Bridlewood Estates Aapaisal Values (Rosenberg, Richmond: construction loan, custom home, buyer)

[BWDH2013]

So in 2012 I finally decided to buy 2 acres of land. I choose Bridlewood Estates in the Richmond/Rosenberg area as the community has homes that are in line with what I want to build. All of the lots require that you find a builder to "build on your lot". Next I choose David Weekley homes as they are a reputable builder in Texas and build very energy efficient homes. I choose one of their standard floor plans and moved a few walls to build a semi-custom home of my dreams. Now the drawings are complete and the architectural committee has approved everything so the next step is the construction loan. I have put 20% down in cash of the purchase price. What I didn't expect was the appraisal process. When the bank told me at the beginning of this whole process that I was approved for $x dollars, I could go ahead and build a home for $x dollars, as long as I had the 20%. Well the house, which has not yet been built, has to be appraised apparently. The appraisal came in at $70,000 less than purchase price!

There are 2 components to the appraisal - the lot is being appraised at $41k per acre (I paid $50k per acre four months ago and the CAD value is $54 per acre). Next is the house and while there are some upgrades, I did not go crazy as I could get the same upgrades later for a lower price (like flooring).

Bridlewood is a deed restricted community with approx 300 lots and half of them have houses built. Initially people bought the lots for future development. I have been told that approx 20-30 homes are being built per year and seven new homes are in construction currently.

My bank challenged the appraisal and I am waiting to hear back on what adjustments will be made to the appraisal. My bank recommends getting a second appraisal. I am worried that the second appraisal won't be any better. One of the reasons why the home was appraised lower was because of comparables in the community. There is a house down the street that a builder put on MLS over a year ago without even building the house. The MLS listing shows a 4,800 sqft house but then after a year the builder took the house off the market and relisted a 3,300 sqft house. So my guess is that they tried to find a buyer for a lot/floor plan that no one was interested in and then ended up building something different. The 3,300 sqft house is now built and listed on MLS. But the appraiser says that this "comparable" has been on the market for over a year and greatly reduces the value of my home.

I have been told by the bank that I will have to make up the difference between the appraised value and the purchase price of the home over and above the 20% down payment I have already made. Any advise on what can be done to get a better appraisal?