Signing Our Lives Away

This was an uneventful meeting for us.  We had been back and forth so many times negotiating every intricate piece that we were well versed in what our “deal” was going to look like.  Still, we left the kiddos at home with my mom and went in as just two adults so we could focus.  There are definitely differences in a builder’s purchase agreement compared to a traditional resale contract.  This will vary from state to state but :

Lesson:  often times builders make buyers pay certain taxes in full (such as transfer taxes).  These taxes may typically be split 50/50 in a traditional resale.  So, just make sure you budget accordingly.

Lesson:  builders like to give themselves a window for delivery instead of one specific day.  This can be hard if you need to sell your current home or obtain a mortgage with the new regulations.  Make sure you are working with a Realtor and mortgage broker you know and trust!

Lesson:  read carefully!  many builders really want you to use their in house mortgage lender.  This may work for you.  But, sometimes their rates and terms may not suit your needs.  Often times the closing cost incentives (in our case $6500) are tied directly into using their in house lender.  You can do research and possibly find someone with better rates who will match the incentives.  Just make sure you have the incentive piece in writing to prove to another lender.     -Ashleigh