BSR I understand your concern about the new house. As tg says older ones have plenty of problems and can be WAY more costly to repair then anything that crops up with new ones… It is a tough call. I do think newer construction is of higher quality then older stuff but that is a speculative statement made without much analysis.
“SD, isn’t it true that if a buyer places a deposit based on the builder pre-qualing them and the loan program or the lender vanishes during construction that the buyer is usually refunded their deposit. ”
TG the case above absolutely is true and people will get the money back.
The case I was referring to is as follows. Mr and Mrs qualcomm engineers have 125k to put down on the 775k home in 4S. Now they end up going with the preferred lender because they HAVE TO HAVE those incentives. Thus they work with the lender and go with the lenders program… They choose the jumbo loan and float it because the rates are high right now and escrow cannot close until December because the homes will not be complete until then. They are prequalified, they sign the purchase contract. Now the loan package doesn’t disappear at all… It stays in place but Mr qualcomm starts stressing out in November because he looks at his spreadsheet in earnest and thinks man I am gonna be paying almost 5-6k a month for my mtg, prop taxes, HOA, gardner, homeowners insurance, hoa… wowsers!
Maybe I shouldn’t have signed that purchase agreement.