Some clients of mine closed on a new construction spec home last week in Oro Valley and they ended getting quite a deal. Just 24 hours prior to close the builder had to adjust the sales price due to a lower then expected appraisal. The builder was really scrambling at the last minute, trying to get a new, higher appraisal for the sales price, but it just wasn't going to happen.
I haven't encountered this before, a builder's sales price coming in below appraisal. The reason it did, in our case, was that there are two short sales in the community. These "pre foreclosures" have dropped their prices so low that they're impacting property values around them. Great for new buyers, but bad for those already living in the community and trying to sell at the much higher price they paid two years ago. We're seeing foreclosures in every corner of Tucson, at every price range. The neighborhood my clients bought in isn't even three years old and it's not yet built out. It's going to be interesting to see how the financial struggles will impact the sales prices of the rest of the homes that are yet to be built.
I haven't encountered this before, a builder's sales price coming in below appraisal. The reason it did, in our case, was that there are two short sales in the community. These "pre foreclosures" have dropped their prices so low that they're impacting property values around them. Great for new buyers, but bad for those already living in the community and trying to sell at the much higher price they paid two years ago. We're seeing foreclosures in every corner of Tucson, at every price range. The neighborhood my clients bought in isn't even three years old and it's not yet built out. It's going to be interesting to see how the financial struggles will impact the sales prices of the rest of the homes that are yet to be built.
3 comments:
thanks for sharing.....
___________________
Julie
Free HD DVR Receiver Upgrade
Post a Comment