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New home developments

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Michael Irvine

Thread Starter
Freshman Member
Joined
Apr 2, 2002
Any advice on gettting accurate closing info when doing a new home inspection in a new development. I have done 3 or 4 of them and it typically turns into a wild goose chase between the sales office and the title company.

The sales office doesn't have document numbers, closing info, etc. and they tell me to call the Title Company, I call the Title Company and I get the impression that have better things to do, they are not too friendly that is.

What is the most efficient way to get the following info for a new home when dealing with a sales office?

Subjects closing info, doc #, sale amount, upgrades, apn#.

Comparable from same phase closing info, doc #, sale, upgrades and apn#.

Comparable from previous phase closing info, doc #, sale, upgrades and apn#.

Thanks
 

Tater Salad

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
In the nicest way possible, remind them that the borrowers wanted to close as soon as possible so that the builder can have their money, and this info is necessary to complete the report, allowing for a timely close.

If that doesn't work, tell the L/O that the sales office won't cooperate and to ask the borrower to sick-em. That always works for me!
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
How about asking for copies of the closing statements. some builders actually have them on hand. But more importantly, the sales you utilize must have been exposed to the open market and not private sales or transactions. Many appraisers make the mistake of thinking custom home sales are legitimate sales, but they really are not if they were not exposed to the open market. Many tract home builders have models set up and sell variations of their models which make their sales "exposed to the open market". Most of the tract home builders in this area have actual printed data that they supply of current sales. Sometimes, all it takes is asking for it. Sometimes all it takes is explaining that you need verifable data or you can't support the value. It is amazing how much more helpful they are when they think their sale is going south.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
In the nicest way possible, remind them that
heheh. Remind them you have their [email protected]#$% in a vise. They need the appraisal to close, so... for once you might have the upper hand. Just answer me these questions three. :lol: Then I'll finish the job.

And
copies of the closing statements
Good documentation. 8)
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
With GLB, I no longer get to see closing statements, etc. We rely on the sales agent with the builder. Around here, they are very cooperative, often showing me the whole file. They realize that if they don't help me, it doesn't close; and if it doesn't close, they don't get paid. Money's a great motivator.

Roger
 
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