Few buys are more satisfying than buying a newly constructed house. You get the smug satisfaction of knowing that nobody has lived there before you, and, if you get involved early enough, you get to pick on finishes, colors and other capabilities. A knowledgeable realtor can guide you through the buying process; however, if you are comfortable with negotiating your own deal, you can go it alone. The keys to a successful trade are finding a house you prefer, a builder that you trust and are comfortable with, and a price you can afford.
Contact the actual estate agent representing the builder to schedule an appointment. Get in touch with the builder right if he does not have an agent. Have your real estate agent create the contacts if you are employing a buyer’s agent.
View the house. Go over an offer to buy with the builder or the builder’s agent if you enjoy the house. Concentrate on price, incentives offered by the builder, available upgrades and real cash requirements. In slow property markets, builders offer price discounts, rebates, special funding and free upgrades on items such as flooring, light fixtures, cabinets and door hardware to sell homes. There’s much less flexibility when house sales are lively. If you are using an agent, she’ll advise you during the discussions.
Submit an offer and sign a sales contract as soon as you’ve reached an agreement with the vendor. Make your offer contingent on a satisfactory home inspection and evaluation.
Apply for a mortgage loan if you are borrowing your buy cash. Most sales contracts require that the purchaser provide to the vendor within a prescribed interval proof that the purchaser has applied for a loan. Sellers often offer funding deals if you use the vendor’s preferred lender. Find out whether some such deals are available. Send the vendor an evidence of funds letter from the lender if you are using your own money for buy and don’t call for a mortgage.
Hire a house inspector to inspect the house. Although it’s a new house, an inspector may still find problems that need addressing before closing. Use any problems, however little, as a negotiating instrument. Employ a title examiner to confirm clear title, if you are buying the house with your own funds. Your lender’s closing attorney will confirm clear name if you are receiving a mortgage.
Hire an appraiser to appraise the house if you are using your own money. Your creditor will take care of arranging an appraisal if you are receiving a mortgage.
Attend the closing to sign mortgage records. Bring any funds you are expected to bring with a certified check made out to the closing attorney. He will disburse funds to the seller, your creditor and some other parties owed cash.
Accept the keys from the vendor.