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Old 08-24-2009, 07:43 AM
 
8 posts, read 10,388 times
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Hi, i have few question for those who have experience with new builder homes.

1st, if i already know what i want to buy from the builder, know the floorplan, lots, etc do i still need to hire a new house realtor to negotiate?
2nd the builder give us $15k incentive if we use their financing, and their rate is about 5.4% Ohio. should i be using that? i hear bad stories about using builders financing.
3rd can i bargain with the builder, they already agree to weave the closing cost, but it felt like there are still room to bargain, because its currently buyer market in ohio.

thanks for the help
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Old 08-24-2009, 08:17 AM
 
Location: Wake Forest, NC
835 posts, read 3,739,755 times
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As a Loan officer I can only reasonably speak to the financing part. Absolutely use their lender and get your $15k incentive. You can refinance the day after closing on your purchase if there is a lower rate available.
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Old 08-24-2009, 08:20 AM
 
Location: Plano, Texas
1,675 posts, read 6,618,922 times
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1st, no but i would recommend you have a realtor. Much like the saying, he who represents himself in court has a fool for a client...
2nd, I would demand that the builder let you use anybody you want for financing and still give you the incentive. Why do you think they are steering you toward a specific lender? They want to make back the incentive money by not giving you as a good a deal on financing.
3rd, Yes you can. We are in a buyers market.
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Old 08-24-2009, 09:18 AM
 
8 posts, read 10,388 times
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i did check their rate, they said its about 5.38 which is reasonably competitive vs other lenders. i look at some rates online for Ohio, which most around 5.3 something, very few around 5.1 or lower. but what i like to know is anything to watch out for when using builders financing. also the builder has good reputation here.

the reason i want to hire a realtor is because this is first time i buy a house, and there are certain things that i'm not familiar with it, such what kind thing to watch out for in contract, all the necessary process etc. but i already do the research on house market, which builder, where, and what i want to buy.
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Old 08-24-2009, 10:41 PM
 
161 posts, read 454,087 times
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Quote:
Originally Posted by s002wjh View Post
i did check their rate, they said its about 5.38 which is reasonably competitive vs other lenders. i look at some rates online for Ohio, which most around 5.3 something, very few around 5.1 or lower. but what i like to know is anything to watch out for when using builders financing. also the builder has good reputation here.

the reason i want to hire a realtor is because this is first time i buy a house, and there are certain things that i'm not familiar with it, such what kind thing to watch out for in contract, all the necessary process etc. but i already do the research on house market, which builder, where, and what i want to buy.
Base on our experience of buying our first home without a realtor, I would definitely recommend looking for a realtor to represent you. They will look after your best interest, to make sure you don't get taken advantage of. I would also recommend you ordering a home inspection, even if it's a new home. TRUST ME! Hope this helps. Congratulations.
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Old 08-25-2009, 03:47 PM
 
Location: Jacksonville
160 posts, read 723,634 times
Reputation: 105
Quote:
Originally Posted by VictorBurek View Post
1st, no but i would recommend you have a realtor. Much like the saying, he who represents himself in court has a fool for a client...
2nd, I would demand that the builder let you use anybody you want for financing and still give you the incentive. Why do you think they are steering you toward a specific lender? They want to make back the incentive money by not giving you as a good a deal on financing.
3rd, Yes you can. We are in a buyers market.
^I agree with this guy. Find a good buyer's agent and hire them. It won't cost you a penny (the seller/builder pays their commission).

I just bought a condo where the builder was paying all closing costs if I used their preferred lender. Well I used MY preferred lender and still got the closing costs paid by the builder.

It's a buyer's market. Use that to your advantage.
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