Good morning Myrtle Beach and surrounding areas! Today is going to be a great day, I am so excited! I wanted to start the morning right with a blog about "New Construction". You ask yourself why would someone buy a new constructed home in this market when there are sooo many great deals out there right now? With the down payment requirements the same on new construction as they are with existing home sales, "Why wouldn't one buy a foreclosure/shortsale over new construction" I''ll tell you why:
- How do you know Mr. and Mrs. Homeowner did not do anything detremental to the property you are about to buy? Possibly they clogged the pipes with a substance that eats them away?
- Or maybe they have shoved items down the toilet to screw up the plumbing?
- Possibly they did something to the vents in the home so the air that comes through is harmful to you and your family?
This may seem extreme, but you have to understand these people have been stripped from their home. This is the biggest asset of their lives and they are going to go out fighting, punching, kicking, and screaming.
So I ask you again, why would you purchase a home that you know people have lived in and the possibility of it being damaged is 50/50?
New Construction in Myrtle Beach is booming. With over 17,000+ lots on the market unfortunetely builders have come to a stand still. Builders are skeptical to fund new construction home projects themselves due to the risk of the market. The major banks (JP Morgan Chase, Citi, Bank of America, Wells Fargo, Wachovia, BB&T, SunTrust, etc) all require 20%-25% down for a "Construction to Perm" mortgage. THIS IS ABSURD!~!
Bridgeview Bank Mortgage Can offer Construction financing with as little as 3.5% down for an FHA construction loan! THIS IS UNHEARD OF IN ANY MARKET!!
I hope you see the advantages of a brand new home vs. an existing foreclosure/short sale.
Make it a great day!
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