MKnight82 Posted August 6, 2020 Share Posted August 6, 2020 (edited) 3 minutes ago, RavensTillIDie said: The former (going to a builder and telling them what we want). There isn't a magic number to share, but it will definitely be more expensive to go that route because you are customizing new construction instead of buying an existing home. edit - also another impact if you're buying in a new subdivision. You likely will not be able to sell your home until the subdivision sells out of new homes. Who's going to buy yours when they can just get a customized one like you did? Edited August 6, 2020 by MKnight82 Quote Link to comment Share on other sites More sharing options...
RavensTillIDie Posted August 6, 2020 Share Posted August 6, 2020 3 minutes ago, MKnight82 said: There isn't a magic number to share, but it will definitely be more expensive to go that route because you are customizing new construction instead of buying an existing home. edit - also another impact if you're buying in a new subdivision. You likely will not be able to sell your home until the subdivision sells out of new homes. Who's going to buy yours when they can just get a customized one like you did? If we go this route, it would definitely be for a "forever" home. So not being able to sell it wouldn't be too much of a concern. Also, do you know how new construction compares to existing/older construction? Our agent told us a while back he wasn't the biggest fan of newly constructed homes because a lot of the time the materials they use are lower quality to reduce costs. Is there truth to that? Quote Link to comment Share on other sites More sharing options...
MKnight82 Posted August 6, 2020 Share Posted August 6, 2020 Just now, RavensTillIDie said: If we go this route, it would definitely be for a "forever" home. So not being able to sell it wouldn't be too much of a concern. Also, do you know how new construction compares to existing/older construction? Our agent told us a while back he wasn't the biggest fan of newly constructed homes because a lot of the time the materials they use are lower quality to reduce costs. Is there truth to that? Just depends on the builder. If you go with a cheap builder they will use lower end materials. If you go and tour some different models I recommend you put your hands on and touch everything (take some sanitizer lol). Feel the doors, feel the molding. Is that door solid? Are the floors real wood? You can feel the difference. 2 Quote Link to comment Share on other sites More sharing options...
Shanedorf Posted August 6, 2020 Share Posted August 6, 2020 4 minutes ago, MKnight82 said: You can feel the difference. You can also hire a contractor to join you on a walk- through , leaning on their knowledge to illuminate the differences. For some areas, you might not care that much. For others, you'll be glad you had an experienced advisor. For example: Cheap fixtures are easy enough to replace, but flooring/doors/windows are a completely different story 1 Quote Link to comment Share on other sites More sharing options...
CWood21 Posted August 6, 2020 Share Posted August 6, 2020 57 minutes ago, RavensTillIDie said: How does the plot of land work? Do you have to find that separately and purchase it before going to a builder or do they already have plots of land they can build on? Depends on what you're going with. We went with a neighborhood and they had plots of lands left for I believe 50k each. Kinda just picked which location you liked best. I believe you can buy land independently and then work with a contractor to build your house, but I'd imagine that's probably more difficult since you're "negotiating" with two different parties. One for the builders to build your house and the other with the person you're buying the land from. 1 Quote Link to comment Share on other sites More sharing options...
CWood21 Posted August 6, 2020 Share Posted August 6, 2020 57 minutes ago, MKnight82 said: There isn't a magic number to share, but it will definitely be more expensive to go that route because you are customizing new construction instead of buying an existing home. edit - also another impact if you're buying in a new subdivision. You likely will not be able to sell your home until the subdivision sells out of new homes. Who's going to buy yours when they can just get a customized one like you did? Just kinda depends on the market and the timeline of the person looking to build/buy a new house. IF you're selling your current house, and you're going to have to be out of the house in a month, you don't have the ability to wait 6 months. Quote Link to comment Share on other sites More sharing options...
The Gnat Posted August 14, 2020 Share Posted August 14, 2020 So the buyer on our house did something to his credit score so he no longer qualifies for his loan all of two and a half weeks before the planned closing. Thankfully, the people we're buying from are being flexible with us, but not it looks like our house has been on the market for a long time because the buyer did something stupid, or had to make a big purchase because of maybe car issues or whatever. Needless to say, I am a bit annoyed. We found out on Wednesday evening midst packing, but our realtor did have a showing already lined up for the next day, so we're waiting to hear back from that. Otherwise we'll have to figure out what our next steps are, very annoying. I'd be less frustrated right now if it hadn't been a credit score issue but was something to do a job loss or something because of Covid, I understand that happens, but how did you mess it up at the last minute, grr. Quote Link to comment Share on other sites More sharing options...
theJ Posted August 14, 2020 Share Posted August 14, 2020 1 hour ago, The Gnat said: So the buyer on our house did something to his credit score so he no longer qualifies for his loan all of two and a half weeks before the planned closing. Thankfully, the people we're buying from are being flexible with us, but not it looks like our house has been on the market for a long time because the buyer did something stupid, or had to make a big purchase because of maybe car issues or whatever. Needless to say, I am a bit annoyed. We found out on Wednesday evening midst packing, but our realtor did have a showing already lined up for the next day, so we're waiting to hear back from that. Otherwise we'll have to figure out what our next steps are, very annoying. I'd be less frustrated right now if it hadn't been a credit score issue but was something to do a job loss or something because of Covid, I understand that happens, but how did you mess it up at the last minute, grr. That's just plain dumb. Even if it was a car issue or something, just buy a $1000 beater until the house thing is done. Maybe it was something else, but it's probably something dumb. Quote Link to comment Share on other sites More sharing options...
The Gnat Posted August 14, 2020 Share Posted August 14, 2020 10 minutes ago, theJ said: That's just plain dumb. Even if it was a car issue or something, just buy a $1000 beater until the house thing is done. Maybe it was something else, but it's probably something dumb. Yup, I feel like when we were buying for the first time everyone told us that, apparently some people can't get it through their skull. Quote Link to comment Share on other sites More sharing options...
Shanedorf Posted August 14, 2020 Share Posted August 14, 2020 1 hour ago, theJ said: That's just plain dumb. It is dumb. However - right now the lenders are all freaked out. They are demanding more paperwork, diving deeper into the borrowers credit and even asking them to sign a document stating that "they are not aware of any impending layoffs" at the company they work for. These lenders are spooked. So things that may have sailed through before without a problem, are now scuttling deals. Sorry for the added hassle Gnat- but its brutal right now in the lending world 1 Quote Link to comment Share on other sites More sharing options...
Forge Posted August 17, 2020 Share Posted August 17, 2020 On 8/14/2020 at 9:00 AM, Shanedorf said: It is dumb. However - right now the lenders are all freaked out. They are demanding more paperwork, diving deeper into the borrowers credit and even asking them to sign a document stating that "they are not aware of any impending layoffs" at the company they work for. These lenders are spooked. So things that may have sailed through before without a problem, are now scuttling deals. Sorry for the added hassle Gnat- but its brutal right now in the lending world Yep. People are getting furloughed left and right. Agency is requiring docs to be dated within 60 days rather than 120. Mortgage histories dated through the month prior to the note date. Mortgage forbearance is a no no right now. Quote Link to comment Share on other sites More sharing options...
Forge Posted August 17, 2020 Share Posted August 17, 2020 The amazing part is that despite that, I'm slammed at work Quote Link to comment Share on other sites More sharing options...
The Gnat Posted August 17, 2020 Share Posted August 17, 2020 So our Thursday showing didn't net us anything, but because we had been on the market for over the listing time period with the pending sale, it was a new listing that was put up so it didn't look like it'd been on the market forever. Plus the market is better so we actually listed it again at $25k higher than before and had two showings on Saturday and got $5k over that on a conventional 20% down loan, so much more stable loan, and only pushed back our closing on this house and the new house by 15 days, which is great. 1 Quote Link to comment Share on other sites More sharing options...
RuskieTitan Posted October 13, 2020 Share Posted October 13, 2020 Reached out to a loan officer to see what rate I could get from on the market compared with going with the builder's originator, and I was told I'd get 2.75%. Rates are unbelievable right now. 1 Quote Link to comment Share on other sites More sharing options...
CWood21 Posted October 15, 2020 Share Posted October 15, 2020 On 10/12/2020 at 11:39 PM, RuskieTitan said: Reached out to a loan officer to see what rate I could get from on the market compared with going with the builder's originator, and I was told I'd get 2.75%. Rates are unbelievable right now. Yeah. I'm a first time home buyer, and they're saying I'm at 2.75% right now and could go down before we lock in. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.