Arizona Home Buying major do NOT:
- Don’t develop an attitude that some deal must be made. There is little negotiation thereafter.
- Don’t exaggerate to the lender, even for the verbal pre-qualification.
- Don’t fail to disclose all seller-involved financing to your lender.
- Don’t buy a property that is over-built, unless the price per-square-foot is low for the area.
- Don’t do your walk-through inspection more than a few days before close of escrow, or before the seller is moved out for a re-sale.
- Don’t lock in on 30-year fixed-rate financing with a full 20% down. You may finally choose this old standard, but consider all options.
- Don’t close on a new home until it’s finished, i.e., completely move-in ready. For a new home, careful negotiation is required on this point. Standard builder contracts are very rigid and mandatory on this issue.
New Home Purchase. Please note … In the purchase of a new home, it may be even more important that a Buyer be represented by a Realtor®. With few exceptions, the home builders servicing the metro area deal with buyer prospects in good faith, and make every effort to deliver the product promised. But there are certain facts that cannot be ignored:
- Every builder is there to make a profit – and generally the most profit possible.
- The cost and nature of the product delivered will directly impact the builders profit.
- The primary objective of most subcontractors, who actually produce the home, is to get the job done, get paid, move to the next. Some care about quality – but it is not primary.
- The builder and his/her employees naturally put the builders interests first.
- The builder’s sales agent actually has a legally binding fiduciary duty to the builder.
In the Contract documents a Buyer must sign to buy a new home, there is a form whereby the Buyer acknowledges and accepts that the builder’s sales agent represents the builder exclusively with fiduciary obligations to the builder that legally limit the advice that can be given to any Buyer.
And consider this – everyone on the builder’s side of the transaction is a “pro” who is involved with buying, selling, and/or constructing homes every day as a way of making a living -and- the product you are buying from the builder is likely your most valuable asset.
Your home is at the core of your happiness, way of life, and financial well-being. It simply is just NOT prudent to depend on nothing but the good faith of all of the parties involved with the builder to deliver the home as promised, or any anything less than the maximum price a buyer will pay.
You truly need a “pro” on your side of the transaction. Best of all – your “pro” , TNT, is available to you without even a penny charge to you.
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