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Last Friday, our family paid a deposit to have a new house by Fulton Homes built. When we paid the deposit, the base price for our floorplan (the 2882 sq foot Atherton floorplan) was $364.900. However, this past Sunday the base price was increased to $366,900.
We plan on signing our contract this Saturday, however, we would like to know: will we be affected by the price increase? Does anyone know what is typical of most builders?
Last Friday, our family paid a deposit to have a new house by Fulton Homes built. When we paid the deposit, the base price for our floorplan (the 2882 sq foot Atherton floorplan) was $364.900. However, this past Sunday the base price was increased to $266,900.
We plan on signing our contract this Saturday, however, we would like to know: will we be affected by the price increase? Does anyone know what is typical of most builders?
You say the base price was increased, but the number to which you say it was increased is lower. I'm guessing you just have a typo in there somewhere.
When you paid the deposit, was there some sort of document, describing the house you were reserving, and the price you were agreeing to pay? I would think that document would control more than an advertisement or spec sheet aimed at future customers.
You say the base price was increased, but the number to which you say it was increased is lower. I'm guessing you just have a typo in there somewhere.
When you paid the deposit, was there some sort of document, describing the house you were reserving, and the price you were agreeing to pay? I would think that document would control more than an advertisement or spec sheet aimed at future customers.
Sorry, I meant $366,900.
Unfortunately, I wasn't involved in paying the deposit, my father was. He would like to know too.
Unfortunately, I wasn't involved in paying the deposit, my father was. He would like to know too.
O.K.???
When YOUR FATHER paid the deposit, was there some sort of document, describing the house HE was reserving, and the price HE were agreeing to pay? I would think that document would control more than an advertisement or spec sheet aimed at future customers.
Unfortunately, I wasn't involved in paying the deposit, my father was. He would like to know too.
Whomever paid it, there should have been some sort of document, right? A receipt, a document, an agreement to hold a certain property. Something. And what does that something say you will pay for the property?
We really don't know, ask the builder. Only he can provide this info.
If you think you're worried about $2k now, you're going to have a tough time with the building process. If you don't like "anything" and want it changed or upgraded, you're going to pay through the nose. $2k will look like a drop in the bucket.
If you are wondering if there are laws protecting him, no, there are not. It will really depend upon the reason why the contract wasn't written sooner. Did he give a deposit to hold a lot until a mutually, agreeable time could be found? If so, I would imagine most will hold that price for you. If this was a case of your dad constantly debating whether he was going to write or not, cancelling appointments, and so on, then it's quite possible he could see the increase. We don't know the answer, he just needs to get on the phone and ask or have his agent call and ask.
You will have to ask the builder. In my last two new home purchases, the first thing I signed with the developer was what they called a lot reservation ($500 deposit). I chose the lot and the model of the home I wanted built on that lot. We then had 30 days to negotiate options and arrive at the final price. If unable to arrive at a mutually agreeable final price, the lot deposit was returned.
In my last purchase it took us about 2 weeks to nail it all down.
I agree with the poster that said $2K could be a drop in the bucket once one starts looking at/purchasing options and upgrades.
My experience says there is very little wiggle room with a builders base price. The wiggle room comes in the options/upgrades. For me, hardwood floors, screen porch, upgaded carpet, tile versus vinyl, pocket doors, fireplace, etc.
Buying new construction? WOW talk about catching a knife.
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