In stark contrast to bevangel's take on the economy based on the new postings, here is the reality for us in WV: nothing will appraise in this market, so it looks like we are done. We had one plan and got a low appraisal, so we downsized and cut back on the high-end items to make the numbers work only to be told by the bank (small regional) that they weren't writing construction loans any more (of course, after we jumped through their hoops). Took it to another bank who was working with our builder and said it would work, shouldn't be a problem, and now the appraisal is $85K less, in just one month. Despite our rebutting what we thought were obvious flaws and mistakes (e.g., using an 18-year old log house and not adjusting for age/condition; land value comps using small unrestricted lots advertising "double-wides welcome"; not using 2 recent MLS land sales at prices similar to what we paid), they mumbled something about it being a less than perfect process and the number was not changing. I guess those already building have a different market or more cash than we do. If you have a plan, but haven't had an appraisal done, better sit down and think about a plan B. In hindsight, I guess I should have done more due diligence than relying on the "experts", builder, banker, etc., who were all optimistic; never a "we might quit doing construction loans, depending on market conditions in the next few months". I have another builder friend who said he has had five new house projects also fail b/c of the low appraisals. So, we will have to decide whether to hold on and hope it gets better within 2-3 years, of course at much higher interest rates and probably build costs, or settle for a good deal on something for sale and eventually sell the lot we like so much to at least break even. Sorry for the Debby Downer rant, but that is our reality. Thanks for all the great advice, comments, place to vent, and maybe it will all work out. If anyone has any ideas on how to beat the system, I'm all ears. Good luck to all!

Ditto on checking the roof, particularly the chimney flashing. Most of the damage sounds water related. Depending on how bad the cracking is, it could be from many causes. My bet is that the renovation covered up lots of surface defects with patching and heavy coats of paint. Now the real surface is coming through. Other causes could be structural changes the prior renovators undertook, normal or abnormal settlement, or simply repainting the plaster in a lighter colour that highlights the natural imperfections.

Thank you for the replies! DLM2000, I agree we should have had the flyer at the start. I didn't even think of it until yesterday. I also have been looking into nearby communities to try to do a comparison of what we offer, versus what they offer. Great suggestion. For instance, I have a friend who lives in a condo nearby, and his HOA is $200 a month. That does not include cable or any personal yard, just general landscaping. Based on the other town home communities in the area, we definitely get a lot more yard than the other ones. jewelisfabulous, I think that is the direction we will go. Probably not a full year, as that's a $3,600 drop, and we don't have to move so we aren't there yet, but I am willing to offer maybe 5-6 months, at this point. lucy132, it's in the MLS listing, but I think it could be even more detailed. You are right. People have to include that in their loan to qualify. $300 in utilities we pay for ourselves does not have to be added in the financing requirements. My agent said our fee probably dismisses 30% of potential buyers right up front. Those are people who don't even call for a showing. I wish we could do away with the cable. Many people do online viewing, these days. We will definitely build up the community events.

"or equal as approved by Owner" The contractor would have to submit evidence to justify a cost increase. That should be rare enough to not warrant separate line item prices. The GC and subs would be checking the availability when pricing the job.