Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We've been living in the Summerfields for a while now (a little under 2 months), and not a single thing from our punch-out list has been completed. We submitted our 30 day list a while back as well, and we have yet to receive any sort of acknowledgment that the new items from the 30 day list will be addressed.
We call and email Bill regularly, and never hear from him. We had some major, but cosmetic, issues in our home that we were promised would be addressed, and we have yet to have anyone come to make the repairs. It's restricting us from "fully" moving in and feeling at home.
Next step is going to be to call our attorney. We were originally going to delay the closing and insist these repairs be made before we moved in, but our attorney advised us that it was better to move because we needed to be out of our old place.
I am very glad to have found this forum...a lot of helpful information. It would be great if anyone could provide some insight on the following questions.
Is 2% house price a fair assessment for the annual property tax? (overstate, understate?)
Can anyone recommend a good real estate lawyer you used when purchasing house in Summerfields?
Is it possible to inspect the house at different stages?
Thanks in advance.
Property tax is product of property tax rate and property assessment. Franklin (and probably somerset county) assesses properties with high valuation so its rate are low (comparatively) but that not necessarily you will be paying less taxes.
Though Franklin in particular is low or middle so you do not have to worry about the taxes (the town has many commercial establishment so its taxes will always be competitive. )
I used one of the attorney in middlesex county and was very happy with his work. Please PM me if you want name.
BTW, I got my relative buy house in this community and if you overlook initial hiccups (30 days punch list, construction delay) , I am sure you will love convenience of this place (that can be said for most of the town).
Guestabc, I found that post extremely helpful. I will be closing within the next month or so and would appreciate any other concerns after closing. What issues, even the smallest ones did you find? This is my first time purchasing a new construction and would appreciate any information or advice. Thank you kindly.
Guestabc, I found that post extremely helpful. I will be closing within the next month or so and would appreciate any other concerns after closing. What issues, even the smallest ones did you find? This is my first time purchasing a new construction and would appreciate any information or advice. Thank you kindly.
Make sure to write down each minor things (even if you are willing to ignore it) and send it via certified mail (with delivery confirmation) to the office.
Do not forget to test sunk pump, check if electrical panel is grounded.
During walk through, make sure all the items that are identified is written off and there is no verbal promise.
Be patient with the super who is handling the minor stuff (coloring issue, carpet bend etc.), you will have upto 1 year to bring up if you forget to list it in 30 day one.
Practicals,
can u list a few particular items to keep an eye out for? Things that stood out before closing or things that you only noticed after living there? Any concerns regarding the actual construction or just cosmetic items? Also do u know how to test a sump pump? Thanks for sharing.
Property tax is product of property tax rate and property assessment. Franklin (and probably somerset county) assesses properties with high valuation so its rate are low (comparatively) but that not necessarily you will be paying less taxes.
Though Franklin in particular is low or middle so you do not have to worry about the taxes (the town has many commercial establishment so its taxes will always be competitive. )
I used one of the attorney in middlesex county and was very happy with his work. Please PM me if you want name.
BTW, I got my relative buy house in this community and if you overlook initial hiccups (30 days punch list, construction delay) , I am sure you will love convenience of this place (that can be said for most of the town).
Thanks Practical. Does the high valuation mean the town will appraise the house at a higher price - making the effective tax rate >2%? It'd be great if you can send me the lawyer info - I am in the process of talking to the lawyers and one of them told me to just sign the contract and he will fix anything (which makes me uneasy). Not sure how everyone's experience is (to what extent can I rely on the lawyer to guide me through the process?).
I am first time home buyer and my mortgage company is asking around $5k for realty transfer fees or transfer tax , Any idea or advice? I am taking loan of around 400K. They are saying in NJ/NY you have to pay realty transfer fees, as seller is not paying.
I am first time home buyer and my mortgage company is asking around $5k for realty transfer fees or transfer tax , Any idea or advice? I am taking loan of around 400K. They are saying in NJ/NY you have to pay realty transfer fees, as seller is not paying.
Thanks!
Interesting, I bought a home last year, seller paid this fee. Not sure how this works with new construction.
Hope you had a smooth closing and enjoying your new home. How has everything turned out with closing and the punch list?
Guest20:
Thanks for asking. Yes, we closed our home last week. What a big relief! Bank was asking for tons of documents everyday. Finally my lawyer called up higher-ups in bank and then they closed in one day. The original closing day kept postponing for several days. I heard the story is same for all banks as they are reluctant to lend and lose money, and scrutinize all details of the applicant, for two reasons:
1) Since the burst of housing bubble, many people have lost their homes in foreclosurre, because of financial problem, job loss, etc. Banks get about 1/3rd less on home price in foreclosure auction on an everage.
2) 20 yrs ago when I took out my loan for exisitng home, the mortagage rate was 8% while bank payed 3% interest in bank deposits, getting a 5% profit (or spread), a decent amount. Now the mortagae rate in only 3% for fixed-term mortagae and bank pays 1% interest on bank deposits to customers. If the economy improves in future, bank will have to pay say, 3-4% interest to customer, while still collecting mortagae installment on home loans at 3% only, making it a loss.
We will be moving in next few days. We could not find any major problem in house so far.
Yogesh
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
