ARE YOU READY TO BUY A NEW HOME?
EARN UP TO 2% BACK ON THE BASE PRICE OF YOUR NEW HOME WITH THE ASSISTANCE OF
Are you looking for new homes in Raleigh NC, or interviewing Home Builders in Raleigh NC?
With Raleigh New Home Realty, you now have an opportunity to get money back from us at closing with our New Home Rebate!
If you are planning to buy or build a new home in the Greater Triangle Area from ANY participating home builders, you can earn a new home rebate in the amount of Up to 2% of the base price of the home!
One year of pre-paid HOA dues
Discount points to buy the interest rate down below market
Some builders and lenders may even allow you to apply it toward upgrades, the down payment, or the price of the home
Once the contract has been signed by the home builder, please provide a copy to us so we can follow through on the contract-to-closing process.
At closing you will need to prepay property taxes and insurance, purchase a mortgagee title policy, pay loan origination fees, etc. Ask your lender for an estimate of your closing costs based on your projected closing date, but be aware exact closing costs will not be known until the closing attorney calculates prorata debits and credits just before closing.
Sometimes, but not typically, closing costs can exceed the new home rebate. However, excess credits can still happen, usually when buyers try to combine seller credits (a common new home builder incentive) in the same transaction with a real estate agents new home rebate. What to do? Plan ahead and structure the deal from the outset with a lower price or other incentives instead of closing cost credits from the home builder (upgrades, lot premium, appliance packages, etc). That way the seller nets the same amount and you get to use your full new home rebate. Raleigh New Home Realty is glad to assist in these negotiations, but we can help you only if you are aware of the potential problem and bring it to our attention no later than the time the contract with the builder is negotiated.
If you find yourself near closing and your lender says you can’t use all your credits, there may still be some options to increase your closing costs to your advantage. For example, your lender may suggest applying the excess credit to “points,” buying down a lower interest rate. Another option may be to select a hazard insurance policy with more bells and whistles (and cost) than you really need; then after closing you can remove some of the bells and whistles from your insurance policy (it must still meet your lender’s minimum requirements) and the insurance company will refund the difference in premium. However, you would need to discuss these strategies well before closing, because they would probably require your loan to go back into underwriting, which could delay closing and potentially subject you to penalties for not closing on time.
In short, from the very beginning we work directly with the lender and the home builder and together we figure out how to apply the full rebate either to closing costs via the lender or via the home builder in the way of reductions of either upgrades or sale price.
Please complete our “Getting Started” form below so we can learn the basics about you and get the initial paperwork underway.