New build, instant equity, appraisal? [CO]

About a year ago I contracted with a track builder to build me a home. I chose the lot, chose the model, chose the options, and gave a bit of “I’m Serious” money and locked in my price.

Well, the time has come, they’ve settled on a closing date, and my lender will now send out an appraiser.

the builder is still selling homes, but there has been over $250k in price increases since I locked in my price a year ago. If they’re selling the same model, comparable lot, comparable features as mine for that amount over what mine will be sold for, could I consider that I already have that amount of “instant” equity?

Also, wow does that appraisal work? There aren’t many comps around the area as I’ll be one of the first homes to close. Will they look at what the builder is selling their other homes for?

submitted by /u/skeptibat
[link] [comments]

About a year ago I contracted with a track builder to build me a home. I chose the lot, chose the model, chose the options, and gave a bit of “I’m Serious” money and locked in my price. Well, the time has come, they’ve settled on a closing date, and my lender will now send out an appraiser. the builder is still selling homes, but there has been over $250k in price increases since I locked in my price a year ago. If they’re selling the same model, comparable lot, comparable features as mine for that amount over what mine will be sold for, could I consider that I already have that amount of “instant” equity? Also, wow does that appraisal work? There aren’t many comps around the area as I’ll be one of the first homes to close. Will they look at what the builder is selling their other homes for? submitted by /u/skeptibat [link] [comments]

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