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Hi, i have few question for those who have experience with new builder homes.
1st, if i already know what i want to buy from the builder, know the floorplan, lots, etc do i still need to hire a new house realtor to negotiate?
2nd the builder give us $15k incentive if we use their financing, and their rate is about 5.4% Ohio. should i be using that? i hear bad stories about using builders financing.
3rd can i bargain with the builder, they already agree to weave the closing cost, but it felt like there are still room to bargain, because its currently buyer market in ohio.
As a Loan officer I can only reasonably speak to the financing part. Absolutely use their lender and get your $15k incentive. You can refinance the day after closing on your purchase if there is a lower rate available.
1st, no but i would recommend you have a realtor. Much like the saying, he who represents himself in court has a fool for a client...
2nd, I would demand that the builder let you use anybody you want for financing and still give you the incentive. Why do you think they are steering you toward a specific lender? They want to make back the incentive money by not giving you as a good a deal on financing.
3rd, Yes you can. We are in a buyers market.
i did check their rate, they said its about 5.38 which is reasonably competitive vs other lenders. i look at some rates online for Ohio, which most around 5.3 something, very few around 5.1 or lower. but what i like to know is anything to watch out for when using builders financing. also the builder has good reputation here.
the reason i want to hire a realtor is because this is first time i buy a house, and there are certain things that i'm not familiar with it, such what kind thing to watch out for in contract, all the necessary process etc. but i already do the research on house market, which builder, where, and what i want to buy.
i did check their rate, they said its about 5.38 which is reasonably competitive vs other lenders. i look at some rates online for Ohio, which most around 5.3 something, very few around 5.1 or lower. but what i like to know is anything to watch out for when using builders financing. also the builder has good reputation here.
the reason i want to hire a realtor is because this is first time i buy a house, and there are certain things that i'm not familiar with it, such what kind thing to watch out for in contract, all the necessary process etc. but i already do the research on house market, which builder, where, and what i want to buy.
Base on our experience of buying our first home without a realtor, I would definitely recommend looking for a realtor to represent you. They will look after your best interest, to make sure you don't get taken advantage of. I would also recommend you ordering a home inspection, even if it's a new home. TRUST ME! Hope this helps. Congratulations.
1st, no but i would recommend you have a realtor. Much like the saying, he who represents himself in court has a fool for a client...
2nd, I would demand that the builder let you use anybody you want for financing and still give you the incentive. Why do you think they are steering you toward a specific lender? They want to make back the incentive money by not giving you as a good a deal on financing.
3rd, Yes you can. We are in a buyers market.
^I agree with this guy. Find a good buyer's agent and hire them. It won't cost you a penny (the seller/builder pays their commission).
I just bought a condo where the builder was paying all closing costs if I used their preferred lender. Well I used MY preferred lender and still got the closing costs paid by the builder.
It's a buyer's market. Use that to your advantage.
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