Steve Update

Not to jinx it or anything, but Steve and I are going out to meet with the new home builder rep today. Now let's be clear: Steve has practically been living at this builder rep's office for the past few days. I joined him on Wednesday for an afternoon of answering questions and previewing homes.

For those of you who don't think you need representation at a new build, oh please! call me. So far this week I have read through the 49 page purchase contract--it isn't the standard one I teach. In this contract there are a lot of builder-friendly clauses and no buyer-friendly clauses. I read through the 60 page addendum, public report and other bits o' paper. I took notes and then I explained all of it to Steve.

All of it.

He now understands how his money is being used and what it will take to get out of the contract and get his earnest money back if he chooses not to move forward. By the way, about the only thing getting him out of this contract and getting his money back is his own death--and he won't miss his earnest money at that point.

I have also researched who owns the land that is being built upon. Protip: sometimes the builders don't own the land and don't have title to the land they build on. If they haven't purchased the land prior to close of escrow, the buyer can't close--even if the buyer's worldly belongings are in the moving truck and they have just sold their home. (True story!) And the contract pretty much says the buyer has no recourse. But if the buyer delays closing, it is $1,000 a day penalty.

In addition to this, Steve asked for guidance picking out his lot, floor plan and lots of extras. Did he want a west-facing back yard? Did he want the lot backing the major street? Was the lot premium worth it? (NO!). Was four bedrooms better for resale? Would 8' interior doors be better for resale? What are "upgraded" cabinets? And the list went on.

Plus, Steve had lots of questions about fees, loans, taxes, his payment and other items that I either referred him to an expert or handled them myself. But mostly, I referred him to folks smarter than me.

This is only the beginning of the process. Steve's estimated build time is 10 months--but the contract gives the builder the right to extend this to 2 years. So, there will be inspections, walk-throughs, more paperwork and eventually keys.

I am really excited for him--if he goes for it. You see, I am not 100 percent sure this is happening. In addition to the above, I have also talked to him a few times a day while he processed this, making sure this was right for him.

Steve is a great client and an even better human. I have so enjoyed working with him. He has been a breath of fresh air--gracious fresh air--in a very uncertain time in my life. I hope he picks this house, because it seems like a good fit.

Update: Steve is under contract!