Credit Card Center Advertiser Disclosure†
11-13-2012 10:27 AM
Tried looking around the web and could not find a good forum so I am coming back to this comunity to get some help. Sorry if this is not the right place to post, kindly let me know of a good forum where ic an get help and then delete this post.
So we are first time buyers and went to a communty in Delaware built by Ryan Homes.
The rep asked us a few questisons and did a quick calculations and told us that we quality based on the the info we gave. he also todl us that to get the incentives we have to finance through NVR and the rate he todl us was 3.25% which I think is fine.
But I wanted to knwo if some of you experts have dealt with ryan homes and thier mortagage, also can you negotiate on the options. We added aroudn $35,000 of options.
We though that our realtor need sto be replaced as she did not negotiate at all, when we came out and asked her she said that ohh well they are giving a pretty good incentive (sun room part of theincentive/special) so at most we might ebable to be able to negotiat eonly $10,000 or so.
I came back home and did some quick search and found out that a lotof people have been abel to negotiate most or all of their options some costing $25-$35,000. i also foudn from my search that you should put all the options and then make an offer, and when they come back you shoudl counter witha lower offer and usually they come back witha lower price.
Can anyone who has dealt with Ryan homes tell me what exactly the steps are shodul you make the low offer the first time you make the offer or once they come back to you with their offer.
So, my questions is shoudl be get another realtor? shoudl we negotiate on or own or get a more aggresive realtor?
Also, he said that our Mo payments would be around $2000, but with tax deductions its almost will be $200 less.
So I am looking to get some expert advice from you guys on getting some tips as to how to preceed and what things to keep in mind as a new home buyer.
11-13-2012 12:09 PM
There seem to have been a few post concerning Ryan Homes lately...I wouldn't recommend negotiating by yourself but if you are unhappy with your realtor you can find a new one or go to the principle broker.
11-13-2012 12:23 PM
I am currently under contract with Ryan Homes in DC Metro Area. I don't know about negotiating because the development were moving into has been selling as a good clip so they were offering no discounts at all. In fact we were told they will most likely raise the prices on the next phase of development. One word of suggestion I would give is to find your own outside lending. NVR Mortgage is loaded with fees and probably .50% higher than what you can find out there as far as mortgages. They told my wife and I if we found a better deal than what NVR was offering and they couldn't match it, they would still give us the seller's closing assistance. Although our contract says the exact opposite so we'll see. You will soon have to do a mortgage app with NVR within 7 days of signing the contract on your new house. Be sure to read the HOA documents as well. We bought a condo and the HOA fees are $150 per month. For a townhouse I think it's around $70 or so.
11-13-2012 08:39 PM
I would first advice you to do a tax prep and see how it woud change. It used to be you could only take interest on a primary hone by filing schuale A and giving up up your standard deduction. Getting a $2400 deduction VS a 5700 deduction is a huge differance.
11-13-2012 11:09 PM
Just signed a purchase agreement on the 13th as well with Ryan homes. They ran my credit and my scores are around 624 mid with high credit card utilization (90%). Va loan requires 620 mid. Meeting with the loan officer soon to fill out the mortgage app. I'm already stressing.
11-14-2012 03:43 AM
The actual mortgage application isn't bad. Like I said, the only thing that concerns me is the .50% rate increase as well as all the fees. NVR is just a mortgage broker and will most likely sell your loan before the ink is dry. When you go to app for your mortgage you will sign a sheet of paper that states NVR doesn't service loans.
11-14-2012 04:34 AM
Still going to try and get my scores up by paying down my cards. I don't have much credit card debt (3500). hopefully all goes well.
11-14-2012 05:09 AM
11-14-2012 07:48 AM
I was talking to my friends yesterday and I foudn out something which I want to share and confirm from you guys.
my friend told me that you can get the ryan incentives but you dont haveto go with their NVR mortgage,a lso thier closing cost is higher than other and their fees is also apprantly higer.
I told him that we were gonna put 5% down and he said make sure to take home equity loand and NOT PMI.
Does anyone knwo what ryan homes does.
11-14-2012 07:53 AM
It is true that you can get the incentive IF you find a better deal with an outside lender that NVR can't match. And yes their fess and rate will be higher than other lenders.