Purchasing a new house in Chantilly, VA (RyanHomes).

Asked by Acs, Chantilly, VA Mon Apr 7, 2008

Reviewing Fairfax home sales, I see people have paid upto $725K whereas I am able to get the same with $590k w/options now, closing in September 08. If base prices of newer lots in that community still go down, is there a price protection or so, we can ask for to the builder ?

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Don Tepper, Agent, Burke, VA
Mon Apr 7, 2008
BEST ANSWER
Your best bet would be to have a Realtor represent you. Everything's negotiable, so it certainly doesn't hurt to ask. And I understand your concern; prices in farther-out Fairfax County (not to mention Loudoun and Prince William) have fallen substantially, and may well fall further. Also, check to see how many short sales and foreclosures are occurring in the community. Both you and the builder could get caught if those $725,000 homes become short sales or REOs at $495,000 or so. Except the builder can always throw in a few more options, drop the price a bit, and stay competitive. You wouldn't be able to do the same.

If you know you can afford the mortgage, if you really like the houses and the location, and you're reasonably sure you're going to be living there for awhile (7-10 years), then negotiate tough and try for some sort of price protection. Otherwise, be very careful.

Hope that helps.
0 votes
Tina Dubrule, , Gainesville, VA
Thu Feb 19, 2009
I was a builder's rep for 7 years and am now representing buyer's and seller's in a "real world". The builder's contract is only going to look out for the builder's interests. You should have a qualified agent there to help you in negotiating the best terms for you.

When it comes to price protection, in the present market we are in, I have serious doubts that this is something they can afford to allow. The market affects them just as must as you. They may offer you other incentives above their "usual" incentives, if you are insisting on this price protection that they are not going to allow. (Basically, if you are going to walk away from the deal over it, a lot will depend on how sales are going in that community. Don't expect any huge incentive in any case.
0 votes
Acs, Home Buyer, Chantilly, VA
Thu May 15, 2008
Well, they have reduced their base price to 584...and given the options (half off) +incentive to use their mortgage got us to that price...i have all major options except walk out basement.
0 votes
Glenda Marks, , Charlotte, NC
Mon Apr 7, 2008
Read the builder's contract to see if that is an option. Hope you have a buyers agent to represent your interests.
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