Question
Beazer offered $7100 towards closing costs, BUT...?
Beazer homes and Centex offer about $7100.00 towards closing costs on a new home. But if I don't use their mortgage company do you think that they should still deduct the $7100.00 from the total cost of the house? After all, they were going to eat that money anyway. Or is there something I'm not understanding about the closing costs money?
1 year ago - 2 answers
Best Answer
Chosen by Asker
If them paying $7100 towards closing ( which I have seen ads for new home developments which say they will pay hefty amounts towards closing IF you use their title company or their lender etc..) is due to them dictating where you get your loan or title etc, then yes. Do you have a contract or brochure outlining this? Call and ask, and if they say no, you can use your own bank etc, GET IT IN WRITING!
1 year ago
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Other Answers
There are 2 reasons that the builder wants you to use their lender/settlement company. 1. If they own the mortgage company and/or title company they make money. 2. And this is actually the main reason, the builder can control the transaction. If every buyer used a different lender and settlement company, the builder would have to hire more people, just to process the paperwork. As a builder, we pay closing for the buyer if they use one of 3 referred lenders and settlement company. We know each lender will actually close the loan if they say they will do it. This doesn't always happen with outside lenders. The builder is building a house with a small deposit. They want to make sure that the house settles. In regards to Beazer. They are in the bottom 10% of homebuilders. If you buy a Beazer house, it will be trouble.
by Real Estate Guy- 1 year ago