Richmond Hill NEXT at Elgin East | ?m | 10s | Sequoia Grove Homes | BDP Quadrangle

For those of us waiting on next steps/updates from the builder.

If there is a delay, we’ll be notified at least 90 days before the tentative occupancy date. That should give you a ballpark of if/when another delay letter is headed your way.
 
So, my lender made an update on my Mtg application with an updated approx finding date due to the delay in occupancy.

This triggered an appraisal request, and as it's not built, it was based off of Purchase agreement, floor plans, current progress, and current market comparables sold for similar.

Not that I really care right now as it's not built and I don't plan on selling under assignment.... But the value appreciation seems quite low compared to other assignments sales I've seen for smaller units in the Townhouses.

Valuation came in $79000 increase from purchase date in Sept 2020 to now.... A assignment sale for same unit currently posted is listed for $140k+ above purchase price. So not sure how that buyer will get financing if there is that much of a discrepancy in valuation.
 
Sammy_ said:
So, my lender made an update on my Mtg application with an updated approx finding date due to the delay in occupancy.

This triggered an appraisal request, and as it's not built, it was based off of Purchase agreement, floor plans, current progress, and current market comparables sold for similar.

Not that I really care right now as it's not built and I don't plan on selling under assignment.... But the value appreciation seems quite low compared to other assignments sales I've seen for smaller units in the Townhouses.

Valuation came in $79000 increase from purchase date in Sept 2020 to now.... A assignment sale for same unit currently posted is listed for $140k+ above purchase price. So not sure how that buyer will get financing if there is that much of a discrepancy in valuation.
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This is peculiar. Was the appraisal request triggered only because you’re trying to secure financing for a property not built yet?

You should be fine though as your appraisal value is still more than you paid no?
 
anon568799 said:
This is peculiar. Was the appraisal request triggered only because you’re trying to secure financing for a property not built yet?

You should be fine though as your appraisal value is still more than you paid no?
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Financing is secured as of Sept 2020, excluding any material changes. But what happened when it was resubmitted with an updated date, the system triggered an appraisal request.

At the time of original application, the lenders system approved the inputted value based on purchase price and property details... When my advisor resubmitted with an updated date we noticed a part of the legal desc was missing which was updated so system thought it was a different property, and the underwriter requested it to be completed (but could have waived it - as it's same property, and purchase agreement and floor plans already scanned onto the file so they can confirm it) but as I am being adjudicated on the OLD stress test rates vs current stress test rates as an exception the underwriter said it would not hurt to have it done as a back up so this way bases are covered for approval except any material changes at the time of funding especially since a municipal address is not assigned yet.

I know the ins and outs as I work for the bank and was in retail banking .... Only downside is I don't know my rate, which will be confirmed 120 prior to closing date.
 
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anon568799 said:
For those of us waiting on next steps/updates from the builder.

If there is a delay, we’ll be notified at least 90 days before the tentative occupancy date. That should give you a ballpark of if/when another delay letter is headed your way.
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It’s really incredible how little communication is provided by the builder and the sales team. I understand this is normal for pre construction, but they refuse to comment on the progress of the construction, and will not even elude to if delay letters are coming. So we just have to wait and assume etc.
 
Undead said:
Hey folks can we make a separate thread for discussing move-ins, finishes, etc? There's a "Real Estate" subforum on UT for this type of discussion. This thread is meant only for construction updates.
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I don’t really understand your suggestion, this thread seems to have many buyers of this project and we seem to like sharing ALL aspects of this project. i don’t see the benefits of beginning something else, I do like everything to be in one thread.
 
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