Already signed the new house contract, can I still get the new incentives? (rate, financing)
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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?????
Basically the housing market is still taking a hit, and they have too much inventory. First thing you do is just simply ask them for the matching incentives. Many builders just give it up right then and there. If they say no, then you need to know how much your earnest money is and how much you could lose... granted at this point you don't completely pull out, but a very believable bluff could be quite important. In addition to saying that if they don't offer you the same incentives you'll pull out, you should have another builder in mind. It's best if it's their direct competition, assuming they have one. You don't have to have tons of details, just be sure you can quote some information on the competing development.
Also, keep in mind that advertisement you hold in your hand could be considered binding. So don't lose it... you may need it in the future.
10-1 though if you show them the advert. and ask for the extra incentive they will just give it to you.
I would certainly ask. But I would also compare apples to apples. Check to see what kind of financing you get with the 55-75k off vs the 35k off you got. The reason they offer the reduced prices is because that lender is guaranteeing financing for their buyers but it is not telling you what the rate will be and/or points you may have to pay. That lender is saying they will get the builder's clients a mortgage and guaranteeing it, but it is not always the best deal for the client. I'd check to see if you are able to get the reduced price for the same rate you were quoted back in July (assuming you are pleased with that rate!) Good luck to you and enjoy your new home!
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.
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