Already signed the new house contract, can I still get the new incentives? (appraise, clause)

[KristyLiz]

When I went to contract on my new home (in July), I was able to get $35 off the purchase price if I used their mortgage company. Well, I just got a flyer in the mail from teh builder saying it is offerring $55-75K in incentives if you use thier mortgage company. Can I still get this better incentive even though our contract is already signed?????

[BobKovacs]

Most likely not, but it never hurts to ask.

Bob

[2bindenver]

Is the house the same size, in the same location, same base price??? Are they offering the incentive only on inventory homes ????

[magellan]

Originally Posted by KristyLiz

When I went to contract on my new home (in July), I was able to get $35 off the purchase price if I used their mortgage company. Well, I just got a flyer in the mail from teh builder saying it is offerring $55-75K in incentives if you use thier mortgage company. Can I still get this better incentive even though our contract is already signed?????

You should ask the builder. Or better yet, tell them you want the same incentive.

[jimj]

I'm guessing unless you have some leverage, like an escape clause in the contract that you could excersize the builder will not be very motivated to deal since they already have you locked in. If there's a way to kill the deal, even telling them you'll give up the earnest money and go someplace else then that may be what you have to do. I have been in this position once or twice with a builder and told them I'd give up my 3-5k to save 50k someplace else. They caved. Better one in the hand type thing.....

[Zmehappy]

Originally Posted by jimj

I'm guessing unless you have some leverage, like an escape clause in the contract that you could excersize the builder will not be very motivated to deal since they already have you locked in. If there's a way to kill the deal, even telling them you'll give up the earnest money and go someplace else then that may be what you have to do. I have been in this position once or twice with a builder and told them I'd give up my 3-5k to save 50k someplace else. They caved. Better one in the hand type thing.....

I would agree with Jim, check over all the fine print and present your concerns to the builder. Biggest concern, will your home appraise now that the advertised prices are $20k+ less?

[KristyLiz]

Well, I spoke with the builder yesterday and those $50-75K incentives are for specific lots that back up to an easement owned by Sunoco. I guess there had once been a gas pipe there that has long been removed, but Sunoco still owns the strip of land behind these lots, they have been harder to sell.

I hate doing this crap, so I certainly hope they offre no more "deals" until we close and the deal is done.

[Zmehappy]

Did the builder feel it would affect your new home value? How far from these lots are you located?

[KristyLiz]

Originally Posted by Zmehappy

Did the builder feel it would affect your new home value? How far from these lots are you located?

Oh no, we are nowere near those lots. They are very nice lots, but it's just that if you put up a fence or something adn then Sunoco needed to get to the land, they could make you take it down. Actually, if you have no plans for a fence (or in ground pool) it's a good deal. Could affect resale though...

[Tish Thompson]

Probably not, but it can't hurt to ask. I worked with a buyer who had an expired coupon for $25K in incentives. I told her to bring it with her when we went to have the contract written. Lo and behold, the builder honored it.