ATTENTION NEW BUILD BUYERS - MUST READ: Backstory...
A New Build Buyer reached out to me to look over the purchase contract and help answer questions pertaining to a New Build. Personally, I refer my clients to the builders agents because of the incentives to keep more $$$ in my clients pockets. This makes me want to reconsider so that I can protect them. There is a section in the contract that was used, in bold (which would have thrown a flag for me), that discloses while omitting and covers legally to protect the builders. Not you. Them.
They purchased a new build and after a year of living in the home, received an extra tax bill. This put up a flag and led to investigate. Which they did...thoroughly! I mean...thoroughly! They have read numerous articles and true stories pertaining to people losing their homes to foreclosure because they can't afford the taxes. This buyer in particular went from under $1000/year for taxes to $2600/year in taxes. Keep in mind, if this was disclosed at the get-go, the loan might now have even been approved because they were at the brink of not being able to get the loan amount and they would have terminated anyway because they weren't interested in paying double the taxes. Even the agent chipped in funds to close the deal. Tight income, tight monthly expenses and now, BAM, they're under. The buyer is doing what they can to survive until they can sell, but due to the builders not standing behind their product, and fixing the issues with the home, it will be a fault on a sale and now lower the amount she could receive.
If you are looking at a NEW BUILD, PLEASE, read your contract!!! DO NOT sign if you aren't familiar with verbiage. Investigate. Ask your agent. Ask a lawyer. Make sure that when you sign, you are protected to eliminate a risk of losing the home.
Here is the buyers blog. Since I'm not EVERYONES agent, I still want to protect you so I'm sharing this blog and story to give you a taste of what is happening to New Build Buyers.
Click the link to hear their story