Home Buying in 46077>Question Details

Brett Couch, Home Seller in Indianapolis, IN

We have started the build process with a national builder. They just knocked $35k off base price.We have given a large deposit-$24k.Whats our option?

Asked by Brett Couch, Indianapolis, IN Wed Aug 11, 2010

Ryland has changed their price off the base by $35k. We just started drywall and have put a downpayment of roughly $24k. Our tentative close is 45 days from now. We signed a ryder stating if the price dropped that we could get that new purchase price. However, they then had us sign an addendum to this letter and acted like it was not going to change. I'm checking to see if a deposit was given prior to the addendum. What options do we have? My concern is property value of neighboring properties, my estate taxes, and knowing that after 5 years of payments that my home would hit it's actual value. Can I go back and ask for more options? Finished basement? Sprinkler system? etc? Please HELP!!!

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Jennifer Stewart-Johnson’s answer
Brett,

I am just following up and making sure that you have the been able to resolve the issues. I live in boone county and too am familiar with these types of occurances. It would definately benefit you to consult with me or another Realtor and maybe even realestate attorney. If I may be of further assistance, you may contact me at 317-501-2103 or via email at jenj@callcarpenter.com I also have a friend that works for a custom home builder and he would be able to help find out some answers to your questions as well. Hope all is well. Sincerely, Jen Stewart-Johnson - Carpenter Realtors, Zionsville Indiana
0 votes Thank Flag Link Tue Sep 7, 2010
I know the neighborhood and if you drive to the back and look across the field I think you will find your answer there. I really do not believe that you will hit values in 5 years. I think they will continue to build new homes that will compete against you if you decide to sell within a five year period. I do not have a crystal ball but from past experince this is what I have seen happen. I have a friend who lives there and would be happy to let you speak to him if you would like and he can share his experinces with you. He did not build new/bought resale. Have you looked at a market anaylsis for the neighbor hood and home walues over the last few years to see what the market in there is doing? In regards to Options---Most home buyers look at price per square foot when buying, options help you sell but do not neccessarly mean you will gain value. Appraisers can make adjustments based upon condition and options but PRICE PER SQUARE FOOT is where the money is! Get a market anaylsis on the neighborhood. Look at what you are paying per square foot and you can use that to determine what your next step should be. You can reach me if you have additional questions. I am happy to help.
0 votes Thank Flag Link Wed Aug 11, 2010
I think a wise step would be to talk to your original salesperson first and let that person know of your concerns. Then ask for the phone number of the Area Sales Manager. That person will have the authority to provide assistance to you more directly. If you are not able to reach a satisfactory outcome, then contact a real estate attorney. Ryland's reputation is important to them, so they will want to guard it.

Diane Brooks Realtor
FC Tucker Company
317 846-7751
Web Reference: http://homesinIndy.com
0 votes Thank Flag Link Wed Aug 11, 2010
Brett if you do not have a buyer broker guiding your through your new construction experience, you are going to want to meet with an attorney at least for the first free meeting tget your options. i can tell you that a builder will more often add in upgrades rather than lower the price. You should request the price reduction in writing, if they say now go back with a split of say half money off half upgrades, if no go all upgrades, if no the hire that attorney. good luck working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Aug 11, 2010
Brett:

It's time to call your favorite Real Estate attorney. If you don't have one, I'm happy to provide some references.

Good luck!

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group, LLC
317 413.8501
joe@joeshoe.com
0 votes Thank Flag Link Wed Aug 11, 2010
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