Purchase and Sale Agreement.

If your agent is not doing an adequate job of representing you, it would be appropriate to contact that agent's managing Broker and work your way up the chain of command in the Brokerage company. If you still feel you are not being represented adequately, you can contact the Georgia Real Estate Commission, or talk to an attorney to see if there has been any improrprieties committed against you.

Sometimes, after a contract is signed, you regret the decision you made when signing the contract - it is commonly called "Buyer's Remorse." Some buyer's remorse is normal when buying something as important as a new home - but sometimes you really end up feeling you have made a bad decision. If that is the case, you need to comb through the contract very carefully to see if there are any ways for you to terminate the contract - or worst case scenario, what the penalties against you will be if you choose not to complete the transaction. If you get to that point, you should definitely hire an attorney for legal advice.

Good luck, and I hope you end up happier than you are right now!

Mitch Falkin, Associate Broker
RE/MAX Greater Atlanta
mitch@movewithmitch.com
(770) 330-2374

Clearly no one will be able to comment on the specific situation but I can tell you that the builder expects you to close as indicated in the contract. You might try to find a loophole or try to negotiate a work out but expect to pay. At the end of the day, it might be financially better (assuming you like the house and location) to just complete the deal. You could be out major bucks, sued for nonperformance or have other issues - the builder is unlikely to walk as buyers are no longer lining up.

Also - did you verify that those other homes actually closed for those prices or is that what you "heard"? Keep in mind that many times upgrades are paid for in cash and might not be reflected on the HUD.

Whatever you do has to be done with your buyer's agent involved - if they are ineffective then solicite the broker or an attorney, but expect cancelling to cost you money.

Hank

Was an appraisal contingency and a financing contingency included with your contract? Has the appraisal been done on the new home yet? If not then the appraiser should catch the comparable sale. If the home does not appraise the the lender will not finance it.