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So today I’m going to talk about the difference between contingent noncontingent contract. So Edmond New Homes the difference between condition not conditioned contracts is if you have a home to sell or a property to sell before you’re able to move forward on the home loan that is contingent, a non is the fact that you don’t come in from a rent a possibility or a rental of a home apartment or anything of the sort. When you’re looking for custom homes, broken Arrow, you’re going to find that shaw homes is the best way to come about making sure that you can lock in at the best price, the best rate. And we do this by a couple of reasons. So a contingent contract allows us to make sure that we have the ability to, uh, keep a property hours until we need to transfer it over to you. And, and this is basically done a from the fact that if you have a contingent contract, you have a home to sell.
This allows you for months or 120 days to sell your home. If you sell your home within 100, 20 days and close on the home, then you will be moving to an apartment or rental property during that time. We do have many rental properties that we can have a into our home. If you need to borrow a rental property with a short term lease, no end date, and that allows you to have an ease of transaction. Also, when you’re contingent, you released contingency based upon us when you are at a 120 days or less a, you released contingency to us that locks in your purchase agreement, everything in that way or you don’t lose that in any of the benefits of locking in earlier because prices are always increasing. So if you have contingent contract and you move out of that, you can come into a 120 days time of contingency release when you released contingency Edmond New Homes.
Then you move into the process that we do on our side, so we’ll go ahead and start the process, start filing the paperwork, get everything approved. You’ll be going into design studio and designed to. They will take three to four weeks and doing so, you will choose out all of your choices, whether it be tile, carpet, rugs, doesn’t matter. Uh, you have all that done when we come from a noncontingent. Noncontingent means that you’re going to have immediate transition. So if you’re coming from a rental or coming from anything of that nature, you’re going to go from the process of a Edmond New Homes
coming from a rental and noncontingent means we can move forward immediately in our process. So the process that we offer is going to be the model home tour, which you’ll see the price out, which you’ll check, uh, and then onto the homes that reservation in the purchase agreement when we get a purchase agreement. If you were noncontingent, that means she can move forward immediately. So within a week you’re going to get a phone call to set up times for three appointments, for the studio at the design studio to design your exterior selections, Interior Selections and finalization. Once that’s done, then we are moving forward in the bill process of your own. When you’re, Edmond New Homes when you’re contingent, we do not do a thing in our office on our side until you release contingency. Once you’re released contingency, then we do go into the process of calling you and getting those set up and moving on.
So it could be a couple of months before you sell your home. And if that’s the case, then we have not yet released our, um, a program on our side to go ahead and start moving forward. But once you really continually than we do, and from the time that we break ground takes five to six months to build your home. So when it comes to these two questions of people asking about contingency, released contingency and noncontinuous, it works basically, depending on if you have something to sell before you move in. So if you’re moving from home to home or if you have rental properties that potentially need to sell to have the liquidity upfront to support the loan that’s needed, um, and the lender will be the person who is able to do this. Now you can go noncontingent, uh, if you do have the ability to hold two mortgages, which is up to you and, Edmond New Homes, on the point of the lender to give approval for that.
So we do trust our preferred lenders. Um, we do have three great preferred lenders, Juan Rodriguez with First Oklahoma mortgage, Ethan Wagner with B. Okay. And, uh, Lexi gains from spirit bank had these three lenders will tell you if you have the ability to do that are not financially assets wise, etc. If you do, then great. It means you can go ahead and go noncontingent. Now, some people choose to do this, they choose to go contingent, um, so they can be protected based on a sale of their home. And then once they know that their home will sell, they go ahead and release contingency to us. We start the process of building their home, they sell their home in a couple of months and then, Edmond New Homes, they are good to move into the new home. Usually this can’t be timed out as right as like, but, uh, some people will have delays or changes and things like that.
We’ll try to take care of, but when It comes to are you’re looking for custom homes, broken arrow, you’re going to find the best suited ability here at shaw homes because we are allowing you to choose your custom homes, broken arrow in a way that you can find out if you need to know what you need to know and when you do a, it’s whether your contingent or noncontingent. So coNtingency is a great way to save yourself the hassle by knowing if you can move into your new home without having to worry about selling you previous home that allows the fact that you don’t need to have, Edmond New Homes, you don’t need to change, you don’t need to change your home and move into an apartment or into a rental property just to get into your new home. You can time it right, or you can just wait until your new homes finished being built and once you move into your new home, sell your old home.
So, uh, some people choose not to do that. Some people do. it’s totally up to you as far as the customer’s concerned. Whatever you’ve planned on doing for your potential scenario, um, that’s the only way that you operate with contingent or non conditional contracts. So is a broken arrow, homebuilders best builder. Uh, we also say that you know, your custom homes, broken arrow, you’ll find that we do build the best custom homes and we have the best methods around that. Now also, Edmond New Homes, when we go to purchase agreement, we require something called a, um, a deposit. it’s an earnest money. This is essentially your virtual handshake with us, a monetary handshake because there is no purchase agreement. There is no contract with exchange of goods or services. So for us, giving you a good product, the home, you need to give us some monetary compensation for that to allow that we are having a, a true contract to change hands.
And in doing so we have a great, the fact that you are now moving forward, so from zero to $250,000 in purchase price, it requires $5,000 handshake from you. It’s $5,000. Us on the day of your purchase agreement will get cached. So be prepared for that. And your bank, we don’t want to put you into upset scenario from 250,000 to 300,000 is $10,000 a requirement that we ask of you. And from 300,000 to 350,000, it is $15,000 of a monetary handshake that we’re asking of you. Now, if it’s anything north of $350,000, it’s five percent of the home that we asked, uh, to have an exchange of the purchase agreement. Edmond New Homes this allows us to know that when we’re building the home on our property, with our interest being accumulated on that property consistently over the months that we build, uh, also with the pulling of the construction loan for you have 150, 200, $250,000 a.
What’s occurring is that we are knowing that you won’t walk away from a larger sum of money. So it’s a good way to protect both parties because you were developing your house, you’re designing it your way. And with that, we don’t know if the home would sell if you happen to walk away from it. So when you’re looking for broken Arrow, a custom homes, broken arrow, then you’re going to find out that we definitely give you the opportunity to make sure it’s a clear transaction and a smart transaction. Edmond New Homes, we asked that we make this simple for you. Some people don’t always have that liquidity sitting around at the five, 10, $15,000 or five percent of the home to deposit upfront for the earnest money. So we do a work as a ministry company. we are a very understanding company and we are always wanting to gain your business.
And for that reason we understand that everyone has the liquidity of the money sitting around some of have it built in the equity of their current home that they have to sell, which makes them a contingent contracts if they have to sell their home, how would they possibly have the money to give us? So we work on multiple different ways, payment plans, et cetera, uh, that can allow us to move forward on that. So I would say that the concern in which some people have about that is not necessarily valid because we have programs we can work around and get approvals from ownership of the company to see that we can make sure that you are treated in the utmost care when it comes to financial decisions to be made. So when you’re looking for a custom homes, broken arrow, look no further than shaw homes because we do have many options for you to make sure that you can get into that quality home that you love Edmond New Homes.
Um, I do say that, you know, when you’re looking for a, you know, custom homes, broken area, you’ll find that show homes, uh, tries to make sure that you have the best suitable way to come into a new home. So if it is a non contingent, then great, you’re in a great place to bike because you don’t have to move tWice just to get into your new home. You’ll have to move once from the current place of your residence to the next place, which is your new home, new shaw home. If you are contingent than the potential possibility of having a interim time when you were in a place outside of your current residence and you’re in an apartment or you’re in a rental property, Edmond New Homes that’s a possibility and it’s typical, it’s majority of the time, that’s what occurs. So you have to be cautious of that and understand the test part of the game when you’re building a new home.
So, um, we look to, uh, answer any questions for you and we thank you for your time. When you’re looking for a custom homes broken arrow, we encourage you to check us out, come to any of our model homes that are fully furnished and fully decorated, and spend the time with any of her new home specialist to look at custom homes, broken arrow, and go on a model home to or evolve or homes in the area, whether it be jinx, bixby, glenpool, broken arrow, tulsa, please come check us out. We’ll love to have you there Edmond New Homes.
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