Inventory Westin Home in Shadow Creek Ranch (sales, real estate)

[jj1978]

Hello Forum,

We are looking to buy a Westin Preston plan in Shadow Creek Ranch. It is an inventory home but has just started construction. Do we have to purchase the home now or just sign a contract and pay the $2,000 earnest money to keep it off the market? Is there any other consequences other than the $2,000 if we back out of the contract at any time before closing if we don't like the final look of the house? Any other advise would be greatly appreciated.


Thank you for your time and advise.
JJ.

[Failed Engineer]

Read the earnest money contract. It's pretty much in plain English and you should be able to tell without the use of a lawyer. If that still doesn't answer your question ,ask the builder sales person when the rest of the funds are due. And if that still doesn't answer your question get a lawyer.

But your answer lies in the earnest money contract.

[Hawk11ns]

Essentially what you do is sign the contract and commit the earnest money for them to hold and possibly keep should the deal fall through. Read the contract thouroughly though. It could stipulate that you must close by a specific date or else you loose the earnest money.

On a side note, you will likely never purchase a home without it being completed unless you are paying straight up cash. The banks backing your mortgage must perform due diligence which includes - but isnt limited to - an appriasal and an inspection, neither of which can be done on incomplete properties.

Of course, I always suggest seeking counsel outside of the internet. If you have not yet signed any papers with the builder, find yourself a good realtor. One that is seasoned in the area and works full time.

[Michelle Morris]

This is a question for your realtor to handle.

[DSL_PWR]

If you don't have an agent DON'T GET ONE! It will just cost you un-needed money. If you need advice find a good Real Estate Attorney.

Work with Westin to get that realtor money and use it to do upgrades on your home. You don't need an agent to buy a new home. I have purchased two brand new builds and didn't use an agent. It has saved me tens of thousands which most of that was used to do upgrades.

You will sign an contract to purchase the home and then put down your money. You will have a drop dead date, usually before sheetrock in which you can get out. If you can't get financed is usually a reason so make sure you have that in order.
Westin will have outlined in the contract all the reasons you can terminate or they can terminate. Make sure you read it twice.

If you don't understand it then get a REAL ESTATE ATTORNEY to go through it with you. A real estate agent will not know the legal parts of it.

[jj1978]

Thank you all for the thorough advises. I have a better idea of the process now. I just wanted to get a ballbark idea before I talk to any pros. But you all are pros here...

Thanks again for your time.

JJ