Are you in the market for a new home?

Dated: 02/18/2020

Views: 184

Are you in the market for a new home? Have you looked at all the houses on the market and haven’t found the perfect home for you? If you aren’t finding what you are looking for in a home, you have the option to purchase a brand-new home. A home that you can build from scratch with a builder and make it the home of your dreams. In today's real estate market, there are so many brand-new communities that have lots and builders ready to build you the home of your dreams.

Deciding to build a home can be truly an exciting time, but there is a lot of work that goes into building your home just the way you vision it. The process of building a home can take months, sometimes it can take over a year. So, when you are thinking of purchasing a new home, the process will be long. And the process is slightly different from purchasing a home that is already built-in an established community. When you purchase an already built property, the escrow process can take an average of 30 days to close. When purchasing a new home, the escrow process technically doesn’t really start until your home is at the final stages of being built and that is about 30 days out from completion.

The escrow process for a new home is pretty much the same as a normal residential transaction. The main difference in the escrow process for a new home purchase is that once you have signed your contract with the builder, your escrow officially opens based on your acceptance date which can be 3, 6, or 12 months before you actually close on your home. At the time of opening escrow, you will also need to provide escrow with your earnest money deposit based on what you agreed to in the contract with the builder. Your earnest money deposit will be held in escrow until closing. You will also receive a copy of your escrow instructions for your review. Now it’s time to play the waiting game, at least from the escrows point of view.

During this waiting period, you will be fully engaged in the process of building your home. You will be picking out your paint colors, flooring, carpeting, etc. So, it may seem like time is flying by for you. Once your builder is close to finishing your home (or at least 30 days out from completion of your home), that is when everything else starts taking place with escrow to get your home closed. During this time, you will need to be ready to communicate with your escrow officer in regard to making sure they have everything they need to get your home transferred over to you as the new owner. Your Escrow Officer will be coordinating with Title and your lender to make sure everything is ready for your closing date.

Once you reach the closing finish line, you are in the home stretch. On the day of closing, you will get the keys to your brand-new home, the home that you dreamed of, the home that you build. After months and months of waiting, when you see the home that you build, you will know that it was worth the wait.

 

Blog author image

Anna Marie Barnard

Sand and Sea Realty is a Women Owned Real Estate Brokerage with more than 30 years’ experience. Their team of highly experienced and proficient Real Estate professionals has consistently ranked in t....

Latest Blog Posts

Are you in the market for a new home?

Are you in the market for a new home? Have you looked at all the houses on the market and haven’t found the perfect home for you? If you aren’t finding what you are looking for in a,

Read More

Relocating To The Glen? We Make Moving Easy!

Relocating to the Glen? We Make Moving!

Read More

Short Term Rental Market Updates

After lawsuits were filed and 67,000 signed a petition fighting the new rules passed that enforce limited STR (Short Term Rentals) to only owner occupied properties and max at 6 months was appealed

Read More

Buying Versus Renting

For example let’s say your family income is $80,000 and you pay $1500 in rent. If you buy a home for $350,000 with 20% down, your payment would be approx. $2000 a month, .The $2000 comes from

Read More