I was in the same situation as you – a different owner and bank. I did not apply for a bank. However, I spoke with the bank to take stock of the benefits of the NACA and they agreed that they do not offer a similar loan. After that, the owner approved. It lasted two hours. I made my offer and signed the contract. As soon as they accepted my offer, the final signal was ready. If your offer has not been accepted, could you withdraw? Make a sales contract. Meet with your sales advisor to authorize your sales contract and make your first deposit.
This is the stage where we return your deposit “in good faith” in exchange for your initial serious money deposit. Contractor contracts generally favour the owner. Id say there is a 99.99% chance that the money you have already given them is a casting cost, and there is a good chance that they will be due for the rest of the 10k. If you used an agent when buying, they may have more leverage because there are some subtle threats they can make, but if you haven`t used an agent, you won`t have that leverage. I was able to get out of a new construction contract and get my EMD back, but as an agent, I had more leverage than we would normally do. Ask for a mortgage. Within a week of signing your sales contract, go to a mortgage agent and close the credit application. For your convenience, Ryan Homes has its own mortgage company, NVR Mortgage, which is the most homebuyer partner with. I will probably also contact one or two board members (Ed Grier of VCU and Susan Williamson Ross of Clark Construction). NVR being a publicly traded company, I hope that their management team and board members are ready to hear stories (good or bad) of “real people” who buy their products.
Prayers are appreciated; I`m sure we`ll need it. @Caroline S. – It really depends on the sales contract and all the other documents you have signed. Since construction has not yet begun, you have a better chance of losing only 3k. My recommendation is to check out a $250-500 lawyer and give solid advice that could save you 7k in the long-term reserve a host site. You are working with your new sales advisor to create a quote for your home type (single family, townhouse, villa), homesite and additional functions.