Home Buying in Albany>Question Details

Mak, Home Buyer in Southborough, MA

If a new construction home doesn't appraise for the selling price can you approach the builder to decrease the price like you can in a resale?

Asked by Mak, Southborough, MA Thu Mar 17, 2011

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Warren Redlich’s answer
You can always approach a seller (resale or builder of new construction) and push for a lower price. Some builders will move on price. Others won't. I don't think an appraisal will have much effect though. Builders have a very good idea what their houses are worth, better than appraisers.
0 votes Thank Flag Link Wed Mar 23, 2011
Mark, in brief, yes. And to that point this is something that has surely happened a number of times in the past few years in our area.
0 votes Thank Flag Link Fri Mar 18, 2011
Yes you can vut chances are that he won't renegotiate unless your financing depends on it. Even then he won't come down if he's having an easy time selling the development at higher prices than the appraisal. Don't forget an appraisal is only one person's opinion and the builder will favor the market over that opinion.
0 votes Thank Flag Link Fri Mar 18, 2011
Absolutely, and if Builder wants to sell his home he should adjust the price and move on!
0 votes Thank Flag Link Thu Mar 17, 2011
Hi Mak,
Absolutely! Your agent can assist you in working with the builder to find a mutually acceptable solution.
0 votes Thank Flag Link Thu Mar 17, 2011

I used to sell new homes for a builder here in AZ. There is wiggle room and especially if you didn't make appraisal they will want to work with you to get the home sold and off their books. You should have your agent discuss the matter first with the sales agent for the builder.
0 votes Thank Flag Link Thu Mar 17, 2011
You sure can. Especially if you are going thru a lender that does alot of work for the builder. Alot of the builder spec homes are taking so long to sell and they are costing them money the longer they don't sell.
Good luck..
0 votes Thank Flag Link Thu Mar 17, 2011
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