Interest rates continue to remain around 3%, according to the National Association of REALTORS® (NAR). Condo prices lead the way with prices up 18% from the same time last year,
* NEW CONSTRUCTION MATTERS *
Dated: May 16 2019
First, always remember, if you have a Realtor it costs you nothing as a Buyer! The home Seller pays for it :)
When you choose a realtor, by LAW, that realtor legally has a fiduciary duty (the highest responsibility) to get you the best deal, the most favorable terms, and look out for your best interests. Realtors are overseen by Local and State boards, are professionals and are there to advise you.
If you do not have a Realtor with you, you are going in blind and are severely at a disadvantage in contracts and negotiating with Sellers (including builders).
If you intend to hire a realtor or have already been working with one, you must have them with you before walking into ANY property for the first time. Make sure you always take that Realtor with you! If the Seller or Home Builder will not recognize your Realtor, go elsewhere. (This will also tell you alot about the type of person you are dealing with on the other end).
INSPECTIONS: I highly recommend you hire a professional home inspector immediately after the offer is accepted on any house you buy - even new construction. Be sure that you have a home inspection contingency written into your offer. Your Realtor will fully explain what it is and why it will protect you. Do not listen to the builder giving you their spiel about "how you don't need a home inspection, that it is a new home and what could go wrong, don't worry, etc." There is plenty of that can go wrong ! It is YOUR hard earned money & it is up to you to protect your investment. You have a right to hire a home inspector and you should not skip this most important step.
Generally, the home inspector will do at least 3 inspections while the home is being under construction:
1) the first inspection is after the framing is complete
2) the next is the pre-drywall inspection which inspects the wiring, plumbing, HVAC and all other exposed work before it is closed up in the wall. Once it is closed up, obviously you cannot inspect it - That's why you want to hire your home inspector early in this process.
3) The last is the home inspection before you go to closing.
I do not recommend closing until after the builder corrects any major problems, If there are any. I don't care what they say they can jump up and down like Rumpelstiltskin and threaten all they want. If you have a significant problem, the builder may never repair it if you do not insist on them fixing it before closing. If you have a major disagreement, seek the advice of your attorney immediately.
Regarding Home Inspection: Make sure you use a home inspector who is licensed, bonded, insured. ASHI has a website - You can look up information there how to find a home inspector in your area & learn more about the home inspection process.
*** Do not under any circumstances use a home inspector recommended by the builder!
Regarding Your Closing: A very important issue about your closing and choice of closing companies: I will give you some advice about another bad issue with new home builders. You should know that new home builders use regular people "trained" to do closings that are not attorneys! THERE IS A DIFFERENCE!
* When you choose your own attorney to do the closing, that attorney has a legal and fiduciary duty to protect you & advise you.
* When you let a home builder talk you into using one of their "closing companies" you should know that these closing companies have no duty to you whatsoever. This is a big problem because they have no duty to disclose something to you which may be a potential problem. Their duty is to the "sale". Yes, I know many home builders offer you big incentives like thousands of dollars off your home or in free upgrades in order to use their closing company. There is a reason for this!You are trading free stuff for you not using a closing ATTORNEY of YOUR choice. That is what this amounts to.
In my opinion, some of these things should be illegal. We should be looking out for one another as human beings, not the all might dollar!
Cincinnati’s Top 3% | Sr Sales Vice President | selling Fast for Top Dollar | from Neighborhood to Luxury, I'll help you find the Home you Love As your Realtor, I bring a breadth of experience and ....
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