We're happy to report that we got our house and lot appraisal in, and although it's not the highest we wanted, it's above what we expected. I won't report what yet, in the interest of getting the best possible bids. I will, however, need to cut costs and am working on "trimming the fat" on our budget. I am getting some updated bids on things to see how prices have changed, hopefully for the better!
I have heard that lumber prices have come down. Yes, let's hope so!
Right now, one of the challenging things to do is to find a lender that will accomodate 100% financing for an owner builder and a one time close. We are right now searching for the program that suits us. I'll update you when we find out who we'll go with!
I desperately need a vacation and a backrub... over the weekend we moved apartments, so I'm sore. But, I have planned a nice little getaway to New Mexico, one of my favorite places in the world. We can't wait!
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4 comments:
Congrats! Sounds like all good news!
Awesome!
Try to find a large, local bank. Not a big chain bank. Sometimes these local banks hold their mortgages, not selling them to outside brokers. This gives them more flexibility on financing. Especially if you sweeten the deal by offering to transfer checking, notes on cars, etc. to them. My own recent work related experiences have born this out.
Interesting Blog.
I am a builder and as a business we decided to build all of our new homes green. Energy Star at a minimum and some LEED and NAHB Gold Standard. We are currently working on the first LEED certified home in our County outside of Philadelphia. It's been an interesting journey.
As far as financing goes you might be better off going with a local commercial bank for the construction financing and then refinancing out with a standard lender. It will be marginally more expensive but worth it knowing the deal will get done.
I am building my own home now and tried to get construction to perm financing as an owner/builder and ran into nothing but headaches. One National company agreed to do it initially because they wanted my company business but it ended up not working out even after dealing with the regional and national managers. Gotta love red tape and thinking outside the box for large corporations.
If you get a chance check out our new website - www.TMGGreenHomes.com. We are still working on it but our ultimate goal is to bring green building to the marketplace.
Good Luck.
Chadd
Thanks guys, for the support and advice! I am trying both local and nationwide lenders, as I am searching for the program that fits us.
I was really happy with my appraisal, and totally recommend Bob Ward at Ward Appraisal Services if you are in the Austin area!
Chad, I totally know what you mean. As pioneers, it is always going to be harder for us to pave the way. I like your blog, I really wish for your success and keep in touch on here.
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