Friday, April 22, 2011

The Sales Process

After seeing the models and working out the general price points, Megan & I decided to put a hold down on one of the lots. It was a 7-day hold with no obligation. We provided a check but it was not cashed. We scheduled a meeting on the 7th day, our Realtor was present as we went through the signing frenzy. About 95% of the contract, agreement of sale were in plain English and easy to understand. There were a few paragraphs & sections that had a little more legalese than I could easily understand. There is an HOA agreement, and in Pennsylvania, you are given 7-days from signing the agreement to pull out of the agreement for any or no reason. Not sure if every state has this law, but you should look into it.

During the 7-days, I sent the legalese sections of the contract to a real estate attorney and had him review them. The builder flat out told us that there are no changes to the contract and if we have issue with something within it, they would not change it. That gave me more rationale to send the few sections to our attorney. The attorney was able to review and get back to me quickly, just confirmed what the builder stated and represented the document as. I feel it was money well spent for the piece of mind I wasn't signing something I didn't understand.

From the signing, we had 7-days to apply for the mortgage. There was a list of documents we'd have to come up with. I was able to submit these over e-mail. This part went very smoothly.

Other than signing my name 1,003 times, the process was fairly straight forward. We now have 30 days to pick out our flooring, colors, wiring options etc.

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