April 4th, 2017

Let's Buy A House

Once again, we are new to this whole process, so there are a number of things that we were unclear on, but once again Brad did a fantastic job helping walk us through the entire process.  God bless him, because I know he has had to be patient and we are going to have 1000 questions

Questions

1.) What are the specific times/markers in which we would need to make payments and be approved for financing/ how much at each time period?  i.e. date of initial contract deposit (How Much?), 2nd Deposit (When/How Much?), 3rd Installment (When/How Much?), when do we need to have the rest of the down payment and apply for financing?

The deposits will completely depend on you and what type of loan you're doing. Typically we require a minimum of $1500 at contract. From there you would have a payment at 30 days and a final one at 60 days. For example, if you are doing an FHA loan and putting 3.5% down then we would do $1500 at contract, $1500 at the 30 day mark, and $2,000 at the 60 day mark. That would bring us to a total of $5,000 and that would go directly towards your cash to close at the end. This means if your cash to close is $10,000, you're only bringing $5,000. 

2.) Do you have a copy of the site map to review plots in which we could select from?

3.) Also we want to know if we can build a fence into the mortgage?

You can definitely build a fence in this community but it does have to be done after closing. Our warranties are incredible with our homes and basically protect you from having to spend any money to fix issues. That being said, we don't have the ability to give a warranty on fences and rather than lowering our standards when it comes to this, we don't offer them.

4.) Since we are not going to do the basement would the deck that we have selected have stairs to the back yard? Also, instead of a regular deck can we do a covered deck and how much would that be?

The deck you would have without a basement would definitely have stairs going to your yard however we do not offer a covered porch. A popular option has been retractable awnings that you would purchase after closing. 

Brad also included the information for the prequalification in which we provided some base financial information and authorized to run our credit score to make sure that we were in good enough shape to move ahead in the process.

After hearing back from Brad the next day that our pre qualification came back without any issues, on April 7th we decided that we were going to go ahead and move ahead in the process. We placed a $1500 deposit down and we selected our Lot which did include a premium as there will never be building behind our house.  We met with Brad to put the deposit down and to verify the Purchase agreement and sign a number of forms digitally.  At this time he gave us our address. I have to say it was kind of weird to have an address to the house already and made the whole process real.