Stapleton Builders: The steps to getting your new construction home-Step 3
This is a continuation of our series helping home buyers by knowing in advance what the process of buying a new home from a Stapleton builder looks like to avoid unhappy surprises. Step 1 was finding a home and Step 2 was negotiations and contracting. As always feel free to contact the StapletonHomeTeam for a personalized meeting to help you in your buying adventures.
So now you are you under contract, now what?
The builder has definite drop dead dates that would put your earnest money deposit in jeopardy. For this reason it is important to have a Realtor working on your behalf and to have good communication with your builder representatives. Each contract is different but here are the general rules of thumb.
Lending: Most buyers have done some level of being prequalified with a lender, but to whatever level you haven't completed that process that is usually first priority. Getting an application in and an approval letter are usually a pretty quick deadline(10 days to 2 weeks). Of course if you are buying a new house that hasn't been built there are several things that can't be finalized. If your home will be ready in 6-10 months many things can change with your finances and lenders typically can't lock in interest rates until about a month prior to closing. If you do make the move to a builder preferred lender then a lot of this will be repeated but pay attention because you should always be comparing rates, fees and service. A big question to ask especially an environment with rates on the rise is what is there longest rate lock?
Document review: That big orientation manual you get at closing has lots of documents. From Soils reports for your home to homeowners association documents. Title work will also come either by email or in the mail and also need to be reviewed. They are all important and all have their own time frames for review, usually relatively quick after contract. There are too many to list and the deadlines can mean losing earnest money loss if you come back later and find something you don't like and want out of the contract. All of these items are a great thing to rely on your Realtor for as some are more crutial than others to make sure you have taken time with.
Design center and options deadlines: As part of building the house, Stapleton builders will have many stages in which you will need you to make your options and all will have deadlines that you must hit. Some items may need to be known at time of contract, these are structural and are items that would need to be submitted with the permits to build the home. These can be things like fireplaces, major electric, room changes such as making a loft a bedroom and 3rd car garage. You will have several other time frames but a lot of them are accomplished in one big visit to a design center where you will choose your cabinets, counters etc. I will go into that in my next blog about the very fun(but stressful) step of doing your design options.
This is a time to stay on task to keep the excitement going so don't let down your guard. A good Stapleton builder will help you by keeping in touch once a week or so and as needed as things come up.
The next post will be the process of making your home, YOURS, with upgrades and selections. So stay tuned and as always feel free to call the StapletonHomeTeam for any of your buying or selling questions.
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