Questions I Ask New Home Builders Without My Clients.

Dated: April 21 2021

Views: 231

  

My first step, I ask the new home builder these key questions to help my buyers approach the deal with the right expectations.

New home Builder reps are more willing to answer these questions without my buyers present, so I speak to them one-on-one and share the answers with my client later.

General contract questions:

  • Procuring cause —how does the builder document it?
  • What buyer incentives are offered?
  • Do they have any restrictions on them?
  • Can buyers use their own mortgage lender and title company?
  • After the contract is signed, are there any additional charges?
  • What is the home warranty, and what is the procedure for claims (including how quickly repairs will be made)?
  • What does the contract stipulate about earnest money and contract cancellation?
  • What’s the procedure for a dispute?
  • What are the rights of the buyers?
  • What buyer performance does the contract require for closing?
  • What builder performance, including finish-out quality and closing date, does the contract specify?

Questions about the process included in the contract:

  • Does the lot survey include anything besides standard utility easements?
  • How does the builder handle change orders, and what are the added charges?
  • Does the builder agree to put everything in writing during the process, including a punch-list of items to be completed before closing?
  • Are there any restrictions on buyers using a home inspector, and how will the builder treat the report?
  • What is the builder’s definition of a completed home and standard of finish-out quality?
  • Can the buyers see the finish-out quality of a builder’s home that will be closing soon?

This list doesn’t cover all the questions that could come up in a builder’s contract, but it does address common issues my buyers may face. Before clients sign a new builder’s contract, they should have their real estate attorney review and approve it.

Blog author image

Kenneth Manesse

Helping you experience something new in Las Vegas that's guaranteed. Real Estate with less stress!....

Latest Blog Posts

Should You Negotiate When buying A Home In A Sellers Market?

Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of the transaction can be a little daunting and stressful. However, it is necessary to ensure you are getting the

Read More

27.9% of Las Vegas Local Property Sales - CASH

The total number of existing local homes, condos, town homes and other residential properties sold in Southern Nevada during 2021 was 50,010, according to lasvegasrealtor.com That was the first time

Read More

Las Vegas Predictions for 2022 Real Estate

Experts agree that the Las Vegas real estate housing market will continue to favor sellers for some time, possibly for years, but with slower growth in home prices and decelerating inflation. The

Read More

Las Vegas Most Underestimated Homeowner Project.

With growing demand for home remodeling and construction material shortages, budgeting accordingly for house projects has been unpredictable. Many homeowners may be getting sticker-shocked at how

Read More