@@annjohns350 Sure, that is called a contingent sale and I've worked with buyers that do that all the time! Send me a note and let me know if we can schedule a 1:1 buyer consultation 📩
It can be either. Quick additional question - if you buy an empty lot in Southern Highlands, how long do you have to begin building? Can you wait a year or so? Thank you!
I purchased a non-spec home in Vegas last year. However, I was not able to choose the lot, the color of the home, nor decline some options the builder wanted to put in the home
@@KaoriLuxuryRealEstate it was during the height of the market. I was able to add an extra bedroom that we wanted but we were on a waiting list as lots became available. Century Communities.
Hey, maybe i missed it, but where does the deposit go when adding options for ene construction? Does this go towards the down payment of the loan at closing
@@annjohns350 GREAT question! If you are paying cash, what's due upfront is the EMD, then usually 20% or so of the design upgrades, and the remaining will be collected at closing. You will need to present your Proof of Funds (POF) when submitting an offer with the buyer's agent. Let me know if you have any further questions!
The numbers you are talking about for NON "custom" homes are absolutely ridiculous and no buyer should ever consider paying that high a fee as "earnest money. As an example we are building a $450K house (including lot premium) in a new golf course community and our deposit was a total of $6750.
@@steveludwig4200 Every state, city, builder, and community has different EMD pricing based on demand. $20-40K is normal here in Las Vegas and Henderson.
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What if you are paying case for your home with the sale of your other home?
@@annjohns350 Sure, that is called a contingent sale and I've worked with buyers that do that all the time! Send me a note and let me know if we can schedule a 1:1 buyer consultation 📩
Love your videos
Thank you for watching! What's your biggest takeaway?
Thanks for all the good informational videos and for the shoutout. 😊
Of course! Keep engaging!
EMD is usually pay upfront once signing the purchase agreement
Correct! I've shared a story about how my buyer had to pay before signing!
Shout out to @bobo256 🎉 EMD is collected once the purchase agreement is signed 📝
Didn't know how Deposits worked for new builds thanks for sharing!
It's very important to understand when and what is due for your new construction home!
The neighborhood we are looking at the deposit is $3500 if we use their mortgage partner… Indy area
That's not bad!
Great video! Lot's of information given. Thanks!
Thank you for watching and engaging 🙏😃
Wow, thank you so much for this information.
Happy to share! Let me know if you have any further questions for me 🙏🏻
Thank you !
You're welcome!
It can be either. Quick additional question - if you buy an empty lot in Southern Highlands, how long do you have to begin building? Can you wait a year or so? Thank you!
Great question! I have a client building in Olympia Ridge Estates now. Send me an email to kaori.nagaochiti@sothebysrealty.com 📩
Earnest deposit is before. I just put my own earnest deposit down and in the midst of signing initial disclosures soon!
Congrats! Where are you building? Exciting times 😀
@@KaoriLuxuryRealEstate we are building in Dallas (McKinney area)! Looking forward to the process, your videos are helping a ton!
@@mytrung Congrats! Which builder?
Great information
Thanks Judge!
I purchased a non-spec home in Vegas last year. However, I was not able to choose the lot, the color of the home, nor decline some options the builder wanted to put in the home
How is that not a spec home?
@@KaoriLuxuryRealEstate it was during the height of the market. I was able to add an extra bedroom that we wanted but we were on a waiting list as lots became available. Century Communities.
@@kalani1987 Thanks for sharing! And congrats 🎉 I hope you love your home.
Hey, maybe i missed it, but where does the deposit go when adding options for ene construction? Does this go towards the down payment of the loan at closing
All deposits collected will be applied towards the loan and closing.
is the deposit separate from a 20% down payment?
Separate, but the deposit amount is applied towards your down payment
Normally due after sign purchase agreement, but if multiple offer on the lot you can play before.
Correct! That's what my buyer did and they are very happy they were able to secure their lot.
Any good semi custom home builders you know of in Reno NV?
YES! Text me at 702-583-4766 and happy to connect you to my referral partner there that is an expert on custom homes!
@@KaoriLuxuryRealEstate Thanks for this, also looking in Reno area
@@akjeff64 Sounds good! I have partners in every market!
either!
THANKS FOR WATCHING!
What if you are paying cash?
@@annjohns350 GREAT question! If you are paying cash, what's due upfront is the EMD, then usually 20% or so of the design upgrades, and the remaining will be collected at closing. You will need to present your Proof of Funds (POF) when submitting an offer with the buyer's agent. Let me know if you have any further questions!
The numbers you are talking about for NON "custom" homes are absolutely ridiculous and no buyer should ever consider paying that high a fee as "earnest money. As an example we are building a $450K house (including lot premium) in a new golf course community and our deposit was a total of $6750.
@@steveludwig4200 Every state, city, builder, and community has different EMD pricing based on demand. $20-40K is normal here in Las Vegas and Henderson.
@@KaoriLuxuryRealEstate Another great reason to never move there.