| Gloria Brady |
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Home Plans -~Series 1 RAMBLER McKinley Adams Hamilton Grant Roosevelt Fillmore 2 STORY Cleveland Taylor Franklin ~Series 2 RAMBLER Cedar Elm Sycamore Cypress Teton 2 STORY Pine Aspen Alder Hickory Ash Maple Chestnut Harmony Spruce Hawthorne Sequoia Chapman Willow Coventry
~Series 3 |
Purchasing
Your New Perry Home Securing Financing Construction Meeting and
Construction Inspections and Closing
Purchasing Your New Perry Home Selecting Your
Home Plan, Subdivision And Lot The next step is to choose the community where you wish to build your new home. Each Perry Homes community has its own set of standard features. I can give you the pricing, option information, and designated list of standard features for each of our communities. Once you choose the Perry Homes community where you want to build your new home, you must choose a lot. Please note that lot premiums will be added to the base price of your home for lots with added value. For example, a larger size lot, fronting certain directions, cul-de-sac location, view, etc. Please also note that Perry Homes does not locate similar home plans adjacent to one another facing the same direction.
Perry Homes uses its own earnest money sales agreement. It is a four page combined earnest money receipt and offer to purchase document. The document outlines the terms of the agreement and sets baseline price, time and performance standards. In the State of Utah both the buyer and seller in a real estate transaction are entitled but not required to utilize an agent of choice. If you choose to designate a buyer's agent for this transaction your agent needs to be present with you when you first visit our model home in order for Perry Homes to pay a real estate commission. I am able to work as a limited agent, which allows me to represent you, the buyer, if you so choose as well as the seller in the transaction. I spend much of my time assisting the home buyer with each step of the construction process and I value the option allowed me as a real estate agent to equally represent the home buyer in a Perry Homes transaction. Preparing For the
Construction Meeting You should secure your credit approval letter from your lender in time for the construction meeting so that you may place your construction deposit with the confidence that your financing is secure. Your construction deposit will be due at the construction meeting. The non-refundable amount varies per location and will be counted as part of your down payment when you close on the finished home. Construction deposits range from $6,000 to $20,000 depending on location. If you decide to purchase substantial upgrades you may need to increase your deposit amount. Prior to the Construction Meeting you should make the following color selections:
You should also finalize your order of all upgrades to be added to your new home before the Construction Meeting. I will give you a list of standard upgrades and their pricing. Many standard upgrades are available allowing extensive customization of your new home. I will answer your pricing inquiries, either from the standard pricing list or through special pricing if your requested upgrade is approved. When you have finalized your decisions on the Construction Worksheet please call me to schedule the meeting. Plan for 2-3 hours, preferably on a week day. Selling Your Current Home The majority of new-home purchasers have made the decision to move and proceed directly with the steps required to get into their new home as quickly as possible: Preparing the current home for sale, selecting their new home plan and location, finalizing color and option selections, and securing financing. When taken one step-at-a-time this process is normally accomplished within the six month period required to build a new home (often in less time, especially for buyers who pick up a home already started). These buyers do not make a "contingency" offer; instead, they move forward to complete their relocation with the most favorable terms they can secure. Often, they plan to be "aggressive" on the sale of their current home or utilize "bridge" financing that is available from many lenders. You may wish to review special financing options with approved Perry Homes' lenders that enable you to free equity from your current home for the down payment requirement of your new home, enabling you to put your new home loan in place prior to the closing of your current home. With bridge financing you may secure your new home while you complete the sale of your current home. Also, this will give you the convenience of moving directly into your new home with minimum disruption. We are often asked about providing assistance in the marketing of your current home. Perry Homes are marketed under an exclusive listing arrangement with Perry Realty, Inc., a licensed Utah real estate company. As a licensed agent with Perry Realty, I market all types of residential property in the State of Utah. Please feel free to ask for helpful, no obligation marketing suggestions, or if you want serious assistance, ask about my reduced commission rate for Perry Homes' buyers. Letter of Credit Approval Discount Points Recommended
Lenders
The purpose of the construction meeting is to finalize your option and color selections. At the meeting we will essentially construct your home on paper and create a "Buyer Selection" addendum for our construction superintendent. He will use this document to conform the selected home plan to your specifications. It is important that you be prepared for this meeting since future changes to this addendum are subject to a $100 change order fee and could delay completion of the home. When you come for your construction meeting, please bring the construction worksheet I have given you previously. You will also need to bring a list of all upgrades you wish to be added to your home. You will also review and sign the HOME OWNERS LETTER which covers construction site safety, final selections and change order fees, public utility services, and buyer-supplied lighting fixtures. Additionally, if you request and Perry Homes approves work equity items for you to undertake on your new home, then you will need to complete a WORK EQUITY AGREEMENT. Working With
Sub-Contractors If you wish to include these costs in your mortgage loan amount, they may be added to your total purchase price with an addendum. You would then be reimbursed with a cash credit at closing, reducing the funds you would normally need to bring to closing by that same amount. Any custom electrical work or cabinet enhancements that you directly contract for will need to be finalized by the time the home is framed. Carpet and light fixture decisions should be finalized by the completion of sheet rock.
Communication During Construction Construction Schedule It takes approximately 5 months to complete construction of your new home from the time PERRY HOMES secures the building permit. Construction follows a set schedule under the direction of the construction superintendent. As a production home builder, the basic materials and labor costs for your home plan are predetermined and already bid by subcontractors. PERRY HOMES manages the schedule and will deliver the home on or very near schedule. Buyer Walk Through Inspection The purpose of the Walk Through Inspection is to give you the opportunity to inspect the finish work on your new home and to allow the superintendent to conduct a final inventory of the workmanship of his subcontractors. Your inspection will focus on "cosmetic elements" of your new home (those components of the home that are visible). With the superintendent you will inspect over 200 features of your new home during the course of the Walk Through Inspection. You will receive many suggestions on how to better maintain and fully enjoy your new home. Any items found to be incomplete, requiring repair or not meeting acceptable construction standards will be noted in writing on a long, formal checklist. You will receive a copy of this list, indicating in writing those items that will be corrected by PERRY HOMES. each of those items will be remedied, some the very next day, in accordance with the superintendent's ability to schedule the work with the appropriate subcontractor. In fact, the superintendent is eligible for a bonus based on his success in completing the repairs within ten days. A representative from our main office will also be present at the Walk Through Inspection to review the builder's warranty program and present you with a home-buyers maintenance kit. Under this warranty the structural and mechanical systems in the home are covered for a full year. Other Inspections Utility Services Closing With The
Title Company The closing is handled by Meridian Title Company, 64 E. 6400 South, Murray, UT 84107. Sharon Kearns at 264-8888 will likely serve as the escrow officer. As your agent I will attend the closing and help ensure that all charges are in line with the agreed terms of the transaction. You set the terms of your loan, closing costs and prepaid charges in consultation with your loan officer. Remember to secure hazard insurance from a carrier of your choice. This will need to be in place prior to your taking occupancy of the property. Your loan officer will give you an estimate of the funds you will need to bring to closing. The title company will require certified funds. On the morning prior to the closing you may wish to contact Sharon directly for an exact final figure that would include your lender's estimate plus prepaids and taxes prorated to the date of closing. Another option would be to attend the closing, review and sign all the documents, and then visit your bank to pick up a certified check. Always feel free to contact me directly for any questions you may have at any step of the process. I am quite easy to reach on my mobile phone (801-891-9262) most any day of the week, from 9:00 AM to 9:00 PM. I recognize that purchasing a new home is a major project and there are many uncertainties to address. Over the years I have observed family after family take on this task and achieve their goal. It is my belief that if you under take this project one step at a time that you too will accomplish your objective. At each step of the process, obtain the information that you need to make an informed decision that will work for you, and then you will feel comfortable to move on to the next step. Each step, taken in its order, will lead you to where you want to be. I am here to help you with the information and service you need for this process, and to help you avoid any mistakes. It is my goal to share in the satisfaction that I know you will receive from achieving your goal - that new home designed to meet your needs and to give you and your family years of enjoyment! |
Communities Oquirrh Park Midas Creek Sunset Ridge Western Springs |
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Copyright © 2008,
Gloria Brady. All rights reserved. |
