new home

[sheryl]

Hi Everyone,

My husband and I put a deposit down on a lot model marlette 2700 sq ft home.
Beautiful home, great plan. We have been working on financing and sent a note
to our salesman from our finance guy that all was well pending appraisal. We
scheduled the home to be delivered on the 17th on November. My husband told our salesman we would give 80% payment when house was delivered and balance
when the house was done. Our salesman said no way thats not how we do
things,its all or nothing. My husband was pretty mad, but knew I wanted the home
and said ok. Well now they are telling us since we did not give them a loan
commitment letter we are moved down the list to the 20th and everyday that goes
by that they dont have the letter will put us further down the list. My husband is
about to tell them to shove it, But, the foundation is going in as I type this.
What is normal as far as down payment and disbursments???
What would you guys do, besides not buy a Marlette because they are part of
Oakwood???? We are under the gun now, HELP.

Thanks
Sheryl

[rmurray]

You better have the appraisal done before you go much further...

If I understand correctly...you have enough cash to pay completely for this home????...If so..why would a finance commitment have anything to do with delivery..It is a cash sale to the dealer...

Or are you doing a construction loan..Construction loans fund in stages...usually land first..improvements as they are installed...75 to 80% when it is delivered and the balance upon completion and inspection...Most dealers are fully able to accept these terms...If they are not able to do this..they are not prepared to do business now..

Is the dealer an Oakwood Homes owned location????..If so remember..any liability they incur now will be erased when the bankruptcy is complete..

[sheryl]

Hi,

Thanks for the reply. We are getting an equity line because we already
owned the land and have done all improvements ourselves.

This dealer only sold the marlette name. He also says that they have always
received 100% funds upfront. My husband told him that he had built homes
for over 10 years and NEVER got paid 100% upfront. The dealer said we
had his word that things would get done on time. He also said it would take
18 days to set a triple wide, is that normal????

Thanks again,
Sheryl

p.s. We are in Idaho in the pacific northwest.

[rmurray]

The 18 days is normal....

Your husband is correct about holding some money for final finish..

The dealer MUST use construction homes from time to time and they all with hold some money until complete...