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Buying a New Home from Toll Brothers (1 Viewer)
- Thread starter TripItUp
- Start date
matuski
Footballguy
Check out SoloPro (now GoldenKey).
Buying a house (possibly Toll Brothers in fact) next summer and am going to give this a go.
Buying a house (possibly Toll Brothers in fact) next summer and am going to give this a go.
bagger
Footballguy
No reason to use an agent just make sure you are getting a 3% discount which is the fee they would have paid.
TripItUp
Footballguy
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TripItUp
Footballguy
mquinnjr
Footballguy
matuski said:
I will sell my rental condo at some point, and really like the looks of this model for both sides of the transaction. You know the idea has legs when you read a review of the service and realtors are foaming at the mouth about it in the comments section: http://www.inman.com/2016/02/08/solopro-says-blows-real-estate-agent-commissions/
TripItUp
Footballguy
Tom Skerritt
Footballguy
My wife is a realtor, and she tells me horror stories when she is representing clients buying builder homes. Builders know all of the loopholes. Unless you are a realtor/lawyer, you are way over-matched when it comes to reading/signing the contract. Competent realtors can get you upgrades and protections that far exceed any 3% discount. Builders don't want you to use an agent because they will not need to provide superior service and product. Buyer beware my friend.TripItUp said:
Agents can also hold builders accountable and negotiate better than you can.
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Tom Skerritt
Footballguy
Binky The Doormat
Footballguy
Never heard of them so I went to their site. They build some sweet looking homes.
Donkey Derp
Footballguy
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matuski
Footballguy
Can't read the comments.. quote some?
I will sell my rental condo at some point, and really like the looks of this model for both sides of the transaction. You know the idea has legs when you read a review of the service and realtors are foaming at the mouth about it in the comments section: http://www.inman.com/2016/02/08/solopro-says-blows-real-estate-agent-commissions/
Realtors are not lawyers and are not qualified to read contracts and offer advice. Realtors can fill in the blanks on forms, but that is the extend they are legally allowed to perform. Maybe 5 percent of realtors have enough knowledge of buying newly constructed homes to be of value.
The best advice in this thread is to get the home inspection and make sure repairs are done prior to closing or have enough in escrow to cover whatever remains.
Upgrades on these builders have enormous markups, which is why the negotiate them.
Probably the best way to get the best price is to deal with them during a slow period and walk away a few times hinting that you are interested in a different home. The deals will always get a bit sweeter.
mquinnjr
Footballguy
SWC
Bromigo
i have always liked those little keebler elf guys because they live in that sweet little house in a tree that looks like it was just meant to be there that is quality crafsmanship and top it all off they make a pretty damned good cookie and guess what you know who built that house for those liliputian cookie wizards it was the toll brothers so bam that right there is a double wammy take that to the bank brohans
Tom Skerritt
Footballguy
This is so wrong. Yes, they are not lawyers. And yes they are not permitted to give legal advice. But everything else you say is wrong. Have a nice day!
I have held a broker's license over 30 years and been involved in nearly a thousand real estate transactions. I know what training they have and the extent of the advice they should give. Tom Skerritt
Footballguy
So they can't give counsel on negotiations and/or the local market?
Sure, but what does that have to do with reading/signing legal contracts or offering legal protections? Your typical realtor has no more knowledge concerning the costs of upgrades than the buyers. A realtor will give a knowledgeable buyer much less negotiating power.
Tom Skerritt
Footballguy
Yep. You're right. Just keep filling in the blanks. Hope that's rewarding for you.
TripItUp
Footballguy
can you elaborate on this? It's a seller's market in SD right now, will I have leverage to do so?
nirad3
Footballguy
Robertson Ranch? Nice development. Dealing with Toll should be fine. Hire a third party home inspector though. Toll isn't crooked or anything but it'd be worth the money to have someone pick it apart just in case.
Tom Skerritt
Footballguy
TripItUp
Footballguy
yeah, looking at Robertson...gonna be an adjustment after living in the City(SF, Chicago, NY) for much of my adult life. Looking forward to simpler things in life like a dog/grill etc....things you don't get in a city.
nirad3
Footballguy
I can refer you to a realtor with experience dealing with new construction if you want. Good luck! (not saying that in a smartass way
)E2A: Not here much these days so PM me if you're interested.
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Zegras11
Footballguy
Representing three buyers on new construction right now. Inspection is a must. New construction almost always has more issues than existing from the deals I've done. If you think the builders agent is looking out for your best interest, then you are a fool when any problems arise. Best to have an agent that can advocate for you and only have your best interest in mind. You can call any brokerage and ask their broker who their best new construction agents are. That's the best way to find one.
I have had some experience with building as we previously built a custom home and went through the building process less than 10 years ago. Sold that house (at a loss, so take my advice with a grain of salt).
In Pa, a few years ago I started the process to build with Toll. Put a small deposit for land (that is refundable), however you are required to make your choices of elevations and packages quickly. Toll requires that those options be paid in advance (removes risk to builder). They were unwilling to negotiate on any upgrades. If you fail to close for whatever reason any money you put in is lost.
We decided to walk. They are currently building about 80 homes near our new house and they build them very very fast.
IMO excellent marketers and models look very nice on outside and decorated perfectly.
Keep in mind when you see the list of options it adds up really fast. For example when we're were going through process adding a 3rd garage $25k or raising the height of basement ceiling $10k.
In Pa, a few years ago I started the process to build with Toll. Put a small deposit for land (that is refundable), however you are required to make your choices of elevations and packages quickly. Toll requires that those options be paid in advance (removes risk to builder). They were unwilling to negotiate on any upgrades. If you fail to close for whatever reason any money you put in is lost.
We decided to walk. They are currently building about 80 homes near our new house and they build them very very fast.
IMO excellent marketers and models look very nice on outside and decorated perfectly.
Keep in mind when you see the list of options it adds up really fast. For example when we're were going through process adding a 3rd garage $25k or raising the height of basement ceiling $10k.
avoiding injuries
Footballguy
Based on my experience with new construction (N=1), I would never do it again. Yes, it's exciting, but there is so much more value with existing homes.
I'll recommend this, don't do a single upgrade inside the house. You can do everything cheaper and nicer on your own than what they charge and provide. Obviously, bump outs, windows and such aren't cheaper afterwards
if you're on public water, ask them about the cost of sewer lines throughout the neighborhood. My builder (Ryan) disclosed an additional $30-40k note late in the process after people were already emotionally attached. It seems to be a new hidden cost they pass on to the buyer. I had to sell the note to my buyer when I moved. It was almost a deal breaker.
good luck
I'll recommend this, don't do a single upgrade inside the house. You can do everything cheaper and nicer on your own than what they charge and provide. Obviously, bump outs, windows and such aren't cheaper afterwards
if you're on public water, ask them about the cost of sewer lines throughout the neighborhood. My builder (Ryan) disclosed an additional $30-40k note late in the process after people were already emotionally attached. It seems to be a new hidden cost they pass on to the buyer. I had to sell the note to my buyer when I moved. It was almost a deal breaker.
good luck
otello
Footballguy
If they charge 1,000 for upgraded carpet, tell the you will pay 500. Half it. In any event, you don't need upgrades anyway. Save your money. All of it can be done later.
RC94
Footballguy
Make sure you inspect every single inch of the place, even down to where the list switches are placed. My parents bought a house from a builder (not Toll Brothers, though) and they didn't think to do such a detailed inspection. Quickly after living in it, they realized just how poorly and stupidly it was designed. For example, the light switches for the master bedroom are not near the door but are around the corner well after you enter the room (basically in the middle of the room). They are 71 years old and entering a dark room and walking around in the dark is dangerous for elderly people. Also, and it's been mentioned, getting them to fix anything once you move in is nearly impossible. They are unprofessional and belligerent. Personally, I would never buy from a builder like this.
STEADYMOBBIN 22
Footballguy
I'll just add that most home inspectors aren't qualified to inspect new construction. They may have the certification or license, but that doesn't mean they know wtf it is they're looking for/at.
Good luck.
Good luck.
Dondante
Footballguy
It certainly happens, but it is less of an issue, frankly, with new construction. Especially in California with the amount of red tape builders have to go through these days. Home inspectors have portfolios and can be interviewed just like any other service provider. If you're not researching the person you're about to spend $350 with to inspect your $500k+ investment, you probably didn't do any research on the builder either. And that would be on you (as a buyer).
Just do your homework. And if you (posty) have the means, design/build is the way to go. If you are in a time crunch it probably won't work for you, but in the long run, you'll get exactly what you want from professionals who know what they are doing and will serve as council to many of the legitimate issues exposed in this thread.
Tom Skerritt
Footballguy
My wife represented some buyers on a new construction home recently, and these builders were very difficult and got so many things wrong during the building process. Repairs and rebuilds were required multiple times. Closing got pushed back multiple times. Wife ended up negotiating upgrades totaling $70K (builder price obviously, probably not resale value) to make up for all of the trouble. Buyers were super happy in the end, but it was a long arduous process.
I'm sure jonmx would have been able to do this for you just by filling in the blanks.
I'm sure jonmx would have been able to do this for you just by filling in the blanks.
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berndog
Footballguy
From my experience you need to get 2 inspections. One before the drywall goes up and one prior to your final walk thru. I had a very bad experience building a house and walked away after our final walk thru/punch list. The one thing I learned is an independent inspector and realtor saved me from making a horrible decision.
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