Comments on: Buying new construction without a Realtor? Read this first! http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/ Tracking Charlottesville's Real Estate Market since 2005 Mon, 13 Feb 2012 12:10:41 +0000 hourly 1 http://wordpress.org/?v= By: Belevedere Neighborhood Growing up | | RealCentralVA.comRealCentralVA.com http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-33011 Belevedere Neighborhood Growing up | | RealCentralVA.comRealCentralVA.com Wed, 09 Nov 2011 12:10:29 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-33011 [...] Buying new construction without a Realtor? Read this first! – New construction buyers need buyer representation, in different ways than buyers of resale [...] [...] Buying new construction without a Realtor? Read this first! – New construction buyers need buyer representation, in different ways than buyers of resale [...]

]]> By: Homebuyers – Caution on Radon, Builders’ Reps and No Representation | RealCentralVA.com http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-31188 Homebuyers – Caution on Radon, Builders’ Reps and No Representation | RealCentralVA.com Tue, 23 Nov 2010 17:08:05 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-31188 [...] Buying New Construction (in Charlottesville) Without a Realtor? READ THIS FIRST. [...] [...] Buying New Construction (in Charlottesville) Without a Realtor? READ THIS FIRST. [...]

]]> By: Buy Local | Real Central VA http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-26338 Buy Local | Real Central VA Sun, 12 Apr 2009 13:55:11 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-26338 [...] just finished reading your article about the outrageous contracts now being used by some builders and I am amazed any buyer would sign them. I thought it was great you were pointing out these areas [...] [...] just finished reading your article about the outrageous contracts now being used by some builders and I am amazed any buyer would sign them. I thought it was great you were pointing out these areas [...]

]]> By: Notes From a Buyer Meeting | Real Central VA http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-22290 Notes From a Buyer Meeting | Real Central VA Mon, 19 Jan 2009 14:32:12 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-22290 [...] Why take a Realtor to new construction? Read this first. And this [...] [...] Why take a Realtor to new construction? Read this first. And this [...]

]]> By: Lone Tree Real Estate http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-18341 Lone Tree Real Estate Fri, 29 Aug 2008 18:30:54 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-18341 Back 'in the day', builders could get away with this kind of thing. In Denver, builders are desparate and objectionable contract terms can frequently be modified via addendums or other written communication. Back ‘in the day’, builders could get away with this kind of thing. In Denver, builders are desparate and objectionable contract terms can frequently be modified via addendums or other written communication.

]]> By: If You’re Planning to Buy New Construction in the Charlottesville Region | Real Central VA http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-17619 If You’re Planning to Buy New Construction in the Charlottesville Region | Real Central VA Thu, 24 Jul 2008 10:42:46 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-17619 [...] Buying new construction without a Realtor? Read this first! [...] [...] Buying new construction without a Realtor? Read this first! [...]

]]> By: Ruiz Canberra Builders http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-17564 Ruiz Canberra Builders Wed, 23 Jul 2008 05:48:08 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-17564 Our contracts do not contain traps like that. Chris Our contracts do not contain traps like that. Chris

]]> By: michael guthrie http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-16292 michael guthrie Wed, 04 Jun 2008 20:30:18 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-16292 Reading and understanding the contract is very important even when you feel good about your relationship with the builder. A realtor will also play the role as a buffer between the builder and the buyer helping to communicate and mediate if necessary. If the purchaser is working w a buyer agent, make sure they help you determine the best financing and with whom to close the transaction. Builders often times offer concessions if you use their lender and closing company or attorney. That can be a good thing but be careful of higher interest rates and hidden fees in your closing costs which eat up the benefits of the builder's concessions. Reading and understanding the contract is very important even when you feel good about your relationship with the builder. A realtor will also play the role as a buffer between the builder and the buyer helping to communicate and mediate if necessary. If the purchaser is working w a buyer agent, make sure they help you determine the best financing and with whom to close the transaction. Builders often times offer concessions if you use their lender and closing company or attorney. That can be a good thing but be careful of higher interest rates and hidden fees in your closing costs which eat up the benefits of the builder’s concessions.

]]> By: Why buy a home in the Belvedere community/development in Charlottesville? | Real Central VA http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-15545 Why buy a home in the Belvedere community/development in Charlottesville? | Real Central VA Mon, 14 Apr 2008 02:53:24 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-15545 [...] the way, even though I like the folks running Belvedere, my advice about buying new construction [...] [...] the way, even though I like the folks running Belvedere, my advice about buying new construction [...]

]]> By: Jim Duncan http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14372 Jim Duncan Thu, 13 Mar 2008 15:57:42 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14372 arpash - Thank you for stopping by. I have found that generally, the Blue Ridge Homebuilder contract is quite good, with a few modifications I make for my clients. Without getting into more specifics, my question for you is this - did you have buyer representation? (If you did have buyer representation, please don't mention names) :) but please do contact me offline. arpash –

Thank you for stopping by.

I have found that generally, the Blue Ridge Homebuilder contract is quite good, with a few modifications I make for my clients.

Without getting into more specifics, my question for you is this – did you have buyer representation?

(If you did have buyer representation, please don’t mention names) :) but please do contact me offline.

]]> By: arpash http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14371 arpash Thu, 13 Mar 2008 15:51:52 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14371 We ran into a similar situation while negotiating a model home for sale last summer(Southland, Montgomery Ridge subdiv); Not only did the builder insist on a Blue Ridge Builder version of the contract, they also insisted that inspection be limited to a pre-close walk through. Obviously, we walked and have stayed off other properties by the same builder. We ran into a similar situation while negotiating a model home for sale last summer(Southland, Montgomery Ridge subdiv); Not only did the builder insist on a Blue Ridge Builder version of the contract, they also insisted that inspection be limited to a pre-close walk through. Obviously, we walked and have stayed off other properties by the same builder.

]]> By: Gerry Davidson http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14336 Gerry Davidson Wed, 12 Mar 2008 15:31:03 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14336 Jim, I don't know VA RE law but in GA a contract with the delivery language you quoted is not enforceable without a proper legal description, i.e. a recorded plat for developed lots. I've been in new construction for over 30 years and wholeheartedly agree with you that the Builder's language on Pre-settlement Inspection is a huge red flag to "run for your life." Jim,
I don’t know VA RE law but in GA a contract with the delivery language you quoted is not enforceable without a proper legal description, i.e. a recorded plat for developed lots.

I’ve been in new construction for over 30 years and wholeheartedly agree with you that the Builder’s language on Pre-settlement Inspection is a huge red flag to “run for your life.”

]]> By: Jim Duncan http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14330 Jim Duncan Wed, 12 Mar 2008 11:49:13 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14330 Thanks, Bret. Belvedere's contract had a few things in it that I didn't particularly like, but <strong>nothing</strong> like the language above. That these contracts have survived as long as they have is a testament to, in my opinion - - The "onerous-ness" of the companies - The lack of education of many buyers about Buyer Agency and representation - The "hot" real estate market Thanks, Bret. Belvedere’s contract had a few things in it that I didn’t particularly like, but nothing like the language above.

That these contracts have survived as long as they have is a testament to, in my opinion –

- The “onerous-ness” of the companies
- The lack of education of many buyers about Buyer Agency and representation
- The “hot” real estate market

]]> By: Bret Harris http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14318 Bret Harris Wed, 12 Mar 2008 05:19:55 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14318 Speaking as a buyer in Belvedere I can say that our contract did not contain any language like that. Speaking as a buyer in Belvedere I can say that our contract did not contain any language like that.

]]> By: Roanoke real estate blog http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14317 Roanoke real estate blog Wed, 12 Mar 2008 04:20:06 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14317 You wouldn't go to court without an attorney, why would you make the biggest purchase of your life (in most cases) without an experienced agent working on your behalf? Sean makes an interesting point in his comment above. He's right that the duty of the real estate agent is not to give legal advice to their client but to point out potential pitfalls in contracts (like the extreme but real instances above) and encourage the buyer to seek legal advice if necessary. I for one though wouldn't sign any contract like that. You wouldn’t go to court without an attorney, why would you make the biggest purchase of your life (in most cases) without an experienced agent working on your behalf?

Sean makes an interesting point in his comment above. He’s right that the duty of the real estate agent is not to give legal advice to their client but to point out potential pitfalls in contracts (like the extreme but real instances above) and encourage the buyer to seek legal advice if necessary.

I for one though wouldn’t sign any contract like that.

]]> By: TrvlnMn http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14316 TrvlnMn Wed, 12 Mar 2008 02:10:56 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14316 I wonder if that's the contract being used at one of those supposedly "green" developments. I wonder if that’s the contract being used at one of those supposedly “green” developments.

]]> By: Charleston real estate blog http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14307 Charleston real estate blog Tue, 11 Mar 2008 17:50:21 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14307 Jim, I recently had someone contact me after the fact when they were feeling that the builder and the preferred lender weren't exactly looking out for their best interests and wondered what I could do to help. Unfortunately, at that stage, my recommendation was to talk with a real estate attorney. And as a side note to Sean, not all realtors are stupid and not all real estate attorneys are intelligent, choose your resources wisely. Jim, I recently had someone contact me after the fact when they were feeling that the builder and the preferred lender weren’t exactly looking out for their best interests and wondered what I could do to help.

Unfortunately, at that stage, my recommendation was to talk with a real estate attorney. And as a side note to Sean, not all realtors are stupid and not all real estate attorneys are intelligent, choose your resources wisely.

]]> By: Heather http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14305 Heather Tue, 11 Mar 2008 17:09:36 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14305 I would like to point out that this language is not part of the Blue Ridge Home Builders Association's new construction contract, which is in use by many local builders here. Emphasis on "local", if you get my drift - the "must buy today" pitch, and contract language like this, are typically tools of those big, national builders, not the local builders. I would like to point out that this language is not part of the Blue Ridge Home Builders Association’s new construction contract, which is in use by many local builders here. Emphasis on “local”, if you get my drift – the “must buy today” pitch, and contract language like this, are typically tools of those big, national builders, not the local builders.

]]> By: Sean Carr http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14304 Sean Carr Tue, 11 Mar 2008 16:36:45 +0000 http://www.realcentralva.com/2008/03/11/buying-new-construction-without-a-realtor-read-this-first/#comment-14304 Why rely on a realtor who may not even have a high school diploma? Better idea, use a real estate attorney for contracts. Why rely on a realtor who may not even have a high school diploma? Better idea, use a real estate attorney for contracts.

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