Quote:
Originally Posted by slipcovers
Where ever you purchase a house you have to come up with 10% when you sign a purchase & sale agreement. One needs to get pre-approved first before making a purchase if that is a concern. There is no need for a home inspection as TV gives a home warrantee. The no profit for 1st year is to discourage speculators coming in, I believe. I don't see TV doing anything out of the ordinary for home sales. JMO
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Actually you are INCORRECT. As a licensed Realtor in Virginia for many years, I worked for a contractor who was also a developer in new subdivisions. You were only required 2500.00 deposit- the rest came at closing-based on your lender requirements. So those who think 10% down is required everywhere else is incorrect.
Please do a search on FHA/VA New Construction and you will read my horrible time in buying my home (Sales Agent failed to disclose) issues. I love my house--but boy was there stress involved.
The only reason the person got the 2500.00 credit back to the credit card as it was deducted from 10% down--You can't use credit to buy a house (Visa). It is against the Lending Laws.
If your daughter is pre-approved with anything other than FHA/VA type loan she can buy a new home. However, if she has limited funds for down payment- she should stick to re-sale. All terms are negotiable and lenders are more flexible with down payments and get creative to help buyers.
Do I think that the Morse family are greedy? Nope--just have control of the development they are continuing to build. If you don't like the terms --they need to look at resale (developer) has no control from a buyers standpoint.