November 29, 2017 at 7:37 pm #39525November 29, 2017 at 9:23 pm #39527
Yes I did. Because I had to. Lol. But on serious note, my realtor surely has given me some tips which would have been helpful if I am buying a preowned house as a first-time buyer. As for the new construction, I do not think it helps – consulting a couple of relatives/friends who are homeowners would do equally well. But NACA has to have RED agent involved, so…November 29, 2017 at 9:31 pm #39528
LOL! I think you knew exactly where I was going with that! I feel like I have done all the work myself finding a new construction and the realtor’s % seems ridiculous to me, especially if I have to end up paying some of that out of pocket!! But since NACA requires it, guess I’m stuck 🙁
Thanks!!!November 29, 2017 at 9:36 pm #39529
You don’t have to take anything out of pocket. Seller typically does that (at least in Charleston area!). But point well taken, since it is coming out from somewhere, you may potentially be deprived of additional cut from your seller on the closing costs. Just be somewhat aggressive, if that helps get little more out of your seller 😀December 5, 2017 at 3:35 pm #39589twan203Member
@pratik man im not sure how to private message or anything like that but just wanted to get more details on getting the incentives from the builder since it may be the same here as i am in Columbia SC. i wonder if this work with all builders or just DR Horton. if can please shoot me a email so i can ask a few questions.
ThanksDecember 5, 2017 at 5:33 pm #39592TTrumbleMember
I had to edit your post to remove your email address as it is a violation of our Forum security guidelines. As soon as pratik gives the okay, I’ll get you each other’s email addresses.
Online Operations, NACA
January 4, 2018 at 6:05 pm #39848Sunshineas1Participant
- This reply was modified 4 years ago by TTrumble.
DR HORTON is giving me a hard time about the 2,500. I was told that if you don’t go with the preferred lender for what ever reason you will get 2500.00. Now she is telling me that they never do this. What do you suggest I do?January 4, 2018 at 8:37 pm #39850
@Sunshineas1: read the fine prints of their contract that you’ve or you’ll sign. They can’t default on matching the offer you bring on table. If they do, they are legally liable to face the damages. They WON’T go that route. Best wishes to you. Email me the copy of their preferred lender contract. I will match it with mine and let you know if they have made any changes since I closed. @ttrumble, please exchange our email addresses! Many thanks, Pratik.January 5, 2018 at 10:23 am #39856TTrumbleMember
I just sent your email address to Sunshineas1. Thanks for being willing to help, and of course, please keep me updated.
Online Operations, NACA
firstname.lastname@example.orgFebruary 5, 2018 at 2:10 pm #40301
I am dealing with a similar issue (with another builder) and it is driving me crazy! They initially told me I would still get the 12k in closing costs with NACA, now I am hearing another story. Would you mind helping me figure out the best way to go about this? I have done all the math and this 12k in closing makes a difference… especially with the interest rates rising so quickly.
I know I cannot post my email here, so if we could exchange via Tim, any help you could give me would be greatly appreciated!February 5, 2018 at 2:37 pm #40308
Hey @Pearl609, don’t fret! Have you already signed a contract on preferred lender with them that says 12k in closing costs (I guess it would be part of preferred lender and part discount – you would still get part of the 12k disregarding, i am pretty sure)? If yes, you are good. They are legally bound. If not, go ahead and sign on the paper they ask you to sign. Customer is always right in this country, so if it gets ugly it will be upon them – you are good. The only thing is that all this might get your closing delayed as a worst case scenario – so prepare for plan B (where you gonna stay in the mean time) and also some “refundable” legal fees (which the builder will pay later as you win the case). I know – too confident, but being pragmatic is the way I see here.
PratikFebruary 5, 2018 at 3:11 pm #40311
@pratik THANK YOU SO MUCH FOR RESPONDING!!!
I have not signed the contract yet…. I am scheduled to meet and do that next week, but when I received conflicting information from 2 different sales agents I was thrown for a loop.
I have done some extensive research on it (including your advice) but I wanted to get some more details from you before proceeding.
The home will not be completed until July/August, so I would hope this wouldn’t delay closing that is so far in advance… when would I need to switch the lender to NACA?February 5, 2018 at 3:30 pm #40313
Well if closing is in summer/fall, now would be a good time to sign a contract to get any customization in. I didn’t know all this as a first-time home buyer and therefore missed out on a few things I wanted to have in my first home – thanks to NACA. Yes, looking forward to getting one-on-one. If you want, I am not very difficult to find online (last name is Chhatbar), and just put your NACA reference when you send a connection request.
As for signing a contract, I would do it asap while keeping your local NACA office on board. You need a piece of paper from your builder that says that their preferred lender would get you certain bonus amount (12k, 5k, whatever), and that you are entitled for certain discounts/closing costs/etc. That will be your supporting legal document. I know this would be redundant to my previous post, but once you have this agreement, the builder cannot ask you to EXCLUSIVELY go with their preferred lender. If you have a better offer, their preferred lender has to honor it AND STILL get the discounts/bonus you have agreed upon in the contract. If their preferred lender defaults, you are STILL ENTITLED for the discounts. This is all common sense and an average lawyer should be able to convince the judge about it should you ever have to go that route (you won’t as no builder has time for damage control against “menial” 12k!)February 5, 2018 at 4:21 pm #40314
GREAT ADVICE!!! that is what I read multiple places, I just didnt know anyone who actually went thru the process personally. Thank you so much, I look forward to speaking soon!February 5, 2018 at 4:49 pm #40315
well i didn’t go through the court etc, but had to undergo contract twice with my builder because of my NACA situation. Oh I missed on saying this: If you happen to sign a non-NACA contract first and then do a NACA contract at a later date for whatever reason, please make sure you provide a NEW earnest money check. I made a mistake of carrying forward my previous check on my new contract and the underwriter ate a few days on speculating on a corrupted contract because of the date mismatch between my earnest money check dated a few months before the actual contract date. So just ask your builder to refund the previous earnest money check/adjust towards “closing costs” (more money to buy down that way!) and give a freshly dated new check that aligns with the NACA contract!
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