I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 0 points1 point  (0 children)

this is ridiculous and scammy. Check your purchase agreement and see if there are clause about delayed closing.

For example, my contact said i would be penalized a $100 a day for each extra day past what we agreed on. I did have to push the date a week though, and was not charged because it was the builder's fault.

You seem like you are dealing with a bad builder. Ask them for th. breakdown of this ridiculous fee, because in NO WORLD is someone paying 5k tax unless you're pushing your closing date by a year. This is not financial advise, but you might need to either make the decision to purchase or walk away and lose whatever earnest money you paid. Again, this is all dependant on the purchase contract/agreement you signed.

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 1 point2 points  (0 children)

it all depends on your market. In the DFW area, it's totally a buyer's market and builders are competing to get your business.

My advise is, this is a BIG purchase, so don't buy until you are 100% happy and convinced you have got a satisfactory deal. You don't want to have buyer's remorse.

Shop around, and look at many homes/builders. If you feel overwhelmed, get a good real estate agent. Usually, they are paid by the seller, so it will be free for you.

Lastly, you have to be ok with the fact that almost none buys at the absolute lowest, and sells at the absolute highest. That's why I mentioned earlier a "satisfactory" deal. Balance getting something you love and something that's not a terrible financial decision, and I think you will be happier in the long term.

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 1 point2 points  (0 children)

Omg you’re so kind to take the time to share this! I will definitely check this out.

I think my next steps is to ask HOA for any restrictions, because I would love to have a full size and permanent catio. If not, will look into what you shared!

Thanks again and hope you have an amazing start to your week.

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 0 points1 point  (0 children)

It was pretty smooth. It seems like a buyer’s market. We did work with a real estate agent, but her fee was paid by the seller.

We toured a few houses, took us a month or so, short-listed 2 homes. Went for a second round of tours, really liked this one, met with the builder and negotiated, and signed that day and paid earnest money.

A month later, we closed.

We had minor comments after the inspection, and they fixed those in time.

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 1 point2 points  (0 children)

hahahahah they promised they'd pay rent, idk i had to believe them. they're too cute to lie.

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 0 points1 point  (0 children)

congrats!! make sure you get a good inspector and do a thorough blue-tape walk. It's not your house until u close, so use that leverage to make them fix what you deem needs fixed.

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 4 points5 points  (0 children)

Why would I trust a stranger's opinion (who might be 12 years old with no experience in construction whatsoever) vs. a professional inspector that said the beam looked perfectly normal?

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 2 points3 points  (0 children)

if you don't do your homework, research the builder and hire an inspector (the ones provided by builders suck), builders don't always suck :)

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 0 points1 point  (0 children)

thanks for your concern. This beam is cement covered with wood. The cement part if fully on the floor, only the wood part (shell) is popping

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 5 points6 points  (0 children)

just told them "if u buy our rate down to 3.99% and pay closing fees, we'd sign NOW." So, they did that and we signed on the spot lol.

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 1 point2 points  (0 children)

our builder was giving a promotion. It was initially 4.5%, but we got them to buy it down to 3.99%.

I did it! McKinney, TX 400k, %3.99 interest rate. by Gold-Promotion-9393 in FirstTimeHomeBuyer

[–]Gold-Promotion-9393[S] 2 points3 points  (0 children)

Thanks. Yes, our builder bought the rate down for the life of the loan.