Go look at them at the design center and them negotiate before you agree to the deal. You'll need a frame of reference though so if you're not familiar with construction/upgrade costs you should shop around and see how much these upgrades normally run.
What you'll probably find is that some upgrades are priced competitively while others are way out of line. That has been my experience and one of the things I've helped clients negotiate wisely. Sometimes a $5000 credit to closing costs is worth $10,000 of upgrades at their prices. If there is any room for them to negotiate you'll want to do it before you sign the contract.
On a side note, I've frequently found discrepancies between what a builder has on site for upgrades and the actual materials at the design showroom. Not better or worse, just different. For this reason alone I'd go check out the design center first.... more
Its not too late. Your agent can and probably still can help you, they just aren't entitled t a commission for their work. You could perhaps work something out with them to compensate them for their time and experience in assisting you.
Bottom line is you need contingencies for your loan and inspection of the property. Expect an incremental payment schedule as the different phases finish. Also beware that association dues are subject to change and often do later (becoming more expensive)
The builder contracts are pretty firm with regard to these issues and penalties for backing out can be harsh. I like to have an attorney review all new home contracts as they differ greatly from the standard Association of REALTORS form and almost nobody except the builders agent is really familiar with the agreement for that particular builder. There is a lot of fine print and design guidelines so there is no quick "bullet points" answer that will truly protect your interests.... more
"I am going to purchase a new home and the builder is giving me $5000 to apply for upgrades/options. They aren't requiring us to go through their preferred lender, it's our to use or lose. Is there anything I should look out for?"
See page 4 of this following doc regarding Builder incentives.
"Why You Do Need a RealtorÂ® When Buying From a Builder" http://docs.Steven-Anthony.com/BuilderRealtorAgent.pdf
â€œI noticed in the clause it stated that the options will be added to the final sales price of the home. What does that even mean? Is this a good or bad thing?"
This means that the Sales Price will be increased by the $5000 + any additional amount you expend on upgrades (slightly increasing your property's taxable base value). You could alternatively decide to take the property as is and decide later if you want to make upgrades without raising your taxable base amount after the sale.
You might also want to review "Estimating Property Taxes in CA" http://tinyurl.com/bjjledz
I know there is a complex in placentia. I don't remember about the association or not. Otherwise it would be outside of Orange County for something like you want. What county do you want to live in? Let me know and I will talk to you soon. Bye for now
Ingrid Ski Realtor
I have to doubt that there is an agreed date in your loan documents you agreed to, only that it is due each month. Read your documents to see if there is a set date. If not the bank can move it to suit them, maybe you could ask them to move it back but I would not hold your breath.... more
No this is not right. Your loan agent can get you back your money, you need to be persistant with her. Do you have anything in writing that says the lender is paying the fees? If so you need to take it to her and request your money back. They are a business like anyone else. They can write you a check if they want to.
Best of luck to you,
Prudential CA Realty
This will affect your pre approval because your household income has changed and also your debt to income ratio. If your husband has enough income to still qualify for the home then you guys may be ok but this is really something that you need to speak with your lender and your real estate agent about.... more
They need to tell you in writing EXACTLY what has changed and why they want to charge you more %. Is this a national lender such as one of the big banks or is it a Mortgage Broker, etc.
I suggest you call a reputable company and ask them to pre-qualify you to see what they say........ more
I'd encourage you to fill out the app. They want to make sure you are serious. You don't have to use their lender in the end but I have found that they do offer very competitive rates and incentives. If you want a real estate agent to represent you ( at no cost to you ) to help you through the process you can do that too.
Good luck on your plans!
If have more questions feel free to contact me.... more
I would say that only the town can answer your questions. I would hope there would be some leniency considering the amount of time that has passed. Remember, the big issue is safety. It is only to your advantage to know if the work was done right and obviously you are going to have to go through the process in order to get a CO for the addition and to sell in the future so I say the sooner the better.... more
Hi Andrew. Two things. I'm not an attorney and I'm not giving you legal advice. BUT...you really need to be using an attorney in any and all real estate transactions to represent you specifically because of this situation you're in now.
Without having the agreement in front of me and not being able to see it firsthand, it's difficult to make a perfect call. But from what you're describing, you do NOT have what's called an 'executed contract'. An executed contract means that it's signed by all parties. What are the contingencies you're referring to? If you do not have a bona-fide contract signed by all parties, nobody should be bullying you into this deal.
Do you at least have a REALTOR representing you? If not, then you really need to start working with both an agent and real estate attorney in the future. The agent will be paid by the sellers, you don' have to pay. The attorney is worth every penny (less than $1000) and will keep you safe from harm and manipulative agents trying to push a dead deal through to close.
Scott Miller, Realty Associates, Boca Raton, FL... more
Why do you want something that the owner is willing to carry? Are you self employed and write most of your income off or something? $1600 a month will get you a $250K condo in our area. There are actually many of them out there right now. Tough to find an owner willing to carry right now. I have only seen one in the past 2 years. Buying a mobile home, you may find an owner to carry, but that is because it is very hard to resale most of them. And the rents are getting so high now it just seems to be getting worse for selling mobiles. Condo is most likely your best bet to stay in the price range you want. Call if you want to talk more about it. Have a great weekend,
Prudential CA Realty