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2018-08-08 11:10:39
2 Things to Know Before Buying New Construction

There are many reason why buying new construction may be appealing to home buyers. However, before buying new construction there are two important things you should consider:

1. Your Real Estate Agent

New home communities are typically laid out so that visitors are herded into the builder’s office before they reach the model homes. The person that greets you here is usually the builder’s real estate agent. Read that again: the builder’s real estate agent. Although she may be a perfectly fine person, full of wit and charm, she is not your real estate agent, nor should you entertain fantasies of how easy the process would be if she were. Think of it as being represented in divorce proceedings by the same attorney that is representing your spouse. Not a good idea.

The best way to avoid the temptation and any pressure the agent may try to place on you is to mention that you’re already working with a real estate agent. Keep in mind, some builders may require that your agent be present with you at least for your initial visit...while others will simply ask for your agent's business card.

Remember, the builder pays the real estate commissions so there is no reason not to have your own representation during the purchase process. 

2. Your Lender

The builder may also have a preferred lender and you will no doubt be urged to use it to finance the purchase. While there is nothing inherently wrong with using the builder’s lender you should definitely research different lenders before signing on with the builder's lender.

While the builder's lender may offer various incentives that does not necessarily mean you are getting the best deal in the long run.

Never feel that you have to use the builder’s in-house lender; you are within your rights to use any lender you prefer.

There is a lot more to buying a newly-constructed home than you may think. Carefully choosing your real estate agent and your lender will go a long way to helping the transaction run smoothly.


Adam Waxler is a Florida Licensed Broker and owner of uKeepCommission Real Estate. If you're thinking about buying a home in Sarasota or Manatee county, please give Adam a call at 941-465-9206.

 
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