Penalty on the Play

Good evening everyone!! As we type in this week’s blog, we are both excited and a little apprehensive about all that has occurred over the past few weeks. Let’s get to the good things first….

Since our last blog, we’ve had our pre-closing walk-thru with the builder and our independent inspector. All in all, everything went very well. The Toll Brothers team is almost complete with all the blue tagged fixes Maggie (😜) put on the walls and lights. The house looks fantastic and ready for the Richardson’s to move into.  Here are a few pics of the progress..

 

BUT….

Here is the not so good thing now….We got our appraisal back and it was 8% less than the purchase price. I’ll give you some time to let that sink in…………. Mind you, we did a pre-appraisal before it was built to ensure everything we put in it would actually appraise. Well I’m here to tell you that not every appraiser sees a property the same.

So now we are waiting to hear back from the VA on a reconsideration of value (ROV).  It is essentially a process for the veteran (us), seller (Toll Brothers), or lender to dispute the appraisal report.  In our case, the builder supplied the VA with new comps and documented errors on the appraisal report.  This is a little nerve racking due to all the moving parts we have at the moment with kids school, living out of boxes, furniture deliveries, and getting out of this rental that expires in less than 30 days….and not to mention all of the time and effort we put into building this home over the last year.

We are very hopeful we hear word back from the lender by Tuesday this week so we can hopefully close within the next week or so.

And what if the value doesn’t go up to selling price? Well we will let ya know what happens. We know all of the options we have, but over paying is not one of our options so please pray for us 🙏🏾.

Have a great week and hope to have some updates by next weekend!!

Rod and Maggie

15 thoughts on “Penalty on the Play

      1. I’m so sorry to hear! A bit shocked that Toll Brothers didn’t meet you in the middle. You did right by your family by walking, can’t overpay. Blessings to you and your family! Praying you find your forever home pronto!

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  1. Hey, I hope all this worked out for you guys. Any update?

    Were in the early process of building with toll and just had our HVAC meeting. Did you end up upgrading any of the HVAC stuff for your house? The meeting was so confusing.

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    1. Hey Tina. Yea the house is on the market. Probably for a while based on the appraised value.

      About the HVAC, no we didnt even have one of those meetings. We went with the standard system. I guess only reason to upgrade is if you had a conservatory addition which added heated/cooling space. In that instance I believe they should automatically add a 3rd unit.

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      1. We ended up doing the conservatory addition and added the additional HVAC unit at signing. They had us meet with the actual company yesterday to hear about all their upgraded units with mid tier levels costing upwards of an additional $20,000. It was a bit shocking for us as we didn’t even really consider this type of upgrade when we budgeted All being said we will probably stick with the standard as thats what it seems most people are doing.

        When you say the home is on the market does this mean there was no progress in getting a higher appraisal and you can’t close? If so I can’t even imagine what you guys are going through. What is the next step? Is toll working with you at all?

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  2. Exactly.. we came up well above the new appraised value but the builder did not accept.

    Next step for us is looking for another home.. but we have some options and will put one last blog post out.. at least with the name of this blog to discuss what happened.

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  3. I’m so sorry this didn’t work out. I can’t say that I’m surprised the builder wouldn’t work with you. I feel like since we began building in Oak Creek I’ve taken on a part time job managing our home. Looking forward to reading you last blog post.

    -Barbara

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