3 Questions You Must Ask If You’re Buying A Newly Built Home?

Recently one of our client’s first-time homebuyers whom we fully preapproved found a home. The home was a newly built home being sold by a builder. 

They decided to make an offer of full price, the offer was accepted, and a contract was executed. 

Shortly thereafter, we received the contract and we began the loan process.

About two weeks after the buyers paid for the home inspection and the appraisal. The buyers’ agent calls me saying the builder wants to cancel the contract. How come I ask because the home should have never been on the market it was promised to an investor.

Ladies and gentlemen a signed and accepted contract is a promise. A commitment you must fulfill. In the mortgage and real estate world, they’re a few contingencies that would allow you to cancel a contract. An appraisal that is lower than the contract price. Repairs a buyer wasn’t anticipating are a couple. Canceling a contract just because is unacceptable.

If you’re currently preapproved and you’re shopping for a home and you find a newly built home being sold by a builder.

Here are 3 questions you must ask the builder and realtor selling the home? 

1. 
   Is this home currently under contract with anyone else? 
2. Was this home previously under contract? If yes, why did it fall through, and has a cancellation been issued in writing? 
3. In the event, something goes wrong on the selling side who is the person in charge? Are you willing to provide everyone’s contact information? 

Every situation is different if you’re currently going through a similar situation and you need help or guidance feel free to give me a call. I’m happy to share with you several other questions you should ask to make sure your contract doesn’t fall apart and so you don’t lose money. 

If you’re currently working with a mortgage person who is not educating you about what is happening next and why, I would love it if you contact me. I can walk you through on what to expect. 

You can also share this video with a friend or co-worker who can benefit from a mortgage professional who has the heart of a teacher.

Contact Us Today at 772-444-6362 To Start Your Mortgage Pre-approval.