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Old 05-14-2017, 02:31 PM
 
10 posts, read 14,018 times
Reputation: 10

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We are making the move to Stoncreek. We put the 5k down to reserve our lot and now got the boatload of forms and sales contracts. I have a few questions for those who have went through this with a new construction but specifically GL Homes:

1. On the purchase contract they are giving us the option to put down payment in escrow or give it directly to them. By default they were very nice to 'highlight' the option of giving it to them vs. escrow. Of course, i am sure since that benefits them. My question is -- what do you prefer? Would you insist on escrow? I would always (and have) when buying and older home but for new construction I am not sure on what people recommend or if maybe its not as important with GL?

2. Which leads to the next question -- who that has built had an attorney review the docs and initial purchase contract (not the at closing but to start the process). If so, could you share any names locally that we may be able to contact (can PM if you prefer). They seem fairly straightforward but since we are out of state its always good get feed back from those that are doing it, in process or have done recently. We dont live locally yet and thus dont know many professionals out there.

I have also heard that the builders dont want you to use escrow so they can use your funds towards the construction process. I also know GL (or any hot community for that matter) it less willing to 'deal'. To that extent, what have you came across? If you agree to not use escrow can you get any perk (maybe more design upgrade credits or upgrades) for example. Any feedback would be great.
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Old 05-14-2017, 05:17 PM
 
790 posts, read 500,637 times
Reputation: 519
Quote:
Originally Posted by rickmaz View Post
We are making the move to Stoncreek. We put the 5k down to reserve our lot and now got the boatload of forms and sales contracts. I have a few questions for those who have went through this with a new construction but specifically GL Homes:

1. On the purchase contract they are giving us the option to put down payment in escrow or give it directly to them. By default they were very nice to 'highlight' the option of giving it to them vs. escrow. Of course, i am sure since that benefits them. My question is -- what do you prefer? Would you insist on escrow? I would always (and have) when buying and older home but for new construction I am not sure on what people recommend or if maybe its not as important with GL?

2. Which leads to the next question -- who that has built had an attorney review the docs and initial purchase contract (not the at closing but to start the process). If so, could you share any names locally that we may be able to contact (can PM if you prefer). They seem fairly straightforward but since we are out of state its always good get feed back from those that are doing it, in process or have done recently. We dont live locally yet and thus dont know many professionals out there.

I have also heard that the builders dont want you to use escrow so they can use your funds towards the construction process. I also know GL (or any hot community for that matter) it less willing to 'deal'. To that extent, what have you came across? If you agree to not use escrow can you get any perk (maybe more design upgrade credits or upgrades) for example. Any feedback would be great.
Congratulations on your choice of Stonecreek. Our home just broke ground last week. I gave them the escrow money and no, did not receive any perk in return. Did not have attorney review any documents. You will appreciate that GL does not negotiate price, terms, contract, etc. with any buyers. Levels the playing field.
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Old 05-14-2017, 08:43 PM
 
1 posts, read 1,210 times
Reputation: 10
We closed on our home in Stonecreek recently. This is our second time building with GL and we didn't have the sales contract reviewed by an attorney for either transaction. The contract is pretty standard and GL is very reputable. You can spend the money if you need the peace of mind, but I wouldn't worry much that there is misleading fine print. I think the biggest difference for us was to understand the HOA since we were always used to living in non-HOA neighborhoods in the northeast. As far as the deposits, when they asked for money, we just gave it to them with no perks asked for or offered in return. That's just how they roll! But they delivered our home on time and we couldn't be happier with the end result and how smooth the process was. Best of luck to you and congrats on selecting a wonderful community!
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Old 05-15-2017, 10:40 AM
 
22 posts, read 20,379 times
Reputation: 15
Congratulations! Our house is just finishing up in Stonecreek.
1. Florida law requires the builder to offer escrow. It's to protect the buyer from having the builder go bankrupt without completing the house after spending the deposit money. However, it is not free. GL will buy a bond and pass the cost of the bond directly to you. The alternative is to let GL Homes use the deposit money as they see fit during the build. It's a matter of risk and trust. Do you trust that they will complete the house as promised without getting into financial peril? They have a great reputation so we decided not to escrow.

2. The contract is the contract, they won't change a word. It's take it or leave it. Yes the contract is skewed in their favor since they wrote it so an attorney can't do anything but advise whether you should sign. Again, you have to decide if you trust that they will do what they promise. On the plus side the contract and options and upgrades addendums are very detailed so you will have specificity. You can search the boards, when there have been issues it seems like GL Homes has generally tried to make things right.
For us, they had no issue with us recording our entire meetings, including all the discussions with our options coordinator. That gave us the peace of mind that they would build things as they promised. So far, that has proven to be true.
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