Closed New Construction on Time – Timeline Included

Home Forums Purchase Program Closed New Construction on Time – Timeline Included

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  • #61414
    amydk
    Member

    Congrats!!! So happy for you!!

    #61445
    TTrumble
    Member

    Hello all,

    Just to add (hopefully) a little clarification, new construction homes that have not yet started construction do get two looks: One at the start which is basically a look at the prepared lot and the builder’s plans to verify that the value will at least be in the ballpark of the purchase price and one (as I was told) when it is around 95% complete so the appraiser can get a realistic look and verify what the actual value will be while still having it submitted in a timely manner.

    Obviously, 95% is pretty difficult to nail down to an exact date or point of completion, so somewhere between 90% and 100% is a realistically functional range and why it’s based on the projected date of construction being finished.

    “Complete” would be when the home receives a Certificate of Occupancy, which is typically issued by the county in which the home is built. Were the final walk through the official point of completion, already built new homes (aka “spec” homes) would not be considered complete until a sales contract has been entered into and the buyer has done their own walk-through.

    The walk through is done on all homes, new or pre-existing, to make sure the buyer is okay with the home as it is before closing.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 1 year, 4 months ago by TTrumble.
    #61448
    2BLESSED
    Member

    Thank you for clarification. I know someone from NACA has contacted the realtor representing the builder. I will see what information I can find out. I was truly confused and my MC must have been mistaken.

    Thanks @ttrumble

    #61460
    DCL822
    Member

    Thank you @ttrumble for the further clarification. I will contact my MC and try to explain to him that the appraisal needs to be ordered ASAP.

Viewing 4 posts - 16 through 19 (of 19 total)
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