[CMBX23]

I built from scratch in CT a year and a half ago and I paid about $260/sqft. Modular isn't as cheap as people think when comparing the two. Not knocking it, but still fairly pricey.

[hybrid_eg]

like others said, there are so many variables involved.. location, site condition, finishes, etc.. my recommendation is if you have constructions experience or know someone closely that does; owner builder option will save you quite a bit.

[hooligan_G01]

We got quotes for a custom build in the Charlotte, NC area and with the finishes we wanted, we were looking at $175-200/ft.

We got quotes when we moved back to MI in the Lansing area and with the finishes we wanted, we were looking at........ $175-200/ft.

[Kolyan2k]

Found a house that I liked, made a offer that was accepted, didnt get the house because of the stupid assessment waiver that realtor wanted us to sign. So pissed off, ready to punch holes through the walls.....

[hooligan_G01]

Originally Posted by Kolyan2k

Found a house that I liked, made a offer that was accepted, didnt get the house because of the stupid assessment waiver that realtor wanted us to sign. So pissed off, ready to punch holes through the walls.....

Assessment waiver?

Sorry you didn't get the house. Did it sell to someone else or is it still on the market?

[Kolyan2k]

Originally Posted by hooligan_COLD

Assessment waiver?

Sorry you didn't get the house. Did it sell to someone else or is it still on the market?

Yes, owner wanted assessment and inspection waiver signed for quick sale. They had an offer 35k over, mine was 25k over but I was flexible on closing so they accepted it. Then their realtor wanted assessment waiver signed which was not discussed before (she forgot I guess) and for some reason my realtor(also a friend) didnt like their terms and asked to do assessment. So they just sold the house same day to the person with higher offer.

I was driving home from work the other day and though how I fcked up... liked the house, only 7-10 min extra to work from where I live now, town with lower taxes then all others (1500 per year in savings), town sewer(most here have septic), 2 car garage that I always wanted, professionally landscaped and paved driveway, solar panels installed with zero electric bill, new windows, roof, and tankless boiler, unfinished basement with ton of room to make few more rooms in the future etc. Basically this house only needed $20k invested in HVAC and hardwood floors on 2nd fl and it would be all set, about $300 per month in savings due to taxes and solar vs all other houses.

The most depressing part is that we are buying house for our son, so he can play outside (live in condo) and now for the next fcking 6 months and most likely more will have to browse Zillow daily and instead of enjoying life, drive to open houses every weekend which my son hates, but we have no one to leave him with.

[smyles]

I know it's too late now, but: if seller accepted your offer, he went into contract. If the waiver wasn't part of the contract, how could it be the reason to void the contract?

If you liked the house so much and had the means to cover potential difference, why haven't you signed it?

[Kolyan2k]

Wife didnt help either nagging how expensive house is for us...has money in bank and instead of spending it on something useful it just sits there and depreciates with inflation. But she feels good about having a savings account.

So one thing I learned from all this, is dont fcking listen to anyone

[Kolyan2k]

Originally Posted by smyles

I know it's too late now, but: if seller accepted your offer, he went into contract. If the waiver wasn't part of the contract, how could it be the reason to void the contract?

If you liked the house so much and had the means to cover potential difference, why haven't you signed it?

It was all happening fast, house had like 5 offers in 1-2 days. Offer was verbal, written part was getting prepared. So nothing was signed yet.

I didnt sign assessment waiver because I didn't even know what it was and my realtor said it's best to do assessment since we already agreed on inspection waiver, so I said ok let's do assessment then and that was the end of it

[hooligan_G01]

Originally Posted by Kolyan2k

Yes, owner wanted assessment and inspection waiver signed for quick sale. They had an offer 35k over, mine was 25k over but I was flexible on closing so they accepted it. Then their realtor wanted assessment waiver signed which was not discussed before (she forgot I guess) and for some reason my realtor(also a friend) didnt like their terms and asked to do assessment. So they just sold the house same day to the person with higher offer.

I was driving home from work the other day and though how I fcked up... liked the house, only 7-10 min extra to work from where I live now, town with lower taxes then all others (1500 per year in savings), town sewer(most here have septic), 2 car garage that I always wanted, professionally landscaped and paved driveway, solar panels installed with zero electric bill, new windows, roof, and tankless boiler, unfinished basement with ton of room to make few more rooms in the future etc. Basically this house only needed $20k invested in HVAC and hardwood floors on 2nd fl and it would be all set, about $300 per month in savings due to taxes and solar vs all other houses.

The most depressing part is that we are buying house for our son, so he can play outside (live in condo) and now for the next fcking 6 months and most likely more will have to browse Zillow daily and instead of enjoying life, drive to open houses every weekend which my son hates, but we have no one to leave him with.

I still don't understand what the assessment waiver is/does.

Why did the seller want it waived? How does it hurt them if it's not waived? How does it hurt you if it is waived?

Sorry you missed out on a good home, though.

[Kolyan2k]

Saw house afternoon, all offers were accepted by 7pm, all this discussions were happening like 8-9pm. Next day I told my realtor to make some deal, I'll inspect house myself and will sign assessment waiver as well, it was too late.

[smyles]

Assessment waiver removes assessment contingency that would allow the buyer to exit the contract if the assessed value is less than the sales price; the buyer can also request adjustment to the sales price and/or come up with own $$ to cover the difference.

[Kolyan2k]

Originally Posted by hooligan_COLD

I still don't understand what the assessment waiver is/does.

Why did the seller want it waived? How does it hurt them if it's not waived? How does it hurt you if it is waived?

Sorry you missed out on a good home, though.

Guy comes, does assessment of house value for bank, if house is assessed less then selling price you have 3 options, Buy, Back out, or Seller can reduce the price by amount you agree on. My realtor said it's a standard practice, you will know the price of the house and you can potentially get a discount from seller. Other realtor didnt want any of those games where sale can lead to dead end, that's why she wanted waiver on this signed

[hooligan_G01]

Originally Posted by Kolyan2k

Guy comes, does assessment of house value for bank, if house is assessed less then selling price you have 3 options, Buy, Back out, or Seller can reduce the price by amount you agree on. My realtor said it's a standard practice, you will know the price of the house and you can potentially get a discount from seller. Other realtor didnt want any of those games where sale can lead to dead end, that's why she wanted waiver on this signed

Ah, gotcha. We call that an appraisal here.

Makes sense, especially if you think the house won't appraise for the sale price - depending on your down payment you could end up with PMI added to your loan if it doesn't appraise at the "right" number.

[Kolyan2k]

Originally Posted by hooligan_COLD

Ah, gotcha. We call that an appraisal here.

Makes sense, especially if you think the house won't appraise for the sale price - depending on your down payment you could end up with PMI added to your loan if it doesn't appraise at the "right" number.

Yeah appraisal. I wouldnt be effected by PMI, I have enough down

[hooligan_G01]

Originally Posted by Kolyan2k

Yeah appraisal. I wouldnt be effected by PMI, I have enough down

Why not waive, then?

[Kolyan2k]

Originally Posted by hooligan_COLD

Why not waive, then?

Well, like I said, my realtor said it's a pretty standard practice to do assessment then you know the real value and you have an option to go head with purchase or ask seller to reduce the price. This was late evening phone discussions, next day I thought about it and agreed to waive it but it was too late

[hooligan_G01]

Originally Posted by Kolyan2k

Well, like I said, my realtor said it's a pretty standard practice to do assessment then you know the real value and you have an option to go head with purchase or ask seller to reduce the price. This was late evening phone discussions, next day I thought about it and agreed to waive it but it was too late

Gotcha.

Well, what can you do? You don't know what you don't know.

Hopefully you'll find something you like even more in the near future. Good luck!

[smyles]

Back to the original topic, from my limited (3 houses) construction experience, for 6..12 months it becomes your 2nd job even with a good GC/builder, unless you completely don't care re final product... and even then it will take a chunk of your time. Is it a hassle? Yes. Would I do it again? Hell yeah. But it's not for everyone - I know quite a few examples of multi-year disasters that cost people $$$.

Re buying a distressed property and renovating it - depends on location, but my impression is it absolutely makes no sense in suburbia, makes some sense for a historical/unique property, and often is the only option in a city.

[Kolyan2k]

Originally Posted by hooligan_COLD

Gotcha.

Well, what can you do? You don't know what you don't know.

Hopefully you'll find something you like even more in the near future. Good luck!

Yeah....can only pray that deal falls through

[Kolyan2k]

So this is getting interesting. The house is back on the market....apparently buyer lost his job. Working out the deal now, will see what happens. They do want more money now, $5k more.

[dreamingat30fps]

Was on YouTube the other day looking at RV storage solutions and ended up down a barndominium rabbit hole. Anyone ever heard of these?

I really like the concept, would be worried about value though, saw some pretty crazy expensive ones and wonder if they hold their value or decrease like mobile homes.