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New home construction Oklahoma City | The Home Site Reno
Hey, this is Jordan at Shaw homes. We’re talking about the path to owning a new home and our focus here is Edmond and new homes and expanding our family over to Oklahoma City and so I’ve been kind of covering that path covered the first one to five which will actually really wanted to for which we cover with most of our customers when they first come into the to the model home. We really talk about the path at the beginning and the end of every single meeting so people really know what that next step is with us. We don’t want to make sure that it’s predictable that you can understand it, that you’re not going to be caught off guard because I understand this. For someone that’s first getting into it is it can be somewhat overwhelming or daunting. However, we’ve done this a few thousand times, so we’ve simplified this to make it easier for you and so forth New home construction Oklahoma City.
Edmond new home buyer a. The next step in the process after the price out on number five is the purchase agreement. So here’s actually where, what we’ve considered the contract and you will watch a, about a 40 minutes, uh, informative video that’s done by our director of sales. The reason why we do this is that it’s done by one person and it’s done from the person in charge, so that way you know when we’re kind of dealing with a contract, New home construction Oklahoma City you’re hearing all the information from the same mouth, not from multiple different ones you heard directly from the source. And so that’ll answer the majority of your questions, but by the time the video is over, if you do have any then we’ll answer any of those and kind of go over before we even knew that will end up kind of going over that price out.
Is there anything you wanted to add on? Is there anything that you wanted to subtract and kind of see what that looked like for them? And um, so then, uh, after we do that, we like to let people know two things here and there. Very important. In fact, I would probably just say three. Number one, structural options or final out the purchase agreement once, once we signed the papers for the purchase agreement. And that contract with your, uh, plan is final. So say you decided to go for the Monterrey, a, one, h a and that’s the plan that you wanted to pick. That is final at that point. We can’t adjust the plan later. New home construction Oklahoma City, is final. I’m also the home site that you select. So say that you wanted to build that Monterey and Timber Creek. We can’t swap home sites after this day. We can’t, like you kind of did it during the home site reservation.
It becomes final on this day. We can’t select a different community. We have to be sure that these are the two things that you do want in the. And final important thing is for you to know that colors and finishes are not final. So it’s like I said, it’s the structural your, your plan and where you want to build it into the two final, your finishes and uh, your colors are not. So like say you were having a hard time whether or not you want her to do hardwood floors or tile and the living room, you can still change that after this point, you will be able to do that in the design studio, which is the next step and it’s not final and factual, have roughly a month to be able to kind of marinate on your decisions before moving forward. New home construction Oklahoma City, but to just reemphasize that there are no changes on the home sites and the floor plan at that point.
The other thing about this one is this is also when your mortgage approval letters do, and so at this point you would have already talked to our, one of our preferred lenders or you’ve talked to a lender and giving an, you would have brought a more interpretable letter and any additional deposit is due. And so this is why we always cover this step when we talked to people. So that way we’re setting the proper expectation as to what is expected financially from our customers as they come through the door. And for an New home construction Oklahoma City buyer, a these numbers will most likely work the same exact way if your home is less than $250,000, all that you’ll need on the day of the purchase agreement is $5,000. The awesome part is you’ve already given us a thousand dollars for the home site reservation. So really you only need to bring us $4,000 to make that a total for five.
Does that make sense? Great. If your home is between 250 and $300,000, then $10,000 is what is due on the day of purchase agreement. Or since you’ve given us a thousand dollars, only $9,000 will be due on this day. And if your home is between 300 and $350,000 than the total that will be due on the day of the purchase agreement is $15,000. So it’s just an increasing $5,000 for every $50,000 there is. And once again, since you have already given us a thousand dollars, only $14,000 is due on the day of the purchase agreement and if your home is over $350,000 and it’s just five percent of whatever the home is, would be due on that day and minus the homesite reservation, which you’ve already given to us. So we always don’t let people know that that is where the money is due. A, I know some people get a little confused because they would say, New home construction Oklahoma City, I’m doing an rd loan or I’m doing a va loan, which means that there’s zero percent down.
Now that’s a great. And that’s true. And when you go to closing, you will actually get this money back and you can use it towards the home if you want or it’s just, you know, they’ll, they’ll cash out the difference for you there at closing. However, this is earnest money and is basically money just to make sure that you have skin in the game too. Because of the purchase agreement. We move forward and, uh, we actually go and get the, the construction loan. New home construction Oklahoma City we start building your home and uh, depending on once again how expensive that home has, how much that construction loan is, and that we would be holding that entire loan in our name. So we want to make sure that you have some skin in the game to make sure that you are upholding your end of it as well. So, um, that’s what will be due on the purchase agreement.
And then we would need to also find out, New home construction Oklahoma City, is, would this need to be a contingent contract or would this needs to be a delay of bill? Well, if these work very similar in a contingent contract, we could make it based on a contingency mostly usually contingent based on the sell of someone else’s home. So say, yeah, well I would love to, but all my earnest money is wrapped up in my home and that’s completely fine. So what we can do is say, all right, well let’s go ahead and do this contract and how much can you put down today and how much would you be able to put down a each month? What would that number be? Because we can kind of work with that and then when you’re home does sell, then you can give us the remainder of that amount, um, when you receive the check for your home selling so we can do that contingent for up to 120 days, 120 days, that’s four months and kind of gives you a, a window of time to be able to put your home on the market to then sell it and also enough time to close if at the end of that 120 days and your home doesn’t sell, then all that is to you and no problem at all.
And if you still wanted to do another contingent contract, we could do it but we’d have to do it at today’s pricing and today’s incentive. So that’s really the biggest change in that one, but we can still continue to hold that home site there for you. The next option after that is to do a delay of build. New home construction Oklahoma City this one works very similar. This one gives people an option to either. Really what it is is just delay the builder their home. Some people have a lease that they have a that they might’ve just, and it’s like a nine month lease or they had nine months months left in it. It takes seven months to build the home. We can delay the build of their home, your home for two months and then start there to line it up as close as we can. Uh, we know people don’t want to usually back out of the lease because there’s usually, you know, some kind of fee associated with it. So we’ll want to make sure that people still a can line those things up as close as they can and that gives them a 100 up to 120 days to be able to do that. Or some people might be moving out of state and coming in and this is where that timeline would be, that there would be a arriving. We want to make sure that we line that up as close as we can to the finish of their home before, you know, moving forward.
And so for Edmond new homes, New home construction Oklahoma City, we appreciate you joining us for another one of the segments. And we’ll cover a little bit more on the continuation of some of the other options that we do. Ask them the information. Do give people as they come in our doors. Jordan Moore 5 11-9-18