Builders Contract, Should They Not Be Allowed? My Observation!
By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board
REALTORS beware Boone Homes in Richmond , Va, has a builders contract which looks like a cannibalize version of the VAR contract. The appraisal clause in taken out of the builders contract. I found when appraisal came in under contract price, Boone Homes did not give any more comps to correct this, as the site agent said he would. The site agent did not go completely over the contract as he is suppose to (or I hope he is suppose to). Boone Homes also wants 10% down and they do not care if the home will not appraise, or so it seemed to me. BEWARE BEFORE YOU SHOW BOONE HOMES, AT LEAST I WILL!
I think VAR and NAR should take a stand on Builders contracts and they should be regulated. This is only my observation and I would like to hear from other REALOTRS, loan offers and closing agents on what their thoughts are on this matter!
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