Hi Kaori, I have been watching your content since I just signed a purchase agreement and in the midst of finalizing our design options. What i feel so disheartened about in this journey so far are the unknowns- which is big elephant =appraisal value of spec homes sold in the neighborhood. The builder is advising us to stick to 20% of the base price to be safe. With this appraisal hanging over our heads we were forced to drop the design options we want and once we do that we end up with a spec looking house. What you get is a pretty basic house otherwise you gamble and potentially you will have to fill that gap - ie. the amount between the 80% that the lender will loan you and the actual cost to build. Even qualified buyers would have a hard time finding extra 90k sitting around somewhere to cash out on top of your already massive down payment. So overall you’re better off just buying a vanilla spec house and rip things out after the fact and if they’re even more desperate you can even get more discounts. And another big issue for me is the builders are selling these spec houses at a bargain and puts it in mls which then would have a cascading impact on the rest of the build-to-suit homes in the neighborhood. There has not been enough awareness spread out about this topic and I hope you can warn people and have a deep dive content about this issue. Thanks!
And also, there has been not much content out there that tells buyers that you can lose ALL of your earnest money its almost always none refundable. We’re not saying we want to back out but knowing what we know now that we can’t really customize it how we want and appraisal will force us to cut down on the upgrades so we dont cash out more than we want it leaves a bitter taste to mine and my husband’s mouth. I feel like it’s inhouse lender anyway, you would have my DP, i bought from you the overpriced upgrades also, in the event I default i cant get my dp anymore plus you can resell it at future market value so there’s no loss on them then what is the point of appraisal if this mostly yours to begin with and buyers have much at stake to lose than the builder.
Wow thanks for sharing, that’s a lot to think about. Our realtor is suggesting new builds in Skye Canyon and I’m researching if it’s suitable for us… I don’t like the whole “unknown perpetual add-ons” when it comes to price. But I am open to seeing if a new build makes sense. Where in Vegas did you buy your new build?
Hi Hannah, this is very interesting. I've never had appraisal issues with new builders personally. I'm curious to understand which builder and which community you are buying at. Spec homes going on sale is annoying for those that bought, but real estate investment is a long term investment so think long term. Let's connect and we can do a deep dive on this topic for sure. My email is kaori.nagaochiti@sothebysrealty.com 📩
@@BevJoseph Hi Bev, make sure your realtor asks all the questions when it comes to the total costs of the new build - base price, lot price, structural upgrades, design upgrades, appliances, backyard, lighting fixtures, and if course closing costs.
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For questions on your home buying needs:
→ Send me a text (702) 583-4766
→ Send me an email: kaori.nagaochiti@sothebysrealty. com
Thanks!
@@g.thomas5782 Thank you for watching 🙌🏻
This was great advice thank you
Thank you so much for watching and let me know if you have any further questions. Comment below 👇🏻
Great advice thank u.
You're welcome! Which city are you considering buying?
I there southwest or Henderson.
@@Ilanojimmy Great choices! Feel free to reach out to me if you need assistance 702-583-4766 (call/text)
Yes I will reach out to you someday, thank you.
Thanks
Thanks for watching. Hope that was helpful. Let me know if you have any further questions.
Hi Kaori, I have been watching your content since I just signed a purchase agreement and in the midst of finalizing our design options. What i feel so disheartened about in this journey so far are the unknowns- which is big elephant =appraisal value of spec homes sold in the neighborhood. The builder is advising us to stick to 20% of the base price to be safe. With this appraisal hanging over our heads we were forced to drop the design options we want and once we do that we end up with a spec looking house. What you get is a pretty basic house otherwise you gamble and potentially you will have to fill that gap - ie. the amount between the 80% that the lender will loan you and the actual cost to build. Even qualified buyers would have a hard time finding extra 90k sitting around somewhere to cash out on top of your already massive down payment. So overall you’re better off just buying a vanilla spec house and rip things out after the fact and if they’re even more desperate you can even get more discounts. And another big issue for me is the builders are selling these spec houses at a bargain and puts it in mls which then would have a cascading impact on the rest of the build-to-suit homes in the neighborhood. There has not been enough awareness spread out about this topic and I hope you can warn people and have a deep dive content about this issue. Thanks!
And also, there has been not much content out there that tells buyers that you can lose ALL of your earnest money its almost always none refundable. We’re not saying we want to back out but knowing what we know now that we can’t really customize it how we want and appraisal will force us to cut down on the upgrades so we dont cash out more than we want it leaves a bitter taste to mine and my husband’s mouth. I feel like it’s inhouse lender anyway, you would have my DP, i bought from you the overpriced upgrades also, in the event I default i cant get my dp anymore plus you can resell it at future market value so there’s no loss on them then what is the point of appraisal if this mostly yours to begin with and buyers have much at stake to lose than the builder.
Wow thanks for sharing, that’s a lot to think about. Our realtor is suggesting new builds in Skye Canyon and I’m researching if it’s suitable for us… I don’t like the whole “unknown perpetual add-ons” when it comes to price. But I am open to seeing if a new build makes sense. Where in Vegas did you buy your new build?
Hi Hannah, this is very interesting. I've never had appraisal issues with new builders personally. I'm curious to understand which builder and which community you are buying at. Spec homes going on sale is annoying for those that bought, but real estate investment is a long term investment so think long term. Let's connect and we can do a deep dive on this topic for sure. My email is kaori.nagaochiti@sothebysrealty.com 📩
@@BevJoseph Hi Bev, make sure your realtor asks all the questions when it comes to the total costs of the new build - base price, lot price, structural upgrades, design upgrades, appliances, backyard, lighting fixtures, and if course closing costs.
Buying new sounds good to me 😅
🔥🔥🔥
too seed my new home it bread news
Thanks for watching!
Thanks!
@@g.thomas5782 Thank you!