I swear these videos come out at the perfect time! Finally got our walk and closing dates. Only a few more weeks! 🎉 I seen in a different comment that you suggest wiring the funds a day or so prior to make sure they are available and cause no delays. Never thought of that but noted it down. Thank you for your knowledge and breaking things down! ☺️
Great info as always! Builder told me they r anticipating to close on my home last week of December if there are unexpected delays. So excited despite some issues I am dealing with.. thanks for keeping me sane with your vids- so pertinent to me Ty!! Thanks!
Great videos thanks! Can you do one about how to wire transfer the funds to a builder without becoming a victim of fraud specifically wire transfer fraud.
Thanks for watching & for your excellent suggestion. Believe it or not, I actually have 25 videos in the cue. That' being said, I'm going to look into this because its such a problem today. Thanks again.
Thank you for the informative video. The closing date for my new construction townhome (quick move in) is 30 days away. I am going with builder’s lender and locked in the rate. Should I go with builders title company or an external one my attorney is suggesting?
I am waiting patiently for my home to be completed.... the cabinets have been installed but still waiting the siding to be done. I am not using the builder's preferred lender. I work for a bank so I am going with my bank because I am getting a better rate.
We have a spec home with additional upgrades we were able to get. We have cabinets & outside done but no one updated closing which is first of October. Love your videos & very excited!
Does the lender require proof of income before closing on newly constructed home? Or just when the agreement was signed before the construction began? Thanks!
You're awesome. Thanks for watching & for your comment. The information should be pretty close from state to state except for many states don't build home with basements.
How about prepaid interest if closing on the 6th of the month because the builder screwed you from closing at the end of the previous month. Lender mentioned prepaid interest for the month or maybe reverting back to the end of the previous month. Which option do you think is better? I'm not sure I understand prepaid interest at closing. Uggghhh... this process.
Yes. I'm glad I could help & congratulations on the new home. The best tip I could give is to tell you to watch my video what to do after moving into your new construction home. Here's the link... th-cam.com/video/VF19WDc3xd0/w-d-xo.html
What’s the procedure if paying in cash? (Cash coming from sale of existing home and savings). How much does builder want for deposit? Washington State.
Excellent question. Thanks for asking. The deposits will vary significantly from one location to another & from builder to builder. Usually the more expensive the home the higher the deposit. Some builders may only ask for $5,000 while other builders are asking $20k or more. Also, it's normal that the more upgrades you add the higher the deposit will be. Did that answer your question?
That is an excellent question. I totally spaced that I was going to do that. I'm going to look into that & see if it makes sense to do. Thanks for watching.
So helpful. So I am watching because I took a new job position working for a big appliance supplier that works with builders to supply their needed appliances. I have 2 big accounts assigned to me and I am trying to learn quickly the process. Can you also explain very basically the buying order from ones that actually buy the land and sell off lots and how builders get paid etc.
Thanks for watching. That is a great suggestion. No joke, I currently have 13 video's scheduled to script, film & edit & one in the process. It may be a while before I could get to doing a video as requested. Sorry. Once again, thanks for the suggestion. I really appreciate it.
What if builder does not complete all the items on the walkthrough list by the closing day? Also what if builder will not repair something on the list because they say it is within city standards?
These are excellent questions. Thanks for asking. If you have a Realtor, have them reach out to the builder. If you're on your own, I would write a detailed email asking your agent to confirm it has been seen by the superintendent, the sales manager & the division president or CEO. Clearly define what has not been completed & why you expect these items to be be done correctly. I would explain that it wouldn't be right to insist that you close on the property with the incomplete items. Then I would insist on meeting with the Sales manager in person along with the superintendent & sale rep if they are unable to meet these requests. Unfortunately, most builders will not "fix" items where they believe the work is acceptable. You will have a tough time getting the builder to do these items. Best of luck & please let me know how it turns out.
Congratulations. This is an excellent question. Every city is different & each bank works at their own speed. Usually, it takes less than 24 hrs. If you close in the morning, it will often fund & record on the same day. Best of luck to you. Where did you buy a home?
@@Jg80s Yes. That's awesome. I spent the summer in Bremerton with a friend. It's a beautiful place. You are very blessed. Hopefully I'll hear from you in the future.
I can't believe I almost forgot to recommend this next video. This is a must watch before you move into your new home... th-cam.com/video/lG1dz5K7PGw/w-d-xo.html
Thanks for the compliment & for watching. Best of luck to you in your new home. You'll want to watch, The New Home Checklist - What to do BEFORE you close on your house th-cam.com/video/qPCuPMTbBts/w-d-xo.html
This is an excellent question. Thank you so much for asking. In some states you might need one, not in Utah. You should be fine hiring a Realtor, especially if they have new home construction experience. That being said, if you feel nervous, you should do it. That attorney fee could pay some serious dividends if things go wrong. That being said, if you choose to build with a high rated builder you should be fine. Where are you looking to build?
That is an excellent question. They can’t make you close but they can penalize you by charging you for each day that passes beyond the closing date that you still haven’t close. If you decide to close with items that still haven’t been completed make sure you put it in writing. And that the builder signs the document. Best of luck to you.
I got a closing date for 31st March. I didn't use the builders lender and feel I'm being penalized or feel I screwed myself in the process. All my ducks are in a row, but the builder/seller did not pass the inspection for the certificate of occupancy as yet. Now I'm screwed to pay an additional $88 per day to keep my rate lock or wait 30 days to re-lock. Should I have my realtor talk with the seller(since they are the reason for the delay) to get the 30 days extension or pay $88 dollars per day? I'm a little frustrated at this point spending extra money and just regretting the whole process.
Thanks for reaching out. 100%, your real estate agent needs to go talk to the builder and get this taken care of. Best of luck and keep me posted please.
@@TyWilde thank you. I've been told that new construction normally does not come with a refrigerator. So now, this $88 per day could have been money to put towards refrigerator, mailbox, re-staining the hand rails for the staircase or a garage opener (all of which I'm not getting).
Signed my contract on March 31, and have been approved for mortgage. It is now July 20, and construction has not started, nor have I been informed when it will begin.
Yeah, that has been frustrating. I would definitely reach out to the builder to see if they have an estimated start date. Best of luck to you my friend.
Did our walkthrough and things were still missing like the shower door, bathroom mirror and some hardware. Do you recommend trying to get the closing date moved back since I cannot get an updated timeline when those items will be finished.
That is an excellent question. Most builders will "force" you to close on the date they have given you. If that's not the case, and the builder will allow you to push the closing date back, I would definitely go that route. If they make you close, I would get it in writing signed by the builder that they will complete the missing items within an acceptable timeframe. Let me know how it goes & best of luck to you.
Ty, what are the pros and cons of buying the model house? I have the opportunity to do so and it's tempting but it is somewhat more than I wanted to spend but doable. What's the downside? What about warranties?
This is an excellent question. Thanks for watching & for asking. The big upside is that model homes are usually way over upgraded & the builder can't possibly sell the home for what they've put into it. The big downside is that you will most likely be buying the most expensive home in the neighborhood. It might not appraise & you might not get the full value out of the home when you sell it. Best of luck & keep me posted on what you decided to do. BTW, who is the builder?
What about a USDA loan, no money down.. does that include closing? Can we pick our lot outside of the builders communities that are USDA approved? Is there down payments at the design center? Or is it all added to the loan ?
Thanks for watching & for your questions. As far as USDA, you need to speak to a local lender about how that all works. Most builders will not build outside of the community they are building in but a custom builder would build on a random homesite. Most builders do require a deposit at time of contract & then a design center deposit as well. So you will need money for that. Usually, you can get all of the deposits back at closing. Just confirm with the builder & lender. If you don't have the money, maybe a family member would loan it to you if they know they will get it all back. If I didn't answer your questions correctly please don't hesitate to ask again. And, I would recommend reaching out to some local brokerages to see if they have a Realtor with new home construction experience to guide you through the process.
First minute is critical for your viewers to decide to continue watching or not. Don't spend time on doing self praise or promoting yourself. Also, you can have normal face or with a smile instead so much force on your face. Your content is good though but can be a better presentation
Thanks for the tip. I appreciate it more than you know. If you watch my newer videos you'll notice I have a much shorter intro with no self promotion. Still a forceful face though. LOL.
Great Video Ty! I also purchased a new construction home. I wanted to ask for Pre Drywall inspection, would you recommend I get my own inspector as well as having the city inspector from the builders or should I just stick with the builders inspector and not hire my own inspector?
Having an inspection done has to be a personal decision. I've built 5 times & never had one done, but I know some people who were very grateful they got one done. If it's a trusted home builder you probably don't need an outside inspector.
That is an incredible question. It probably depends a little on what state you live in, but I would say for the most part probably not. If a builder was taking advantage of people, they wouldn't stay around too long. I think it's more important to hire a Realtor who understands the home build process before you sign any contracts. Thanks for watching.
@@TyWilde thank you so much for the response! Couldn't find any information on this online so I am glad you are able to provide some clarity. Keep up the great videos!
Thanks this was very helpful! I am getting just a tad bit anxious, we started in April and my completion date keeps getting moved back due to labor shortages
I totally empathize with u. We signed Oct 2020 & are finally having our walkthrough next week & will be closing the end of December. Longest journey ever! Good luck to you. Hope your home is completed soon 🎊.
Cities normally take a few hours but sometime a day or two. As far as expediting funds, a lot of people will set up the wire transfer the day before so the funds are already there especially if you're using 2 different title companies.
hi Ty..need your input. my new construction house will not be done until may or june of 2023..the paper work said it closing date is jan which I know is not correct as it should close 30 to 45 days when my home is complete. but I have a question..what if the market totally crash, will I have pay the price of the house that I signed for also what if interst rate hikes up. what will my interst rate be? the new construction realtor told me I can ask for house to be lower if the market crashes, but it's up to the builder if they are willing to lower the price. and my interest rate is already locked at the time I applied for the loan of at 5.7%. oh and I asked the realtor if I get laid off what happens to my house. she said i have to submit the proof of layoff. my overall concern is if it doesnt go through as i plan will the builder keep my deposit? help. thank you
Thanks for watching & subscribing. You'll be disappointed to know that builders all over the US are keeping peoples deposits who cancel because they no longer qualify for the home. Unfortunately builder contracts are written to protect the builder & not the buyer. Home prices will come down & it's highly likely your house will be worth less than what you agreed to pay when the time to close finally rolls around. It's a tough situation for sure. I wish I had better advice. Please keep me up to date on how everything goes.
@@TyWilde sighhhh that's what I thought.. I'll think on the bright side my home will be done and its brand new... but I'd it drops like 100k I'm willing to lose the deposit I guess. Thxs for your update.. you are amazing to watch and learn from.
@@TyWilde its hurting now that you are telling me that haha jk. Well I live in the bay area but where I'm moving it's about 1hr away so that's what I'm willing to give up for a nice home. Dont get me wrong but I love the bay area sad to see my future not in the bay again give and take :-) and :-(
I thought builders got paid from your construction loan draws. How do builders not get paid until closing? Are they using a development loan to build your house / cash ?
That is an excellent question. Smaller builders do get paid that way. But, most builders cover all costs to build and my development and etc. then get paid when you close on the home.
Ty , I’m scheduled to close 5 weeks , I drove by the home at night and there were rodents running in and out of the garage which does not have a door yet . The door from the garage to the kitchen was closed only a few days ago . I feel the house is infested, I know I will not be able to rest comfortably once I move . Can I back out ? What do I do ?. It was traumatizing. What do I do ? Please
I am sorry to hear about the rodents. Yes, it’s disgusting, but I would bet it’s going to be OK. Often, homes are built in locations where creatures like spiders, scorpions and mice have called home for centuries. As more homes are built, the creatures move on as their habitat is destroyed. Because home prices have increased so significantly, I would at least close on the house and then if you are still having problems with the rodents, sell. Before you move in, you could should hire a rodent specialist to take care of the problem and make sure the house is cleared out. And then, I would get a couple of indoor cats. Seriously! Too bad you don’t live in Utah, I have an incredible option That would actually make you a lot of money off at home.
New to your channel as a subscriber .. going to check out more of your videos .. My wife and I are in the process of building a new home this year. Your tips and advice are a great resource ... however, I find it hard to take you seriously with those white sunglasses .. #JMHO
Thanks for watching & for sharing your thoughts on my sunglasses. I sincerely appreciate it. That being said, they are kind of a trademark at this point so, it kind of is what it is.
Hello sir, i am one of your subscribers and love love your videos. I really really need your advice and help with our construction situation please. We signed a contract with a building company in January 2022 and they told us it will take approximately 6 to 7 months to build our house , they said the only delay will be they have to wait on the permit , so in april we received an email from them that they got the permit and they will start on our house in 2 to 3 weeks since then now we are July they keep telling us the same thing . When we call them they said we will start next week or when they email us same story we will start next week. What should i do i am mad and disappointed in the company i don't even want to deal with them anymore. I wish i could talk to you to give you more details or email you please 🙏 i need your advise. Thank you.
I am so sorry to hear about your situation. It's more common than you'd think, especially over the last few years. In most situations, the builder is anxious to start building & complete the home as well because they don't get paid until the house closes. Are they still building homes in the community?
@@TyWilde thank you very much sir, Yes they are currently building in that area, last time we contacted them they said their are some peoples before us and they are short of workers so that really made me upset because it's their responsibility to get workers as a company, and we already deposited $10000.00 , so my question is if we want to back off on contract because it's luck of responsibility from their side do we still loose our money????
@@Mohamed510 Yes, most likely you'd lose your money if you backed out. Though, you could ask them if they'd return the money. I'm pretty sure they will not. Most likely you're stuck.
I wired the money to a title company I’m working with that is required to close. Is there any instances where closing costs may be more the day of closing if I already signed the closing disclosure?
I am so sorry, that sucks big time! The labor & materials shortage has increased the cost to build in significantly, a lot of builders have been doing this. I don’t think it’s right, but unfortunately they do have the ability to do it. Who was your builder?
I am so sorry, that sucks big time! The labor & materials shortage has increased the cost to build in significantly, a lot of builders have been doing this. I don’t think it’s right, but unfortunately they do have the ability to do it. Who was your builder?
@@aeroserge Yeah, you don’t have to use the preferred lender. I would definitely get a quote from one or two other lenders in the area. Best of luck to you. Where are you building?
WAIT A MINUTE, hold your horses for a sec. Overall I'm putting 20% down on this 399K new construction. Already gave them a little over 39K. So you're telling, if I'm unable to close, I Lose ALL that money?????????? I mean, I read the contract, sort of, BUT not ALL OF THAT MONEY. No, NO NO NO. Spent years wearing 1 pair of shoe to save money. That's some scary ish.
Maybe I didn't explain it very well. When you build a home, most builders require an earnest money deposit & a construction deposit. Earnest money is normally $3k-$10,000. After selections are made the builder will then require an options of construction deposit as well. This will vary based upon the cost of the upgrades you added. So, you're looking at an additonal $0 (if you add nothing) up to $50,000 (though this is rare). These total #'s can vary significantly from builder to builder & buyer to buyer based on selections made so make sure you have a solid understanding from the builder of what is required before you sign a contract. I recommend hiring a local realtor who has worked with home builders before, some one like me.
For more great videos like this hit the subscribe button.
th-cam.com/channels/0X9q1Yr_JARSO8hYHf9RRg.html
I swear these videos come out at the perfect time! Finally got our walk and closing dates. Only a few more weeks! 🎉
I seen in a different comment that you suggest wiring the funds a day or so prior to make sure they are available and cause no delays. Never thought of that but noted it down.
Thank you for your knowledge and breaking things down! ☺️
Perfect! That's so cool to hear. I'm so glad I could help you. Please let me know if you have any questions.
That’s smart!
@@BreezeWithAfrica Thanks!
How was your closing?
You are exactly right. I was told 60 when cabinets are received and installed
Yes. Thank you.
I’m learning so much from you man! I’m about to close on our new house, we’re about 30days out before the house is completely build.
I'm honored I could help. Thanks for the compliment & best of luck to you my friend.
This is incredible information for anyone looking to close on their new construction home. A must watch!
Thanks!!
Great info as always! Builder told me they r anticipating to close on my home last week of December if there are unexpected delays. So excited despite some issues I am dealing with.. thanks for keeping me sane with your vids- so pertinent to me Ty!! Thanks!
Thanks for watching & for your comments. Your move in date will arrive before you know it. Have a great week.
Thank you for all the videos and info you provided
You are so welcome. Thanks for watching & even more so for the compliment.
Great videos thanks! Can you do one about how to wire transfer the funds to a builder without becoming a victim of fraud specifically wire transfer fraud.
Thanks for watching & for your excellent suggestion. Believe it or not, I actually have 25 videos in the cue. That' being said, I'm going to look into this because its such a problem today. Thanks again.
Thank you for the informative video. The closing date for my new construction townhome (quick move in) is 30 days away. I am going with builder’s lender and locked in the rate. Should I go with builders title company or an external one my attorney is suggesting?
That’s a great question. I’ve always just used the builders lender when I close. I would think you’d be safe to do that.
I am waiting patiently for my home to be completed.... the cabinets have been installed but still waiting the siding to be done. I am not using the builder's preferred lender. I work for a bank so I am going with my bank because I am getting a better rate.
Oh, so you're getting close. Congratulations. Hopefully the exterior will be completed soon.
I love all your videos! Seriously you always hit it on the nail*
Thanks for the compliment. I appreciate it way more than you know.
We have a spec home with additional upgrades we were able to get. We have cabinets & outside done but no one updated closing which is first of October. Love your videos & very excited!
Thanks for the compliment & for watching. Your closing date will come faster than you think.
This is so helpful. Thank you.
Glad it was helpful! Thanks for watching.
Does the lender require proof of income before closing on newly constructed home? Or just when the agreement was signed before the construction began? Thanks!
Excellent question. Most likely they'll want to see it again before closing.
Who’s doing videos like this for home closings in Illinois. Your information is very helpful
You're awesome. Thanks for watching & for your comment. The information should be pretty close from state to state except for many states don't build home with basements.
How about prepaid interest if closing on the 6th of the month because the builder screwed you from closing at the end of the previous month. Lender mentioned prepaid interest for the month or maybe reverting back to the end of the previous month. Which option do you think is better? I'm not sure I understand prepaid interest at closing. Uggghhh... this process.
Unfortunately, that stuff happens all of the time. I would ask the lender what the best options are.
Perfect timing. Closing on our new contraction on the 19th 😀 any tips for closing day on a new construction? Thank 😊
Yes. I'm glad I could help & congratulations on the new home. The best tip I could give is to tell you to watch my video what to do after moving into your new construction home. Here's the link... th-cam.com/video/VF19WDc3xd0/w-d-xo.html
Great info Ty, thanks!
Glad it was helpful!
What’s the procedure if paying in cash? (Cash coming from sale of existing home and savings). How much does builder want for deposit? Washington State.
Excellent question. Thanks for asking. The deposits will vary significantly from one location to another & from builder to builder. Usually the more expensive the home the higher the deposit. Some builders may only ask for $5,000 while other builders are asking $20k or more. Also, it's normal that the more upgrades you add the higher the deposit will be. Did that answer your question?
Did you ever create a guide to home maintenance? You said you were going to in a different video for new home construction.
That is an excellent question. I totally spaced that I was going to do that. I'm going to look into that & see if it makes sense to do. Thanks for watching.
So helpful. So I am watching because I took a new job position working for a big appliance supplier that works with builders to supply their needed appliances. I have 2 big accounts assigned to me and I am trying to learn quickly the process. Can you also explain very basically the buying order from ones that actually buy the land and sell off lots and how builders get paid etc.
Thanks for watching. That is a great suggestion. No joke, I currently have 13 video's scheduled to script, film & edit & one in the process. It may be a while before I could get to doing a video as requested. Sorry. Once again, thanks for the suggestion. I really appreciate it.
What if builder does not complete all the items on the walkthrough list by the closing day? Also what if builder will not repair something on the list because they say it is within city standards?
These are excellent questions. Thanks for asking. If you have a Realtor, have them reach out to the builder. If you're on your own, I would write a detailed email asking your agent to confirm it has been seen by the superintendent, the sales manager & the division president or CEO. Clearly define what has not been completed & why you expect these items to be be done correctly. I would explain that it wouldn't be right to insist that you close on the property with the incomplete items. Then I would insist on meeting with the Sales manager in person along with the superintendent & sale rep if they are unable to meet these requests. Unfortunately, most builders will not "fix" items where they believe the work is acceptable. You will have a tough time getting the builder to do these items. Best of luck & please let me know how it turns out.
Just signed my closing documents✍ this afternoon. How long does it usually take for funding to go through and record?
Congratulations. This is an excellent question. Every city is different & each bank works at their own speed. Usually, it takes less than 24 hrs. If you close in the morning, it will often fund & record on the same day. Best of luck to you. Where did you buy a home?
@@TyWilde I purchased my home in Washington state. Really blessed to be moving into a brand new home. Thank you for the response.
@@Jg80s Yes. That's awesome. I spent the summer in Bremerton with a friend. It's a beautiful place. You are very blessed. Hopefully I'll hear from you in the future.
I can't believe I almost forgot to recommend this next video. This is a must watch before you move into your new home... th-cam.com/video/lG1dz5K7PGw/w-d-xo.html
Very informative video. I wish I would have seen this before, I’m closing next week! Went with the builders preferred lender with 6k towards closing
Thanks for the compliment & for watching. Best of luck to you in your new home. You'll want to watch, The New Home Checklist - What to do BEFORE you close on your house th-cam.com/video/qPCuPMTbBts/w-d-xo.html
should you have a real estate attorney for new construction transactions?
This is an excellent question. Thank you so much for asking. In some states you might need one, not in Utah. You should be fine hiring a Realtor, especially if they have new home construction experience. That being said, if you feel nervous, you should do it. That attorney fee could pay some serious dividends if things go wrong. That being said, if you choose to build with a high rated builder you should be fine. Where are you looking to build?
@@TyWilde Schererville, IN :)
@@msbg8385 Nice. I've never been there. Best of luck & please let me know if you have any other questions.
@@TyWilde thanks your videos are awesome and very helpful
Thanks a bunch. I really appreciate you.
Can the make you close if repairs haven't been completed on a new build
That is an excellent question. They can’t make you close but they can penalize you by charging you for each day that passes beyond the closing date that you still haven’t close. If you decide to close with items that still haven’t been completed make sure you put it in writing. And that the builder signs the document. Best of luck to you.
@@TyWilde thank you so much
@@kingb468 you are so welcome and once again, good luck.
Thanks for the information.
You bet! Thanks for watching.
I got a closing date for 31st March. I didn't use the builders lender and feel I'm being penalized or feel I screwed myself in the process. All my ducks are in a row, but the builder/seller did not pass the inspection for the certificate of occupancy as yet. Now I'm screwed to pay an additional $88 per day to keep my rate lock or wait 30 days to re-lock. Should I have my realtor talk with the seller(since they are the reason for the delay) to get the 30 days extension or pay $88 dollars per day? I'm a little frustrated at this point spending extra money and just regretting the whole process.
Thanks for reaching out. 100%, your real estate agent needs to go talk to the builder and get this taken care of. Best of luck and keep me posted please.
@@TyWilde thank you. I've been told that new construction normally does not come with a refrigerator. So now, this $88 per day could have been money to put towards refrigerator, mailbox, re-staining the hand rails for the staircase or a garage opener (all of which I'm not getting).
Signed my contract on March 31, and have been approved for mortgage. It is now July 20, and construction has not started, nor have I been informed when it will begin.
Yeah, that has been frustrating. I would definitely reach out to the builder to see if they have an estimated start date. Best of luck to you my friend.
We signed contract on January, foundation was done on June. Now they said there's a delay on the frame. Still waiting, hopefully before December 🙏
@@norahrodriguez6897 I would expect your home to be done before the end of the year, but in this market, you never know. Best of luck.
@@norahrodriguez6897 Patience is key here. I will be so excited to be in my new home no matter how long it takes.
@@wiser1254 Over a year later I'm just seeing this comment. Is your home done? Was it worth it?
Did our walkthrough and things were still missing like the shower door, bathroom mirror and some hardware. Do you recommend trying to get the closing date moved back since I cannot get an updated timeline when those items will be finished.
That is an excellent question. Most builders will "force" you to close on the date they have given you. If that's not the case, and the builder will allow you to push the closing date back, I would definitely go that route. If they make you close, I would get it in writing signed by the builder that they will complete the missing items within an acceptable timeframe. Let me know how it goes & best of luck to you.
Ty, what are the pros and cons of buying the model house? I have the opportunity to do so and it's tempting but it is somewhat more than I wanted to spend but doable. What's the downside? What about warranties?
This is an excellent question. Thanks for watching & for asking. The big upside is that model homes are usually way over upgraded & the builder can't possibly sell the home for what they've put into it. The big downside is that you will most likely be buying the most expensive home in the neighborhood. It might not appraise & you might not get the full value out of the home when you sell it. Best of luck & keep me posted on what you decided to do. BTW, who is the builder?
What about a USDA loan, no money down.. does that include closing?
Can we pick our lot outside of the builders communities that are USDA approved?
Is there down payments at the design center? Or is it all added to the loan ?
I’m in indiana
Thanks for watching & for your questions. As far as USDA, you need to speak to a local lender about how that all works. Most builders will not build outside of the community they are building in but a custom builder would build on a random homesite. Most builders do require a deposit at time of contract & then a design center deposit as well. So you will need money for that. Usually, you can get all of the deposits back at closing. Just confirm with the builder & lender. If you don't have the money, maybe a family member would loan it to you if they know they will get it all back. If I didn't answer your questions correctly please don't hesitate to ask again. And, I would recommend reaching out to some local brokerages to see if they have a Realtor with new home construction experience to guide you through the process.
First minute is critical for your viewers to decide to continue watching or not. Don't spend time on doing self praise or promoting yourself. Also, you can have normal face or with a smile instead so much force on your face. Your content is good though but can be a better presentation
Thanks for the tip. I appreciate it more than you know. If you watch my newer videos you'll notice I have a much shorter intro with no self promotion. Still a forceful face though. LOL.
Great Video Ty! I also purchased a new construction home. I wanted to ask for Pre Drywall inspection, would you recommend I get my own inspector as well as having the city inspector from the builders or should I just stick with the builders inspector and not hire my own inspector?
Having an inspection done has to be a personal decision. I've built 5 times & never had one done, but I know some people who were very grateful they got one done. If it's a trusted home builder you probably don't need an outside inspector.
@@TyWilde Awesome, sounds great! Thanks
@@reneriverajr4239 You're welcome. Best of luck.
Great video! Do you recommend having a closing agent (attorney) for closing day when you sign all those contracts/paperwork for new build home?
That is an incredible question. It probably depends a little on what state you live in, but I would say for the most part probably not. If a builder was taking advantage of people, they wouldn't stay around too long. I think it's more important to hire a Realtor who understands the home build process before you sign any contracts. Thanks for watching.
@@TyWilde thank you so much for the response! Couldn't find any information on this online so I am glad you are able to provide some clarity. Keep up the great videos!
@@ChuckItUp So glad I could help you!
Under new construction lady here, and I had no clue that I would not be receiving my keys at closing! Blank stare. Say it aint so!
That's the truth with most builders but some may give keys at closing. Thanks for watching & for your comment.
Thanks this was very helpful! I am getting just a tad bit anxious, we started in April and my completion date keeps getting moved back due to labor shortages
Glad it was helpful! It should be completed before you know it & you'll forget all about it when the time comes to move into your brand new home.
BTW, best of luck & please let me know if you have any questions.
@@TyWilde thank you, it has been a lonnnng process, meanwhile the lots have increased all around us, so that’s one positive 👏🏽👏🏽
@@lovelymorris4474 Oh yeah, you've built a ton of equity & you haven't even started making house payments.
I totally empathize with u. We signed Oct 2020 & are finally having our walkthrough next week & will be closing the end of December. Longest journey ever! Good luck to you. Hope your home is completed soon 🎊.
Hey Ty! So 2 questions:
1) how long does it take to register with the city?
2) is there a faster way to expedite the funds transfer process?
Cities normally take a few hours but sometime a day or two. As far as expediting funds, a lot of people will set up the wire transfer the day before so the funds are already there especially if you're using 2 different title companies.
Great video
Thank you. Glad you enjoyed it
hi Ty..need your input. my new construction house will not be done until may or june of 2023..the paper work said it closing date is jan which I know is not correct as it should close 30 to 45 days when my home is complete. but I have a question..what if the market totally crash, will I have pay the price of the house that I signed for also what if interst rate hikes up. what will my interst rate be? the new construction realtor told me I can ask for house to be lower if the market crashes, but it's up to the builder if they are willing to lower the price. and my interest rate is already locked at the time I applied for the loan of at 5.7%. oh and I asked the realtor if I get laid off what happens to my house. she said i have to submit the proof of layoff. my overall concern is if it doesnt go through as i plan will the builder keep my deposit? help. thank you
btw I'm a ig fan of yours been, subscribed to you as well and following you since I started to look into new constructions.
Thanks for watching & subscribing. You'll be disappointed to know that builders all over the US are keeping peoples deposits who cancel because they no longer qualify for the home. Unfortunately builder contracts are written to protect the builder & not the buyer. Home prices will come down & it's highly likely your house will be worth less than what you agreed to pay when the time to close finally rolls around. It's a tough situation for sure. I wish I had better advice. Please keep me up to date on how everything goes.
@@TyWilde sighhhh that's what I thought.. I'll think on the bright side my home will be done and its brand new... but I'd it drops like 100k I'm willing to lose the deposit I guess. Thxs for your update.. you are amazing to watch and learn from.
@@t.n.6442 Thanks. I don't think the market is going to crash, but it's going to hurt.
@@TyWilde its hurting now that you are telling me that haha jk. Well I live in the bay area but where I'm moving it's about 1hr away so that's what I'm willing to give up for a nice home. Dont get me wrong but I love the bay area sad to see my future not in the bay again give and take :-) and :-(
I thought builders got paid from your construction loan draws. How do builders not get paid until closing? Are they using a development loan to build your house / cash ?
That is an excellent question. Smaller builders do get paid that way. But, most builders cover all costs to build and my development and etc. then get paid when you close on the home.
@@TyWilde makes sense ! and I’m assuming that purchase & sales agreement price is the same as the builder contract quote price ?
@@veritaxverity8567 yes
Ty , I’m scheduled to close 5 weeks , I drove by the home at night and there were rodents running in and out of the garage which does not have a door yet . The door from the garage to the kitchen was closed only a few days ago . I feel the house is infested, I know I will not be able to rest comfortably once I move . Can I back out ? What do I do ?. It was traumatizing. What do I do ? Please
I am sorry to hear about the rodents. Yes, it’s disgusting, but I would bet it’s going to be OK. Often, homes are built in locations where creatures like spiders, scorpions and mice have called home for centuries. As more homes are built, the creatures move on as their habitat is destroyed. Because home prices have increased so significantly, I would at least close on the house and then if you are still having problems with the rodents, sell. Before you move in, you could should hire a rodent specialist to take care of the problem and make sure the house is cleared out. And then, I would get a couple of indoor cats. Seriously! Too bad you don’t live in Utah, I have an incredible option That would actually make you a lot of money off at home.
change playback speed to 1.25
LOL. You could put this comment on 95% of all videos on TH-cam.
New to your channel as a subscriber .. going to check out more of your videos .. My wife and I are in the process of building a new home this year. Your tips and advice are a great resource ... however, I find it hard to take you seriously with those white sunglasses .. #JMHO
Thanks for watching & for sharing your thoughts on my sunglasses. I sincerely appreciate it. That being said, they are kind of a trademark at this point so, it kind of is what it is.
@@TyWilde LOL .. I feel you!!! ☺
@@davidtoney9933 Thanks my brother.
Hello sir, i am one of your subscribers and love love your videos.
I really really need your advice and help with our construction situation please.
We signed a contract with a building company in January 2022 and they told us it will take approximately 6 to 7 months to build our house , they said the only delay will be they have to wait on the permit , so in april we received an email from them that they got the permit and they will start on our house in 2 to 3 weeks since then now we are July they keep telling us the same thing .
When we call them they said we will start next week or when they email us same story we will start next week. What should i do i am mad and disappointed in the company i don't even want to deal with them anymore. I wish i could talk to you to give you more details or email you please 🙏 i need your advise.
Thank you.
I am so sorry to hear about your situation. It's more common than you'd think, especially over the last few years. In most situations, the builder is anxious to start building & complete the home as well because they don't get paid until the house closes. Are they still building homes in the community?
@@TyWilde thank you very much sir,
Yes they are currently building in that area, last time we contacted them they said their are some peoples before us and they are short of workers so that really made me upset because it's their responsibility to get workers as a company, and we already deposited $10000.00 , so my question is if we want to back off on contract because it's luck of responsibility from their side do we still loose our money????
@@Mohamed510 Yes, most likely you'd lose your money if you backed out. Though, you could ask them if they'd return the money. I'm pretty sure they will not. Most likely you're stuck.
@@TyWilde alright , thanks a lot sir for taking your time and answering my questions.God bless you.
@@Mohamed510 You're Welcome. Good luck!
Pulls out notepad!!!!!
Where are you building a home?
@@TyWilde
Clarksville, TN with Reda Home Builders. (In Reda Estates).
@@charlestaylor6079 Nice. Congratulations. Please let me know if you have any questions.
I wired the money to a title company I’m working with that is required to close. Is there any instances where closing costs may be more the day of closing if I already signed the closing disclosure?
Not normally. But if there is a change it’s usually minimal.
My builder increase the price by 10 % 2 months before closing day …
I am so sorry, that sucks big time! The labor & materials shortage has increased the cost to build in significantly, a lot of builders have been doing this. I don’t think it’s right, but unfortunately they do have the ability to do it. Who was your builder?
I am so sorry, that sucks big time! The labor & materials shortage has increased the cost to build in significantly, a lot of builders have been doing this. I don’t think it’s right, but unfortunately they do have the ability to do it. Who was your builder?
@@TyWilde Sunset Builder ... Henry de Varona and the MAnager is josepth M Cook the construction is the condos in sunset Utah. Falcon Hill Development
also the preferred lender don't answer any calls anymore you can't have only 2 lending people for 400 people asking for lending.
@@aeroserge Yeah, you don’t have to use the preferred lender. I would definitely get a quote from one or two other lenders in the area. Best of luck to you. Where are you building?
👍👍🏻👍🏿👍🏽👍🏾👍🏼👍🏻👍🏻👍🏿👍🏽👍🏾👍🏼👍👍🏻👍🏿👍🏽
That's right!!
WAIT A MINUTE, hold your horses for a sec. Overall I'm putting 20% down on this 399K new construction. Already gave them a little over 39K. So you're telling, if I'm unable to close, I Lose ALL that money?????????? I mean, I read the contract, sort of, BUT not ALL OF THAT MONEY. No, NO NO NO. Spent years wearing 1 pair of shoe to save money. That's some scary ish.
Maybe I didn't explain it very well. When you build a home, most builders require an earnest money deposit & a construction deposit. Earnest money is normally $3k-$10,000. After selections are made the builder will then require an options of construction deposit as well. This will vary based upon the cost of the upgrades you added. So, you're looking at an additonal $0 (if you add nothing) up to $50,000 (though this is rare). These total #'s can vary significantly from builder to builder & buyer to buyer based on selections made so make sure you have a solid understanding from the builder of what is required before you sign a contract. I recommend hiring a local realtor who has worked with home builders before, some one like me.
Hire an independent home inspector.
That's never a bad idea.
White guy at the store across the street. Hey bro.
Hey bro.
@@TyWilde Waiting for success to be revealed. I will stay in touch. Thanks for reaching out.
@@charlesjamieson4801 ok
Thanks for the informative video, heads up on your video lighting choices though, the lighting make it look like you rubbed dirt on your neck and chin
Thanks for the feedback. I’m often filming on the fly which sometimes equals not so ideal sound or lighting. Hopefully the information was good.