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Answers (5)
Best Answer
- Sinead McAllister, "Oceanside Specialist"
- Contributions:142
Typically not until closing, although it all depends on how your contract is written. Some builders also request increased deposits throughout the building process and/or option deposits if you select certain upgrades. All of this will be in the contract though, so make sure to read it carefully and/or get an attorney to look at it for you.
- Hank Miller, SRA, ABR, "BrokerAppraiser"
- Contributions:593
New construction deals I've done have a non-refundable deposit made at contract signing, Upgrades or additionsa are usually paid "as you go" and the balance is paid at closing via the mortgage route.
USAA is a fine insurance company, I use them and use their banking as well since '80 when I entered the military. As far as mortgages, etc - they just refer folks out so you're not really dealing with them, just a referral they have a contract with.
USAA is a fine insurance company, I use them and use their banking as well since '80 when I entered the military. As far as mortgages, etc - they just refer folks out so you're not really dealing with them, just a referral they have a contract with.
- nikmarkose
- Contributions:3
@ Ofe Polack,
Thank You for your reply. Yes I am using a real estate agent that's provided by my lender USAA federal savings bank through their Movers Advantage program for free, as you may know USSA is a very reputable bank that caters to the military community. The thing is I am currently in Afghanistan and I have very limited options to contact my agent or my lender because of limited communication means here in country. That's why I rather come here and ask this great community. I am using my own lender even though the builder offered me their own, I politely declined. Thanks again
Thank You for your reply. Yes I am using a real estate agent that's provided by my lender USAA federal savings bank through their Movers Advantage program for free, as you may know USSA is a very reputable bank that caters to the military community. The thing is I am currently in Afghanistan and I have very limited options to contact my agent or my lender because of limited communication means here in country. That's why I rather come here and ask this great community. I am using my own lender even though the builder offered me their own, I politely declined. Thanks again
- Ofe Polack, "Ofe Polack"
- Contributions:1418
Pity you are not working with a buyer agent, so you had somebody on your corner when you signed your offer. Do you know if you are buying a turnkey property or you are purchasing on a construction loan? On a turnkey, you would have given a certain amount to be held in escrow and the downpayment would be paid at closing. On a construction loan, several payments are made between the time of offer and closing, then at closing the property is transferred to a conventional loan. In any event, that decision was already made, now all you need to do is have a talk with your lender with your contract in hand, so that he can explain the details to you. By any chance are you using a lender you selected on your own, or the builder's lender?
- nikmarkose
- Contributions:3
Thank You for your reply. I will do that!
When is down payment due?
I recently entered an agreement with a builder to purchase a new home in Gwenette county Georgia. I already signed a purchase agreement and put 3% down as good earnest money. On January 2012 I am going to sign my contract and the builder will start building and am told they estimate to complete the home by April and am supposed to close on April 30, 2012. My question is, is my down payment due on closing date or when I sign my contract in January? From what I read it's on closing date. Is this true also for new construction home purchases? Thank You very much in advance for your reply.
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