I remember my loan broker making a comment about waiting one year before doing a new loan on a property – she felt that getting an underwriter to approve a new loan within one year of a purchase could be an ‘iffy’ thing – and that was in a much more accommodative mortgage market than we have today – bottom line: ensure that you can afford the property based on the parameters of the purchase loan because you may be stuck with it
Get you own inspector – less than $500 bucks could save you thousands of dollars and many headaches – DO NOT CLOSE ESCROW until the builder has resolved any issues found by the inspector
Your only strength in negotiating a real estate deal is your willingness to walk away – are you willing to walk away from this property?
