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Sherrae Robinson

Great information! I’m currently deciding if I want to build or purchase and renovate. Thanks so much,

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otto katz

We are in this process now, having just gotten last week the offer from the bank on the construction loan. They used 'vanilla boxes' for comps, nothing like what we're building. Therefore, the loan offered is $100,000 short of what we need, a 25% shortfall. Our architect wrote a very nice letter requesting a redo of the appraisal, using custom homes in the area for comps, and a broadening of the area. Meanwhile, we've asked the gc to ask his contractors to sharpen their pencils, and to come in with better estimates. Keeping our fingers crossed that this house can get started before too long, some day I do want to sit out on the balcony, coffee in one hand, Courvoisier cognac in the other, and the chocolate on the table. Some day soon.

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Sounds like an interesting morning ritual.

Comparables are often an issue - it is one thing if you are doing higher end architectural and even more of an issue if you are doing alternative construction - the very conservative mortgage industry is stacked against innovation and that is why all the vanilla boxes. Mediocrity is the industry standard. Sometimes it is necessary to get creative so instead of saying we are using grin bins and structure foam to build we are using (field-formed) SIPs - which are more acceptable/common.

Many features a client may want don't count for much as part of an appraisal such as a carport (depends what part of the country) or a non-conditioned sun room.

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