Tagged: per diem new construction delay
January 21, 2020 at 9:47 am #64887newhomedreamParticipant
@lcovington Thanks so much for your feedback. It is always nice to hear from someone in a similar situation. We are excited to go under contract although the build time is now 8 months. I was a little concerned about the options at the design center. Most builders will allow you to visit ahead of time, but SM seems like they don’t want you to visit and they charge for every little thing. I hope we hear back from underwriting this week. The lots in our community seem to be going relatively quickly.
I am so happy you had a good process. That makes me feel a lot better.
If you think of anything else that could be helpful, I am all ears/eyes.
Thanks again and enjoy your new home!July 13, 2020 at 8:09 pm #70362MDPeach22Participant
@lcovington I’m happy to hear about your success getting sellers assistance and incentives thrown in but can you please explain how you got your realtor to negotiate them not agreeing to the per diem part? I just signed a contract on a new construction home and the per diem is $250/day for each day I’m delayed. The seller (Pulte Homes) is saying they will not remove this!!!July 13, 2020 at 9:07 pm #70373lcovingtonMember
@MDPeach22 Our realtor had us write an email to the builder explaining our situation and almost pleading our case if you will. Since the delays were not anything related to us it was strictly delays at the bank. Also in our letter we explained that we met any financial obligation we had with Stanley Martin before any due date. We were also supposed to close before Christmas so we added that this was going to be our first Christmas in our first home with our 2 young boys etc… Our situation was also interesting because our lease had ended while we were still awaiting the clear to close, we had to put our belongings in storage, and we had to postpone a planned vacation.
Throughout the process we were overly communicative with the sales rep. Our realtor also had a relationship with the sales rep and the sales rep also had NACA experience. We continued to provide daily updates and once we got the clear 2 close our realtor chimed in again further highlighting our situation and our case to have that fee waived. All these things definitely worked in our favor.
Long story short hope it doesn’t come to that for you, but hopefully this gives you some ideas on how to prepare just in case.July 14, 2020 at 8:36 am #70382MDPeach22Participant
@lcovington thanks SO much for sharing that. That is REALLY helpful. You had to go through your own inconveniences in the process with your family but at least you had open communication the whole time and a realtor who was familiar with the sales agent and a sales agent who was familiar with NACA. I will just be as communicative as possible explaining the situation and ask my RE agent to impress upon the builder that we are trying to avoid any unnecessary hiccups down the road and we wanted to be transparent up front since it doesn’t seem like this builder has closed many if any NACA loans. I appreciate your help in this matter. Here’s hoping and trusting that it all works out.
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