What Should I Know Before I Close on My New Construction Home - Closing Process with Home Builders

So, you’re wondering, what should I know before I close on my new construction home? This is an incredible question. So, today, I’m going to give you an in-depth look at the closing process with home builders. And, just so you know, I’ve been in the NHC industry for over 15 years. I have personally guided more than 500 people through the process of building a home. And, I have built 5 homes for myself. This is the best video you will find to gain an understanding of the closing process with New Home Construction.

Utah Realtor: Ty Wilde 801-995-2337
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The builder will NOT give you a closing date at time of contract. They may give you a general idea, but one delay could slow down the production of you home for weeks & maybe even months. most builders will give you a closing date when the home is 30-45 days from completion. 30-45 days is not a lot of time for your lender to get everything in line, so you need to contact your lender immediately so they can start to prepare the final closing documents.
Most builders have a preferred lender. They'll usually give you an incentive for using them. The incentive is usually something like a credit toward closing costs, granite counter tops, & things of this nature. It’s hard for outside lenders to give you a better deal than the preferred lender. But, the builder cannot force you to use a specific lender. I recommend getting prequalified with the preferred lender & an outside lender to see which one will give you the best deal. I do recommend using the preferred lender simply because it will make the whole process go more smoothly.
If the builder doesn’t have the home ready on the closing date that they gave you, there are NO penalties. Most delays are NOT the builder’s fault. There are many situations that are out of the builder’s control. And, the builder wants that house to close as bad as you do, because there’s a lot of money on the line & they don’t get paid until after you close on the home. Also, most builders will charge about $200 to $250/day that you don’t close on time. You agreed to these terms when you signed the contract so there’s nothing you can do about it.
When the home nears completion, most builders will hold a final walkthrough aka a home buyer orientation. A representative from the builder will walk you through the home, teach you how to operate your house & point out anything that still need to be completed. Often during this walkthrough, there will be blue tape on the walls to mark locations where paint touchup or other repairs need to be done.
if you’re unable to close for any reason, the builder will most likely keep all of your deposits.
When it comes time to close, the title company will tell you where & when to meet to sign the closing documents. Usually, you will NOT get the keys to your house immediately after closing because your funds need to clear with the bank. In other words, the builder needs to see proof that the money from the closing of the house is now in their account. And, it needs to record with the city. Once these two things happen, the home is officially yours & the builder will give you the keys to your home. Congratulations!

Видео What Should I Know Before I Close on My New Construction Home - Closing Process with Home Builders канала Ty the Real Estate Guy