Signing on the dotted line

So you’ve met with your Ideal Homes & Neighborhoods' New Home Consultant and set priorities for the house you’re looking for. Now it’s time for the first of the legalities of buying your ideal home.

The New Home Consultant will go over the legally binding purchasing agreement listing the terms of the new home construction, such as the projected completion and closing dates, deadlines for loan pre-approvals, and proof of funds for cash buyers. Once you approve and sign the contract, you will need a deposit, called earnest money – normally one percent of the purchase price – to secure the contract. At this point, you have legally purchased the property. When you’ve signed the purchase agreement, you’re given a sample limited 10-year warranty book, regardless of whether you’re custom building or purchasing a move-in-ready home.

If you decide to custom build, this is the time when you’ll make changes to structural options on the house. Items such as garage extensions, side garage storage, covered or extended patio, side garage door, room conversions, fireplace, floor plugs, and other options have to be decided before you go any further. You’ll also receive our Ideal Design Guide, followed up by an email from the Design Center with details on estimated pricing. It’s a lot, and it all happens within a week of signing your contract.

Now it’s time to discuss money. You don’t have to have loan approval to sign the purchase agreement, but the next step is connecting you with one of our preferred lenders to get the loan started. When you sign the purchase agreement, you’ll fill out pre-qualification forms or be given the easy online link to that form.

Once you fill out and submit the form, a lender will contact you within five days. Your Ideal team will walk you through each step of the loan process. We want this process to be quick and easy for you, with as little stress as possible, whether you’re a first-time homebuyer or a seasoned purchaser! 

If you are custom building, you’ll need a pre-qualification letter from either your own lender or one of our preferred lenders before your first meeting with the Design Center. Thanks to materials availability, it can be a couple of months or more before your first meeting with the design team, but if you’ve been doing your homework with the Design Guide, the process will move along easily. Once your design selections are complete, your home plans will be drawn, which can take up to three weeks. Your New Home Consultant will be notified and send your plans with a video of what to expect. Here’s a sample link: https://youtu.be/y-tLb00EmAw.

When construction begins, you’ll receive weekly pictures to keep you updated on the progress of your build. This is where the excitement really begins to take hold. Your new home is becoming a reality! Your New Home Consultant will be in touch with you weekly so you’ll know what’s happening every step of the way.

That first signature gets the ball rolling toward the reality of becoming part of the Ideal Homes & Neighborhoods family. We’re excited for you!