Just read this article about a disaster for a Silicon Valley home buyer who signed a contract with a new home builder and lost $98,000 when things went sour. http://www.mercurynews.com/business-headlines/ci_21173362?source%3DAP
I have written about this many times but this case is much more powerful than just me saying don't go into the new development without a realtor.
For those of you who have not read my previous posts about this topic her is the executive summary.
If you go to a new development in Santa Clara or San Mateo County with out a Silicon Valley realtor on your first visit you will not be able to to have a realtor represent you if you decide to buy a home in that development.
The contracts are complicated and are in the builders best interests, not the buyers.
The only contingency you have is for financing.
Not all financing contingencies are created equal. You need an expert to help you understand what the contingency is.
If you order upgrades you will need to pay upfront for all or a portion of the upgrades. You need to understand under what conditions you will get your deposit back for the upgrades if the transaction falls through.
the builder needs to complete the home in a specified time period. What happens if they don't? What happens if the market tanks during that time period? Do you understand those parts of the contract?
I could go on, but you get the drift. Most Silicon Valley Home Buyers will not lose $100,000 on a deal that goes bad, but having a realtor to help you may be the difference between winning and losing, and I don't mean the lottery to get one of these new homes.
If you have any questions about buying or selling a home in Santa Clara or San Mateo county please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
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