New Home buyers due diligence and vigilance should be addressed by buyers or their agent prior to a successful closing especially when purchasing a newly constructed home. The following points of interest should be on your agents’ radar:Ask for a sample of the builder’s contract. Most builders have their own distinct forms and contracts contrary from company to company. Ask for clarification on the mortgage processing options and discounts. Determine whether you have the option to select your own mortgage company. And, what are the consequences if you decide to seek financing elsewhere. Ask for clarification of home warranty coverage. Home warranty contract are often issued by several third party companies, e.g. HMS and AHS. Obtain a list of costs. Determine what is standard versus upgrade. And, the cost of each upgrade. Inspection for defects. New homes are not flawless. The builder may offer a final walk through inspection with the staff. Request an inspection from a … [Read more...]
Can you negotiate the price of a newly built home?
Can you negotiate the price of a newly built home? Let's say....it can be quite difficult because the builders’ final sales price is based on the construction cost increases and inventory of homes available for sale. But, it can be done! Subsequently, the best time to begin negotiations on a newly constructed home, and to have some input into the final cost is during the planning phase with the new home sales manager. Be sure to have your Realtor representative there at the initial introduction to the new home development. At this time you will select exactly what amenities, appliances and finishes you would like or don’t like in your new home….Your decisions on the type of materials used and other special options will influence the final sales price. After the initial contract is written the new home sales manager will discuss your selection of options, e.g. cabinets, counter tops, carpet, hardwood floors, finished rooms, etc. It would be wise to have a good understanding of … [Read more...]
Mortgage News
Mortgage News you can use to help you purchase a home ! BB& T announced changes to Community Homeownership Incentive Program (CHIP) – The latest mortgage news updates this program that now requires a 3% down payment. Private mortgage insurance is waived. First-time home buyers and previous homeowners are eligible; however, income cannot exceed 80% of county median income. Wells Fargo Programs - Community Development Mortgage Program (CDMP) is 2% down payment (including gifts and funds from approved sources). No mortgage insurance required. Income must be below 80% of area median and borrower does not have to be a first-time buyer. Seller contributions up to 3%. Neighborhood Community Development Mortgage Program (NCDMP) require a 5% down payment (includes gifts and funds from approved sources). No mortgage insurance required. Borrower does not have to be a first-time buyer, but must purchase in a low-to-moderate income census tract. Reserves required … [Read more...]
Adolphus Hawkes Realtors Launched New Website – www.ahawkesrealtors.com
Adolphus Hawkes Realtors launched new website www.ahawkesrealtors - After months of research, discussion, planning and consultation with Agent Image our web site developer, design staff and marketing experts we finally launched our new website. We have a dream of making this website a major hub for real estate information. With this information buyers, sellers and the general public will have better insights into the real estate market process. And, offer search functionality that is linked to the MRIS - Real Estate in Real Time. The site offers unlimited searches on great places to live and to raise a family within the D.C., Maryland and Virginia areas (DMV). Also, valuable information on communities in school information that is important to a family. The site have been active for a couple of years and have received incredible positive feedback from visitors. We feel that our website will greatly enhance our brand and ability to attract clients moving into or out of … [Read more...]