Look through the contract to see if there is an appraisal contingency. If homes are selling for less, the home won't appraise and depending on what kind of financing are you getting you may not be able to get the loan amount you'd need to purchase the home. The contract should outline what happens in the case of a default.
Did you have Buyer Representation from a real estate professional? Just curious.
I hope this helps.
Better Homes & Gardens Metro Brokers
Then once you have the actual written data, go see the builder and ask for an adjustment. Listen to what he says and them go home and think through the ramifications.
To settle your concerns you may have to order an independent appraisal as you are probably concerned the mortgage and the builder relationship prevents you from have a truly independent lender representing you in this transaction.
I hope you can get this resolved so that it does not tarnish the joy of the new home.
Sally W. Hamby
THE SALLY TEAM at Fidelity Bank Mortgage
404 644 7696
If you need help building a case through recent comps, just let me know. I'd be happy to e-mail you a few.
Email me at email@example.com or firstname.lastname@example.org.
Glad I could help!
There is no appraisal contingency clause in contract. And for the mortgage we are signed up with builder affiliated mortgage co., so i think the loan amt. will not be problem from them.
We are going to talk to builder, lets see if they agree or will go to attorney.