Hey man, I'm new here. Just found your content, I'm scheduled to close on a house in the ranger crossing neighborhood in Princeton. The seller is paying all closing costs and also gave us $15, 000 off the house, 6.5% FHA, It's Dr. Horton Express. This is the first home for me and my wife. Your content is helping us get prepared
I just built a Chesmar home. I love my home and it’s in my opinion a well built home just make sure you do a 3 phase inspection with your own inspector. Mine was amazing
I’m going Tuesday with my realtor, the builder chesmar is giving 15k price reduction and 10k off closing cost/points buy down. Hopefully he can negotiate more price reduction.
Appraisal is what I worry about. We have a custom independent builder doing cost plus and if it doesn’t appraise for enough because of some of the national builders building homes for less.
That’s tough. On the custom side it’s hard because they don’t have the equivalent comps to pull against. If it comes up as an issue you can try and show the cost on higher material from the builder. If you’re using a lender with a one time close loan that can help mitigate some as well potentially. If you need a lender that specializes in that let me know. I have a guy.
Zak, what are your thoughts on getting the build/purchase contract adjusted? Most builder contracts heavily protect builders and leave the buyer very vulnerable. How tough is it to have my real estate lawyer adjust the contract to protect me better?
In my experience, big production builders do not adjust their contract. Even if you have your own real estate attorney, they are not going to let you adjust it. The logic is if we allow one person to do it we have to allow everybody to do it, and their contracts are written for their protection. Also, most of them believe that if you don’t buy it, somebody else will so they’re not gonna be too pressed about losing you as a client. I had clients try on three separate occasions with three different builders to get their attorney involved and it hasn’t gone over. One of them even had their attorney tell them they will not touch builder contracts because they know how difficult they can be to work with So unfortunately, it’s the price of doing business if you want to go new
If its within a master planned development and the builder holds those lots that can be where they are charging that. This would not be the case if you wanted to do something custom. This would be with the production builder for that neighborhood.
2 Different experiences. Are you building or buying off inventory? if building First texas will get design center Khov will be Pallet design. thats the biggest difference. If inventory I would look at price vs closing costs and neighborhood. First texas usually includes some sort of NFM giftcard for furinture or at least they have in the past. If you want to talk more send me an email at hello@zakschmidt.com Here to help any way I can.
Do you work in Tennessee? I feel that I may be interested in building a new home in the Chattanooga area in approximately two years. Do you have any advice?
Starting the process with Rausch Coleman out of Texas I believe have you ever worked with them? What incentives are common right now in 2024? I live in Missouri. In your experience do you have better luck closing a deal when using the preferred lender?
I have not. Incentive wise just depends on builder. Minimum I’m seeing is 12k in closing costs. Some are up to 25-30. Or just a straight buy down. Also some sort of design incentive if you’re building.
@@zakschmidt-DallasTXrealestate Zack thanks for the response! In your experience if someone was dedicated to not adding any upgrades to there home and was just buying this as a single male for a starter home how close would you be able to stay to the base price? I am going to meet with them tomorrow and I’m looking to get the loan for around 280 with their base price being 275 is this possible?
They can be, ive had experiences on both sides with them just not in fate. They are in the Front section of Woodcreek and share the section with DR Horton. Just be sure to ask lots of questions, and get your home inspected before closing. If you need help send me an email and we can make it happen. Zak.schmidt@exprealty.com
I love your videos especially the podcast. We’re in Florida and our builder incentives are $20k closing cost, also can use it to buy down the rate, 1/2 off lot price (corner) We get refrigerator, microwave, garage door opener. I would love to have incentives for design center because we’re $12k over our budget based on our virtual, going to the in person appt Tuesday, TFS
Have fun. The design center is one of the best parts of building. Its like being a kid in a candy store. Enjoy the process but dont get too overwhelmed. You got this!
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Hey man, I'm new here. Just found your content, I'm scheduled to close on a house in the ranger crossing neighborhood in Princeton. The seller is paying all closing costs and also gave us $15, 000 off the house, 6.5% FHA, It's Dr. Horton Express. This is the first home for me and my wife. Your content is helping us get prepared
Congrats my friend. Enjoy that first home. be sure to pay a third party inspector before closing. I love all the things going in Princeton
I just built a Chesmar home. I love my home and it’s in my opinion a well built home just make sure you do a 3 phase inspection with your own inspector. Mine was amazing
We just went with Highland Homes at Mosaic. I absolutely love your video. I hope it all goes well!. We ended up with a Free lot upgrade of 20k.
Awesome Congrats. you are getting a top notch home in a fantastic new community. Hope you love it. If you need anything feel free to reach out.
What's a Retail builder vs a wholesale builder??
I’m going Tuesday with my realtor, the builder chesmar is giving 15k price reduction and 10k off closing cost/points buy down. Hopefully he can negotiate more price reduction.
Awesome. Best of luck!
Appraisal is what I worry about. We have a custom independent builder doing cost plus and if it doesn’t appraise for enough because of some of the national builders building homes for less.
That’s tough. On the custom side it’s hard because they don’t have the equivalent comps to pull against. If it comes up as an issue you can try and show the cost on higher material from the builder. If you’re using a lender with a one time close loan that can help mitigate some as well potentially. If you need a lender that specializes in that let me know. I have a guy.
This was very informative. Quick move in it is lol
Agreed! Lets help you find it. Send an email to zak@zakschmidt.com and we can see what we can make happen.
Zak, what are your thoughts on getting the build/purchase contract adjusted? Most builder contracts heavily protect builders and leave the buyer very vulnerable. How tough is it to have my real estate lawyer adjust the contract to protect me better?
In my experience, big production builders do not adjust their contract. Even if you have your own real estate attorney, they are not going to let you adjust it. The logic is if we allow one person to do it we have to allow everybody to do it, and their contracts are written for their protection. Also, most of them believe that if you don’t buy it, somebody else will so they’re not gonna be too pressed about losing you as a client.
I had clients try on three separate occasions with three different builders to get their attorney involved and it hasn’t gone over. One of them even had their attorney tell them they will not touch builder contracts because they know how difficult they can be to work with
So unfortunately, it’s the price of doing business if you want to go new
How are you getting empty lots for 10k to 15k ???
Around me empty lots are 250k to 500k
If its within a master planned development and the builder holds those lots that can be where they are charging that. This would not be the case if you wanted to do something custom. This would be with the production builder for that neighborhood.
Good information.We are between two builders, First Texas Home and K Hovnanian Homes. Which one would you recommend?
2 Different experiences. Are you building or buying off inventory? if building First texas will get design center Khov will be Pallet design. thats the biggest difference.
If inventory I would look at price vs closing costs and neighborhood. First texas usually includes some sort of NFM giftcard for furinture or at least they have in the past.
If you want to talk more send me an email at hello@zakschmidt.com Here to help any way I can.
Do you work in Tennessee? I feel that I may be interested in building a new home in the Chattanooga area in approximately two years. Do you have any advice?
Starting the process with Rausch Coleman out of Texas I believe have you ever worked with them? What incentives are common right now in 2024? I live in Missouri. In your experience do you have better luck closing a deal when using the preferred lender?
I have not. Incentive wise just depends on builder. Minimum I’m seeing is 12k in closing costs. Some are up to 25-30. Or just a straight buy down. Also some sort of design incentive if you’re building.
@@zakschmidt-DallasTXrealestate Zack thanks for the response! In your experience if someone was dedicated to not adding any upgrades to there home and was just buying this as a single male for a starter home how close would you be able to stay to the base price? I am going to meet with them tomorrow and I’m looking to get the loan for around 280 with their base price being 275 is this possible?
Hi Zak we are planning to buy a house from beazer homes in Fate. are they good builders?
They can be, ive had experiences on both sides with them just not in fate. They are in the Front section of Woodcreek and share the section with DR Horton. Just be sure to ask lots of questions, and get your home inspected before closing. If you need help send me an email and we can make it happen. Zak.schmidt@exprealty.com
I love your videos especially the podcast.
We’re in Florida and our builder incentives are $20k closing cost, also can use it to buy down the rate,
1/2 off lot price (corner)
We get refrigerator, microwave, garage door opener.
I would love to have incentives for design center because we’re $12k over our budget based on our virtual, going to the in person appt Tuesday, TFS
Have fun. The design center is one of the best parts of building. Its like being a kid in a candy store. Enjoy the process but dont get too overwhelmed. You got this!