we sealed a stipulate to set up a brand new home, thru a home contractor. We went thru their debt association to embrace a discounts as well as warantees, etc. They gave me a price over a phone which you could afford. They sent their perspective minute to ok a office office building as well as go upon from there. We went to a pattern core already, as well as THEN recieved a great conviction guess which is most some-more than she quoted us in a initial place. you told her a debts as well as which you longed for a no down, no shutting price loan. though in a great conviction guess a about 11,000 for shutting costs (we do not have as well as cannot get) as well as 200+ a month over what she told us upon a phone. What do you do? We cannot means this home now, as well as they’ve already sent a skeleton to a city… Can you get out of this? Can they sue us if you do?
also, you were ‘pre-qualified’ for a home of 190,000 thru their debt company. We got pre-qualified thru a bank (under my dad’s direction, he meditative a alternative loan was approach as well much) as well as they’ll usually validate us for 125,000.
In Response to Nevada Pokerqueen:
also, you were ‘pre-qualified’ for a home of 190,000 thru their debt company. We got pre-qualified thru a bank (under my dad’s direction, he meditative a alternative loan was approach as well much) as well as they’ll usually validate us for 125,000.
In Response to Nevada Pokerqueen:
We have not sealed any debt papers. The usually writings sealed were with a office office building contractor.
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4 Responses to “BUILDING NEW HOME?”
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January 20th, 2010 at 9:45 am
Why don’t you get a lower bid from another contracter?I’ll give you one right now.
January 21st, 2010 at 6:56 am
Dont’ wait see a Real Estate Attorney at once. They can give you a free consultation and let you know if you have recourse. Was all papers signed by you or just verbal? Signed contracts should have included all money owed. If you signed it and then they raised the costs you may have recourse.
January 22nd, 2010 at 12:38 pm
When you do 100% financing, this is of the purchase price only. You still have fees which need to be paid to third parties such as the appriasal, title, escrow, survey (if needed), recording, lenders fees, tax stamps (depends on state), prorated taxes etc…
Are you doing an impound account where your taxes and insurance are added to the loan? If so then there needs to be some funds entered into the account at the beginning and depending on the time of year in your specific tax cycle you may be looking at 7-8 months of property taxes added upfront.
I do alot of loans for people who buy from builders and often times the programs available via the builders lender are limited and the cost more than off sets the ‘credits’ issued by the builder for using their company.
If you would like me to look your loan over please drop me a line.
Kevin 866-562-6838 x 106
January 25th, 2010 at 9:15 pm
You’re under contract from the builder which would make you liable. Is this a construction loan or from a builder that builds and develops communities? Sometimes if you are dealing with a builder that does develop their own communities you can get them to give you a seller’s assist on the closing costs. There are going to be closing costs associated with any real estate deal. There are 3rd party charges such as the appraiser, title company, real estate taxes, county, and state taxes, the lender and the mortgage broker will have fees too. Why does everyone think that they can get things for free?
You can be sued for breach of a contract with the builder if they incurred costs. You might even lose your security deposit. What you should do is to go back to the mortgage broker and tell him the loan he is giving you is not what he promised you as far as payment is concerned. If you don’t like what he says then go to another broker you have that right to do that. Can you get a gift from your dad to help with the closing costs? Even if you tell your dad that you will pay him back. Do you know what your credit score is?
A no closing cost loan are only associated with refinancing and home equity loans.