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Oklahoma City new home construction | The Final Segment
So here we are with our final segment of the week. This is Jordan, more over at Shaw homes and we’re talking about the awesome process that we’ve set up here for you to own a shaw. Now, what the easy step is that we’re on right now, step number five, and that’s the purchase agreement. Oklahoma City new home construction so of course I want to reemphasize the two things that become final on this day are the home and the land. So the floor plan that you’re looking at a and that you want becomes final and where you want to build it becomes final on this day. Your colors and your finishes are not final. So if you’re just having a hard time between, uh, what color of tile or whether or not you want to title the upstairs bathroom or not, or whether you want to do plush carpet or regular carpet or six inch oge trim or just the what comes included or whether or not you want stained concrete, whatever that is that you’re looking at and looking for.
We want to make sure that you know, and that you’re aware that those things do not become final during the purchase agreement as long as it’s not structural. What I mean by that is even if you continue to keep the same plan, we cannot swap the orientation of the plan and we can’t bump out any exterior walls after this day as well. So, Oklahoma City new home construction, those are your structural options. Now your mortgage approval letter will be due today during that purchase agreement. So make sure that you get that printed off where you have a copy of it that you can send us. That way we can turn it in with the contractor that purchase agreement. And then, um, what is due on this day is also any additional deposit. Now you’ve given us a thousand dollars at this point for the home site reservation. So this goes towards that. So you just have to take that in consideration with the additional deposit that is due.
Now, if you are building a home that is less than $250,000, what is due today is $5,000. So like I mentioned, you’ve already given us a thousand, so today you would really need to only write us a $4,000 check or we can tear up the thousand dollar and you can write a $5,000 check. This again to reemphasize is to go towards the earnest money towards the down payment of your home. This isn’t a fee towards us, this is your money going towards your home and your investment. So this is just to make sure that you have skin in the game as well because on this day we’re going to apply for the construction loan and get moving forward on the back end side of getting your home ready and whatever the price of your home is, the amount of the loan that we’re going to take out. Oklahoma City new home construction Therefore we want to make sure that you have a little bit in the game as well and that you are serious about the purchase because that’s a.
that’s an expensive amount for us to carry so that way we know that you are going to see it through until the end of the build of the home. So $5,000 is due if it’s less than 250 and then we kind of bracket it up for every $50,000. It’s five grand. Oklahoma City new home construction So easiest way to say that is at 2:50 to $300,000. That would be 10 grand that would be due today and if it’s between 300 and $350,000, it’s a $15,000 earnest money deposit and if it’s over $350,000, it’s five percent of the base price of that home or five percent of the homeless, what I should say. And so that way we can let you know up front exactly when the money is due and how much that would be. If it ends up being over 350 will calculate that for you so you know how much to write that check out for.
So as an Admin, new home builder, we obviously want to set that expectation for you when you’re looking into building your home where that money is due. I know that’s what I would want to do when is when is money due? Oklahoma City new home construction how late in the process, once the rest of it do how much. And so this kind of clears everything out so you know exactly how much it will be in order for you to move forward. What I would also like to say is if you are purchasing a move in ready home, we still do require our earnest money. Uh, again, this. Is this going to go towards the down deposit of the home anyway. So it’s just like you’re riding it forward and then it will show up at closing and then you will write any additional. Because really if you think about it on a, on a $300,000 home, if you’re wanting to do 10 percent alone is $30,000 at that point were only requiring you to give us 15.
So you would have to write an additional $15,000 at closing if you were wanting to do 10 percent. So that kind of gives you an idea. We’re not even asking them for that full amount. We just want to make sure that that’s just enough for you to be in there. And so as an Edmund new home builder, Oklahoma City new home construction, this is also when we would talk about possibly a contingency or a delay of bill, these two work very similar, just they are just demand different situations. So if you are building a home with us and you have a home to sell and that’s where your say your, your earnest money’s tied up into the equity of your home, you have up to 120 days or four months to sell your home. That gives you a way we can do the contract today. And then as soon as your home sells and then goes to closing, we can do something called a release of contingency and that’s when you would give us the earnest money and we can release the contingency and move forward on the rest of the process.
That way you, um, you have up to four months to, to delay the build. Oklahoma City new home construction, as long as you need to do that. And within that, those parameters now say you have a least. Some people sometimes come in and they’re like, yeah, well my lease is a for 11 months. While the cool thing is is the delay of bill, that goes up to four months as well. It takes us about seven months total to build the home, which puts that 11 months, so that means if someone comes in today, they would pretty much have to assign that purchase agreement now in order to line it up for them to move into that home when that right time or say they’re. They have nine months, you know, if it takes us seven months, we can delay the bill for two months and then start that bill two months later down the road so that way we can hold in the pricing, which is really important.
Especially going into the new year. In January we have a price increase because we renegotiate our contracts with builders or the are trades that built a home and so the price does go up. There are incentives do change. The price of land does change every single year and so if you did a purchase agreement now we could lock in that pricing. We could lock in your home site and all those things. Your selections, because that’s not going to be the same a year from now. So those are all things just to consider when you’re going into that purchase agreement. Oklahoma City new home construction then the other thing is, congratulations, because at this point you will now be owning a home. And so the next step after that is the design studio, which is people’s favorite step. This is because this is when you make all those nice selections and you’re working with award winning designers here.
So most people at this point have gone on the tour and this will probably be their second time. There’ll be going on at a third time here soon because of homework. But you’re working with these ladies that designed the, each of these homes and they’re award winning. And the last three years, no builders, one more than two awards, except for us, where we’ve won 17 gives you an idea how good these ladies are at decorating, um, each of these homes. That’s what people aspire to have. That’s what people want in each of these homes. So, Oklahoma City new home construction, that’s the fun part is you get to go through and work with these ladies and I would say that’s the best part about it too, because I think some people go in feeling overwhelmed with all the selections that you have to make. Well we chunk it up and make it easy of course, but they will narrow it down for you too, especially when it comes to color.
So it’s like if you pick one color, it narrows down a bunch of other ones as well. So they’re going to help you make the decision of what’s going to look good and also what’s going to resell in your home as well. And so, uh, you’re, you’re going to have three separate appointments are going to meet at the design studio. We have a designated place for that. You’re not running all around town to make your selections. You’re going to meet there and you’re going to have three appointments. Your first one’s going to be or interior, your second one’s going to be your exterior and your third one will be your final, your final sign off. Just as a re-emphasis. You will not be able to make any structural changes in the. In the, in the design studio is a simple process. Tons of options are offered and there will be no children allowed and the design studio, it’s going to be a lot of selection which you’re going to have to make. And even if children don’t distract you or your child doesn’t distract you, they will distract someone else from making their selections. So Oklahoma City new home construction if you do show up with your children, we will have to reschedule. So as an Edmund new home builder, we appreciate you for joining us for this final segment and we will talk to you again soon. Jordan Moore 6 11-23-18