Ryland homes/Mortgage info? (Charlotte: cul-de-sac, lender, crawl space)

[Jodz10]

What do you guys think about the deal Ryland homes has (specifically in the Linwood farms sub) - a few months ago they were giving an xtra $20,000 in options if you went with Ryland Mortgage...this month it is a "dream kitchen"....
Are these insentives really "free" or are you paying for them in the end??
I dont have the numbers (interest rate, closing costs, etc) because we never got the contract part yet.......

just wondering if these deals are worth getting in on or is it better to search out our own financing?

Thanks,
Jodi

[south.charlotte&union]

You ought to shop around...

I would then get a good faith estimate for the best deal you can get. Then bring it back to the Ryland lender and see if they can match it. When both lenders give you their best deal...then you decide

Best of luck to you!

[Charlie Berry]

Originally Posted by Jodz10

What do you guys think about the deal Ryland homes has (specifically in the Linwood farms sub) - a few months ago they were giving an xtra $20,000 in options if you went with Ryland Mortgage...this month it is a "dream kitchen"....
Are these insentives really "free" or are you paying for them in the end??
I dont have the numbers (interest rate, closing costs, etc) because we never got the contract part yet.......

just wondering if these deals are worth getting in on or is it better to search out our own financing?

Thanks,
Jodi

I used to sell homes for Ryland, figure out what their deal is and then compare it to the other mortgage company. Take the numbers and crunch them, it usually turns out that you would have to hold the home for 7-8+ years for the decision to go with Ryland to make sense, chances are you will not be in that home that long, whether you feel you will or not. Feel free to PM me with any additional questions you have Re: Ryland and Ryland Mortgage

[CouponJack]

nothing is ever "free". Every builder wants you to go with their mortgage company (ie ryan uses NVR) because they get a kickback. Shop around first.

Also, we are in a buyer's market. You do have wiggle room to negotiate the price of your home w/the builder. It makes them feel uncomfortable because most people think the price is what it is, but they are making a TON of profit off each home. You have nothing to lose by haggling.

I bet you didn't know that "Lot Premiums" that builders charge (for the end of a cul-de-sac) for instance costs the builder NO MORE to build there than in the middle of a street. Its 100% profit..so if the builder has $10K for a "lot premium", tell them you're not paying it, or use that chip to get something else you want

[rootbeer88]

Also I suggest using a buyers agent to go in there with you. They will help you figure out if you are getting a good deal or not and they can negotiate. Just like the above poster said about the lot premiums. My agent was able to get the premium waived. You can play the builders against each other to. Tell them you are very interested in another sub division and builder. That usually gets there attention.

[neoflex]

The lot premuims are a good point. At one point my wife and I were deciding whether to go back to St Johns Forest and when we looked a second time they showed us a great lot in a Cul de Sac. It was a very nice piece of property. They told me that the lot had a premium of $10,000. He must have seen me shutter because he asked if that was too much, and of course I said "Yes." So he proceeded to ask me what we would be willing to pay for it, in which half jokingly I replied "Ummm nothing." He said he could not give that lot up at no additional cost so I said the most I would be willing to pay for a premium was $3,000, which he replied "Done." Well, after some thought we decided we were not completly happy with the particular model we were interested in so we walked and went with our current builder so it does prove they will negotiate the lot premiums.
I went with my builders lender and we got a much better deal than the other two quotes we got from outside lenders, plus money toward closing so for us it was a win, win. Like others mentioned, just do your research and make sure you get other quotes to keep the builders lender honest.

[CouponJack]

Its all about supply and demand.

I'm not in the business but I have a good eye for this stuff. The hot sector is "adult active communities". They are selling like hotcakes (ie see Sun City in South carolina). why? because there are limited 55+ older communities in the Charlotte area (which is very surprising to me).

limited supply + high demand = $$$$$$



In our development, the builder is charging 30-50K for unfinished basements. These lots have been sitting for almost a year. People don't want to pay that much and now their (builder) forced to build 8ft high crawl spaces...LOL

[BxRosie]

Originally Posted by Jodz10

What do you guys think about the deal Ryland homes has (specifically in the Linwood farms sub) - a few months ago they were giving an xtra $20,000 in options if you went with Ryland Mortgage...this month it is a "dream kitchen"....
Are these insentives really "free" or are you paying for them in the end??
I dont have the numbers (interest rate, closing costs, etc) because we never got the contract part yet.......

just wondering if these deals are worth getting in on or is it better to search out our own financing?

Thanks,
Jodi

Hi Jodi,

My cousin went with Ryland mortgage in Linwood Farms & was pleased with what they offered her. My friend opted to go with a bank mortgage there instead because they offered her a better interest rate than Ryland did. It's a matter of personal choice, what works best for you & your situation.

Keep in mind, if you choose not to go with Ryland's lender, you will have to pay out of pocket for the Dream Kitchen. That's what happened to my friend.

BxRosie