Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Recently we have come very close to buying a spec in Cameron Pond or Weycroft.
However we aren't finding everything we want for $650 or below.
Now considering a pre-sale in back ( just released ) section of Cameron Pond.
Are there any 'deals' to be had on pre-sales?
Seems to me the smaller builders might be willing to entertain better pricing since it is now a forgone conclusion that we have entered into recession. Won't be long until layoffs hit RTP then the bottom may just fall out.
Any advice for how to approach this subject with a small custom builder would be appreciated.
Bring a Realtor. Not soliciting. They will be able to best negotiate on your behalf. They know the neighborhoods, the on-site agents and what you can reasonably expect to get from the builder.
Inventory homes are easier to negotiate than pre-sales. Despite what you may perceive, the real estate market is not suffering that bad here in NC. I see it definitely picking up now.
FYI. Some homes in Weycroft have been sitting for a while. When looking in Cameron Pond, pay particular attention to where the lot is in relation to where 540 will be coming in the future.
Recently we have come very close to buying a spec in Cameron Pond or Weycroft.
However we aren't finding everything we want for $650 or below.
Now considering a pre-sale in back ( just released ) section of Cameron Pond.
Are there any 'deals' to be had on pre-sales?
Seems to me the smaller builders might be willing to entertain better pricing since it is now a forgone conclusion that we have entered into recession. Won't be long until layoffs hit RTP then the bottom may just fall out.
Any advice for how to approach this subject with a small custom builder would be appreciated.
I suggest your have your Realtor start pulling comps for the neighborhood AND the builder.
Find out what the particular house you are interested in has been selling for. Make an offer. Not a ridiculously low offer but a researched intelligent offer.
Your agent is going to be paid by the developement's marketing fund, not by you. With or without your Buyer's Agent, the price is negotiable.
This is what I have found to be true...if a builder/onsite agent/sales associate tells the potential buyer that they can get 2.5% off the price (without an agent), an experienced Realtor would have negotiated more than that!!! Its just the truth. Builders rely on Realtors to bring clients to their neighborhoods. Thats why they bring food and gifts to our offices all the time. There is no advantage to them to have a buyer without an agent. If the onsite person tells you different, I'd wonder what else they are not being honest about.
I don't know how either builder will negotiate a new start, but I'll bet that they would rather not build than build at a short margin. Bluepoint has had a few very nice inventory homes sit on the market a LONG time and finally move at reductions of about $40K on a $600-650 original listing price.
Both neighborhoods have a pretty good amount of inventory. Most of Cameron Pond's inventory is pretty stale IMO (not the best lots/floorplans). Weycroft's inventory is a bit fresher but many of the homes are on lots that are "less than private" to say the least (zero trees, backing onto multiple lots, etc.).
Location is king in both neighborhoods, but especially Cameron Pond. If and when 540 pushes South it will polarize values in there for sure.
I'd look to find the right lot, bring an agent with you, and push hard.
Deposits and earnest money are two separate things if that is what you were saying. Most new construction will require earnest and "builder" deposits. It all depends on what the contracts say on how they are held...BUT on the Standard Offer to Purchase earnest money can be held (in a trust account) by buyers agent firm or sellers agent firm OR attorney and they all have to abide by the contract which basically says if the dispute is not resolved by x number of days it can be deposited with the clerk of court until resolution so none of the parties have to hold it anymore. ONE MORE NOTE. Most builders use their own contracts so caveat emptor.
Deposits and earnest money are two separate things if that is what you were saying. Most new construction will require earnest and "builder" deposits. It all depends on what the contracts say on how they are held...BUT on the Standard Offer to Purchase earnest money can be held (in a trust account) by buyers agent firm or sellers agent firm OR attorney and they all have to abide by the contract which basically says if the dispute is not resolved by x number of days it can be deposited with the clerk of court until resolution so none of the parties have to hold it anymore. ONE MORE NOTE. Most builders use their own contracts so caveat emptor.
Good point. Escrow is an essential safeguard for the buyer.
As mentioned before, persuing a standing spec will by far get you the best negotiating power. A builder is not going to usually negotiate much on a pre-sale.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
