February 7, 2018 at 11:18 am #40350February 7, 2018 at 11:54 am #40351
didnt receive it!February 7, 2018 at 12:48 pm #40355Pearl609Member
I sent you a message on FB messenger… Maybe you cant see it because we are not connected, I will just send you a friend request if that is okay with you?February 19, 2018 at 3:08 pm #40596
Hey @pratik you seem to be the expert when dealing with D.R. Horton, I went to see their offices this weekend for a community that will be ready in winter 2018. They are not selling yet but they will start selling in a month or month and a half, they will let me know. However, my realtor told me today that I can’t buy with NACA until the house is complete. How do I go about buying with NACA in a new preconstruction house?February 19, 2018 at 3:23 pm #40599
Lol I don’t blame ya @southflorida! You can’t buy a house that doesn’t have a certificate of occupancy – not with NACA, not with anyone as far as a house mortgage is concerned. However, you can sign a contract, pay earnest money and agree to buy a house when the builder finishes it. Jumping in early helps, as that will allow you to talk to builder while they are with the permit phase of the house, so that you can do certain permitted customizations (room/bathroom customizations, sun room, fireplace, etc.) This way, you will get the house of your choice with customization, and while the house is getting built, NACA (or any other lender) can get started with the paper work and that way you can schedule an inspection when the house is 90% built (certificate of occupancy yet to come), and move in soon after the house is ready to sell, as your paper work with the bank is already submitted. While every state has slightly different rules, I think this is my general understanding of the process and hope it is helpful and feedback on anyone’s experience appreciated! Best wishes, P.February 19, 2018 at 3:36 pm #40601
Oh ok, I will make sure to be the first one there when they start selling. Also, I will probably have to deal with signing the contract indicating that I will use their preferred lender in order to get the seller contribution making sure they will have to match a better deal, and since NACA is better they will have to honor it. That’s what I’ve learned from your post.March 6, 2018 at 12:34 pm #40833
hey @Pratik I have a question, you say that their preferred lender won’t be able to match NACA and then I can use NACA. How did you present them NACA’s terms? did you get a letter from NACA specifying what NACA offers? Also, is this all done the day of the closing? in other words, did you also go through the qualification process with their preferred lender?October 28, 2018 at 1:12 pm #45947jprince616Member
I am new to the forum, but I stumbled upon this post while looking for info on building a new home with NACA. Although you may have mentioned info about what I am about to ask, I could not find it on the forum anywhere!
My husband and I are wanting to build a new home, but I am unsure as to what happens if your home is not complete by the time you have to close on the home? Would you mind providing some details on building ground-up with NACA and what happens when the home isn’t done by your closing date? I would greatly appreciate it.
October 30, 2018 at 2:23 pm #45991
- This reply was modified 3 years, 1 month ago by jprince616.
Hey @jprince616, sorry I missed out on this post – I think you’ve already got a response from your other thread. Briefly, qualify > sign a contract > wait for house to build > (if >3 months, qualify again) > submit bank application > close > move in! Cheers!October 31, 2018 at 8:40 pm #46014January 17, 2019 at 10:50 am #47279sandraj0429Member
I had a question already asked…how do I present Naca’s offer?January 17, 2019 at 1:41 pm #47290
Tell your builder that you’ve got the mortgage offer with specs (zero down, no closing costs, no PMI, lower interest rates, etc.) and ask them to match it. They will back out 🙂January 17, 2019 at 5:30 pm #47294MsBamaMember
@pratik DR Horton is having a red tag sale January 19-24. My appointment with my MC to send off my application with NACA is January 24. I was told I would have to sign a contact with DR HORTON on those days in order to receive the incentives or discounts. Should I go ahead and sign a contract and change lenders once I get approve?
Red tag event goes on annually to sell their already built homes.January 17, 2019 at 5:42 pm #47295
Yes, you have to sign the preferred lender contract in order to receive the stated incentives/discounts in the contract. This is the binding agreement for both you and their preferred lender and has legal implications for you and their preferred lender.
Also there must be verbiage in the contract that the preferred lender is obligated to match the competing offer.
NACA will be your competing offer.
The preferred lender would have two options:
1. Match the NACA offer
2. Deny NACA offer.
Option 1: (not possible), you go with their preferred lender and receive discount. At this point, since you are getting NACA offer, it is no brainer!
Option 2: Preferred lender is braking the contract, and therefore is obligated to provide you the incentives/discounts as laid out in the contract. If they don’t they are calling for legal trouble and negative press, which they won’t as it is not worth it for a few grands!
Hope this helps (and I am writing it for the last time.. don’t mean to be critical of anybody here! I understand this is probably biggest purchase of life for the majority of us – no harm in measuring 10 times when you got only one chance to cut!)
PratikJanuary 25, 2019 at 12:23 pm #47366MsBamaMember
Sorry for the confusion. I was only hoping to get my questioned answered.I figured out a solution that works best for me which is patience and prayer. You explained your story very detailed on numerous occasion, so I really wasn’t trying to get you to explain your situation again. But, thank you for sharing your experience with all of us, that soon hope to be in your shoes one day.
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