From $9.95


Statistics

Users
Total: 30,961
Visited Last 30 days: 169
Forum Messages
Total: 20,752
Last 30 days: 6
Forum Evaluations
Total: 24,153
Last 30 days: 0
Journal Entries
Total: 5,272
Last 30 days: 6
Connections
Total: 15,157
Last 30 days: 7
Downloads
Total: 82,130

Journals

Name
The-Last-Rodeo Angel Fire, NM
23,568 Visits | 259 Posts | 409 Pix | 4 Videos
MCKAY-ICF-BUILD Oconomowoc, WI
16 Visits | 1 Posts | 0 Pix | 0 Videos
Car-Rentals-in-Udaip... Delhi, AL
26 Visits | 1 Posts | 0 Pix | 0 Videos
Tanglewood Colorado Springs, CO
113,003 Visits | 943 Posts | 2,450 Pix | 42 Videos
Art-Camacho New Braunfels, TX
778 Visits | 1 Posts | 0 Pix | 0 Videos
Quijada-project-Lake... Lake Havasu City, AZ
79 Visits | 1 Posts | 0 Pix | 0 Videos
Port-Townsend-Build Sherman Oaks, CA
83 Visits | 1 Posts | 0 Pix | 0 Videos
MesaBarnHouse Mesa, AZ
1,163 Visits | 33 Posts | 46 Pix | 0 Videos
LalcoInteriors1 Mumbai, AL
95 Visits | 1 Posts | 0 Pix | 0 Videos
Stan-Tol Winter Springs, FL
172 Visits | 1 Posts | 0 Pix | 0 Videos
washougalhome Washougal, WA
497 Visits | 21 Posts | 118 Pix | 0 Videos
Metal-Buildings Conroe, TX
255 Visits | 1 Posts | 1 Pix | 0 Videos
benson-bondstone-hom... Coeur d'Alene, AL
207 Visits | 1 Posts | 0 Pix | 0 Videos
Demetrius Kansas City, KS
320 Visits | 1 Posts | 0 Pix | 0 Videos
Genes-Job Cocoa, FL
392 Visits | 1 Posts | 0 Pix | 0 Videos
NorthPoleHome North Pole, AK
38,458 Visits | 40 Posts | 177 Pix | 0 Videos
TheHoskensProject Dome-ville, FL
66,656 Visits | 176 Posts | 522 Pix | 4 Videos
DCS
418 Visits | 1 Posts | 0 Pix | 0 Videos
g4wowgwow
468 Visits | 1 Posts | 0 Pix | 0 Videos
My1stOB Melbourne, FL
627 Visits | 1 Posts | 0 Pix | 0 Videos
See all journals...

Current Top-Rated Posters


I've lurked around here for a while reading all the great information on here. As an industry professional, I can say I have learned a lot about the building process from your perspective: as the owner-builder. So, thank you!
Pat in San Diego, CA

Try one of our new Construction Bargain Strategies for free. Coupon code: CBS. One strategy could save you $1,000 or $10,000 or maybe $50,000 when you build or remodel.
25,000 pages of free owner-builder resources.  We accept no ads.

Landmark Financing


Filter by date: and/or Keyword



Reply... Subscribe to this topic


David's Forum Posts: 3

Private Message


Randomly Selected Image

Login to Vote

By David in Riverside, CA on 7/25/2006


Hi.

I just recieved a Job Cost Sheet from Landmark Home and Land Company.

They have estimated a Total Hard Contruction Cost of $299,300 for 4,064 sq ft of living space, 710 sq ft of garage.

The Landmark Panel Package is $146,230 or about $31 per sq ft of framing/sheathing/trusses. The estimated framing labor is $14,000.

A few of their other estimates seem to be way under what they should be...  When I attempted to get a Construction Loan from Provident Bank to Owner-Build three years ago, Provident put me through the ringer to the extent that I gave up and have just sat on the lot since then.

Is it possible that Landmark has such a good reputation with their lender that the lender approves whatever Landmark submits and the loan is approved???  It is just really hard for me to believe that the financing is as easy as Landmark says it is.

I hope that you all give me a lot of feedback on this.

Sincerely,

Dave in Riverside, California

p.s. For anyone interested, you can see the lot at  zillow.com. The address is 5811 Royale Place, Riverside CA 92506

 

 


Reply...


Sybil's Forum Posts: 27
Interview Answers: 64

Private Message


Randomly Selected Image

Login to Vote

By Sybil in Leominster, MA on 7/31/2006


David,

We started the process with Landmark Homes a little over a year ago.  We paid the $1,000 and were pre-approved for a loan with MidCountry Bank.  We opted to "custom design" our package, and I sent Landmark a computer generated design of our desired floorplan.  We had not even received our review set of plans from Landmark before the bank called and was setting up closing dates on our loan.  They wanted a line item budget and bids, but we didn't even have blueprints yet.

We ended up stopping the process with them because we were unable to get our growth ordinance permits.  We lost our $1,000.  But we were comfortable taking that loss because the whole process seemed wrong.  The bank wanted to close on the construction loan within 60 days, but we wouldn't have final blueprints for weeks.....???  Trying to accomplish what needed to be done in under 30 days would have left too much room for error, omissions, etc. 

I can't assume what would have happened.  I will say that both my rep at Landmark and the Loan Officer at MidCountry seemed very professional and legit.  They called me on a daily basis with advice and coaching.   My Landmark rep gave me moneysaving advice, product ideas, etc.  He made suggestions for specifications and finding the right subcontractors.  The loan was at a very good rate at the time with low closing costs.  The draws weren't as good as we would have wanted, but we could have worked with them.  If we had continued, I am sure we would have received the loan without issue.  But I will admit I felt like I was surrounded by red flags. 

Question everything.  Don't sign anything until you feel you're ready.  And make sure you get local bids.  I found in my locale there was no discount for using panelized with framers.  My current "low" bid for framing is $17,000 or $3.50 psf for exterior walls only.  My house is 2,100 sf with a 700 sf garage using SIPS panel construction.

Good luck!


Reply...


David's Forum Posts: 3

Private Message


Randomly Selected Image

Login to Vote

By David in Riverside, CA on 8/2/2006


Thanks for your comments Sybil;

To give you an idea how far off the Landmark Job Cost Sheet is;

excavation estimate   $1,700         actual cost $8,200 (the lot is flat as a pancake)

Foundation estimate   $15,500      actual bid   $40,000

Roofing estimate        $4,500         actual bid   $12,000

and the list goes on...

Further, if panel built is so much more cost effective than stick built, then why does it cost 1/3 more???

Agian, it is bizarre to me that the lender takes Landmark's job cost sheet as gospel. 

Dave in Riverside, CA       

 


Reply...


Sybil's Forum Posts: 27
Interview Answers: 64

Private Message


Randomly Selected Image

Login to Vote

By Sybil in Leominster, MA on 8/2/2006


I don't know that the lender does take their job cost sheet as gospel.

If I remember correctly, Landmark said it would be around $130,000 to build our home.  The bank wanted us to provide our own price.  This is basically how it went......   Bank pre-approved us for a set amount.  Within a few days of sending Landmark my proposed plans, the bank called and asked how much we were looking to borrow.  I said that I didn't even have blueprints yet to get estimates.  Bank asked what do you believe your ballpark figure will be?  I said $175,000.  Within days I had a package in the mail from the bank with Truth-in-Lending statements and a closing date for a $175,000 loan.  What if I had needed more or less?  Neither Landmark or the Bank informed me that we would immediately be working on closing the loan. Bank wanted bids, an appraisal, and a lawyer to handle draws, plus all financial statements.  All checks were to be written by the bank directly to the supplier or subcontractor.  Bank was completely confident that I could get all necessary bids within 60 day time frame, even if it would be a few more weeks to get my blueprints.  I was not so confident.  Also, beginning construction in mid-January in my area is not cost effective at all.  I was hoping to get the process started to be prepared for a spring ground breaking, late April or May.

Bank did not require any sort of GC or site supervisor.  When I was filling out my estimated budget, I was able to use our contributions as "sweat equity."  

Again, I can not assume what may have happened.  And BTW, I got a package from Landmark in the mail today.  I haven't had any contact with them in over a year.

Your foundation is estimated at $40,000? 


Reply...


David's Forum Posts: 3

Private Message


Randomly Selected Image

Login to Vote

By David in Riverside, CA on 8/4/2006


Sybil:

It is expensive to build in California.

Fees and permits are over $30,000 for a 4,000 sq ft house. $16,000 to the school district for the privilege of building a house in their district... Of course, the schools are so bad that I will have to send my kid to a private school, even though every house on my street is over a million dollars...

Dave in Riverside


Reply...


Jeb's Forum Posts: 4

Private Message


Randomly Selected Image

Login to Vote

By Jeb in Martinsburg, WV on 3/13/2007


David,

I experienced the same "fuzzy math" from Landmark.  They also went so far as to deny figures I had received from a local builder on the site prep costs for my lot. Accusing my realtor of working for the builder etc etc.  Yet when they said it wouldn't cost nearly as much as that builder had estimated I trusted Landmark with my business.  What a mistake by not sticking locally.

Bottom line Landmark wants to make a sale of their panels and whatever commisson they can make from brokering your loan through Midcountry. They are not local and cannot and should not ever provide you with an estimated construction cost sheet for anything but their panels. How do they know how much materials cost locally in your area? How do they know what the labor market is?  Heck they couldn't even take the time during the blueprint drafting phase to look up the websites I sent them about local building codes for my county.

I recommend to anyone considering Landmark to get quotes from their local lumber yards first. Panelized homes are not a novelty like they were when Sears started selling kit homes. All major builders panelize homes now and either have their own factories or contract others.  Some areas with affordable labor (usually imigrant) can stick build very cheaply.

Save money and headache by working locally.  If you want to use Midcoutnry bank then contact them yourself without Landmark.

My exprience with Landmark is very sour from misleading statments about interest rates, delays in receiving plans for permits, panels that were constructed wrong, wrong materials sent with the package, and never providing true "blueprints" to build from.


Reply...



Reply... Subscribe to this topic

Copyright 1997-2018 Consensus Group Inc.