Home Buying in Haymarket>Question Details

Kevin Holton, Home Buyer in Columbia, MD

I found a new home for construction will cost 379k. The upgrds will bring well over 400k how much shld we bid

Asked by Kevin Holton, Columbia, MD Thu Feb 19, 2009

The upgrades we want is country kitchen, finished basement and extensions in the basement and kitchen. The house is new contruction, they lowered the price from 422k to 379k.

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3
Hi Kevin:

How are you doing?

theBigstep is absolutely right, and I wouldn't sign anything without proper representation. The builder pays for your representation, don't think for a minute they are going to "cut you a deal" when someone is not there to protect your interest.

Builder contracts are the most one sided, real estate contract's out there, and don't be fooled by list price. It is "fair market value" that is important.

Hope this helps, and good luck,

Johnny "Culdesac" Yankoviak
Weicher Realtors
Gainesville, VA 20155
0 votes Thank Flag Link Sun Dec 6, 2009
I think it would best for you to have some representation because the builders tend to tell people one thing....and after you sign the contract its another. That is what happened to a friend of mine. He went in and signed and now several features are not in the final price. The best way to go to a home builder is to say "I want this lot #, these features (make sure its all written down) and I would like to pay XYZ" See what they come back at......But if you leave it up to the home builder the base price they give you rarely ever is the real price you get the property for...unless you dot all your "i"s and cross all your "t"s. Hope this is helpful......I think it would be great to build your own home....it never hurts to have someone extra in your cheering section! Good Luck!
0 votes Thank Flag Link Mon Mar 2, 2009
Kevin,

You need to have a buyer's agent to represent you in this transaction. Builder reps only represent the builder. Hire a realtor who will get paid by the builder, but will have your best interest at hand and advise you as to what is a fair market value for this house. I have represented many buyers in this capacity and in the beginning, it seems they don't need our help, but somewhere along the way, they are very grateful to have a professional representing them! Good luck!
0 votes Thank Flag Link Thu Feb 19, 2009
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