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Nathan Wolf's Advice

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  • 1655 Contributions
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Nathan Wolf wrote:

should I build on my land to get a better mortgage rate?

Answer
Partner with a Custom Builder and market the Home/Land package, rather than just the vacant land. You can do this without actually building the home.[self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
March 27 2013
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How do I list my resort land for sale on this site?

Answer
You would be MUCH better off finding a REALTOR who represents a HOME BUILDER to partner with to market your land for sale.[self promotion deleted by Zillow moderator. Please see our Good  Neighbor Policy for posting guidelines]
March 27 2013
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Construction Loans Charlotte, NC?

Answer
There are banks in Charlotte offering 5% Down Construction Loans. There are other banks in Charlotte offering 10% Down Construction Loans.If you have 20% Down there are many more banks to choose from for your Construction Loan. There are different types and different payment schedules involved with different banks. Most offer interest only payments during construction. [self promotion deleted by Zillow moderator. Please see our Good  Neighbor Policy for posting guidelines]
March 27 2013
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House in a Corner lot by Community Enterance in Ballentyne with no lot premium

Answer
Yes it is a concern. The closer to the entrance the lower your resale value, and the longer time on market. The same exists for homes on the main street, and homes at intersections or stop signs in the neighborhoods.There is a reason the builder is asking for "no lot premium" because this lot is "not premium".
March 27 2013
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Construction to Perm, single-close, 20% down programs?

Answer
There are Construction Loans currently with a little as 5% Down Payment. The higher the purchase price / mortgage, the more the banks want. But many banks are doing 10% Down Construction programs up to about $1.5Million.There are various factors that affect the down payment requirements. Credit Score, Builder Reputation, Buyer's Assets, Etc. So, one bank I know of will do a lower down payment if you place some of your money in their bank. Since that bank lends their own money, and services their own loans, they are flexible with their requirements.[self promotion deleted by Zillow moderator. Please see our Good  Neighbor Policy for posting guidelines]
March 27 2013
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Building a new house.

Answer
There is one bank I know of that is doing 5% DOWN CONSTRUCTION LOANS. Another local bank is doing 10% Down. But the 5% Down Program is exclusive to this lender. Construction Loans are basically a Line of Credit. You pay interest only payments on the money as you borrow it to pay the builder. So as the builder starts building they are given a deposit, and the land is paid for. Then once the do the foundation, they are paid little more. Then once the framing and roofing goes in, they are paid a little more. Until the house is finished. The bank will give you up to 1 year to finish in most cases.Then the loan "Converts"... meaning it changes loans to a Final Loan, where you will then pay the normal payments.Most Construction Loans are about 5% Interest Payments / INTEREST ONLY PAYMENTS in most cases.  Some are less. Some are more. Some are based on Prime Rate, or Prime Rate + 1% or a flat rate. It depends on the bank. Most banks require 20% Down Payment. But some require as little as 5% Down Payment for Construction Loans.Many brokers and Realtors have never done a construction loan, and don't really know how they work. And have never had a client get a construction loan. I've got a dozen clients at the moment doing construction loans. Why do I have so many of my clients with construction loans? Because I understand them, and I work with Custom Home Builders who deliver new homes for less than foreclosures and short sales, with a warranty and they are NEW homes! Who wouldn't want a New Custom Home?
March 27 2013
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10% Non-Refundable Deposit On Mid-Process Spec Home?

Response
So this home is $750k finished?From the builder's position, if you're wanting to purchase, put your money on the line. Otherwise they must think they can get other offers.It's not always the case that builders "run out of money" ... I've had builders strategically stop construction, so that a new buyer can make final choices or selections. And at the point they are personalizing the home for you, they want your deposit non-refundable if they are not able to take other offers and if they are customizing the home to your tastes.If you prefer, you could get your own construction loan to finish the home, and hire the builder to complete it. Then you will own the home, can control the situation, and can ensure that there is enough money to finish the home, because you will only pay out of your loan once the bank has inspected the home and determined that the builder has done his/her job.Nate Wolf, Custom Home Specialist 
March 27 2013
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Do you really need a Realtor when you buy New construction?

Response
Sounds like Chip doesn't like getting referrals from Realtors, if he thinks it's advantageous to buy without one. The fact is that most reputable Builders now have their own agents become Realtors. Even the BUILDER wants good representation by a Realtor.So, buyer beware, NOT using a Realtor can be a hazzard.In the past few months, I have had to -- successfully -- negotiate with builders to break their contracts and refund monies, while their contracts clearly state that they will not do so. And have -- successfully-- negotiated for items not in their contracts to be included in the contracts, to favor my buyers... BEWARE OF BUILDER CONTRACTS.Why can we do this for our clients? Because we have clout. We do talk about builders to our colleagues and no Builder wants a whole bunch of Realtors pissed off at them because they are taking advantage of our clients. They WANT our business and our clients. The trend is actually to WANT Realtors involved-- it reduces the Builder's liability to have an agent represent the Buyers. One VERY large builder in Charlotte claims that over 80-percent of their Buyers use a Realtor.Which stands to reason, because over 95% of Real Estate Home transactions in Charlotte involve a Realtor. It makes sense.
March 03 2011
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Building vs Buying in NC

Answer
I say build. You will get what you want. Builders want the work. Just make sure you find one that will complete the job and not go out of business.
February 15 2011
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