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Good morning Kathleen. A lender will want to see the $5000 used for closing costs, not anything else. The $4000 lot credit can be used as a credit for upgrades.
not sure what they meant, but, i am sure when you are done with them....they will be sure to make MORE clear statements :)
i would ask the builder for clarification.
Going with the preferred lender puts the buyer at a disadvantage. That lender may not offer VA for Veterans, have competitive interest rates, etc. Many new home buyers have gotten burned by this tactic. Buyers are better off shopping around.
Kathleen, in our area with new construction the $5,000 in closing costs and lot credit would stand on their own. Most builders in our area identify the lot credit on the building contract; the builder paid closing costs and upgrades are negotiated along with the price.
If there's an "and" then yes it's for all 3 or Choice B
Kathleen Daniels My guess is, the builder is steering the buyer to go through a specific lender by giving those incentives. Not sure if it is right thing to do.
Now as far as math goes, I believe, the additional incentives from lender will be on top of what builder has offered.
It should mean choice 2, but I would definitely clarify the term "up to" as this sounds like a maybe to me.
That's the beauty of it all with new product. It is ALL negotiable. The developer is vulnerable and eager. He needs to recapture and reduce so he can make money. Agents are there to assist
I'd think the word 'and' indicates 1, 2, AND 3.
(3) " up to " gives them flexibilty in upgrade credits. I suppose it can be interpreted different ways.
I see an "and" in there.
2, seems like there was an And in that offer.
I think it means you will get all of the above so answer 2. If it isn't that way it is misleading.