Builders are also warning of buyers cancelling orders on new homes. Think about this, when you buy a new home you have to put an earnest money deposit that is non refundable if you cancel. Normally that is $10000 to $25000 depending on how dumb you are as a buyer. They will work you for as big a deposit as they can to lock you in. So people are walking away from their deposits Rather than closing . Lesson: keep your deposits to $3000.
Seeing more cases of people who are still willing to Make the deal (as they wait for completion of the home), but now don’t qualify for the purchase because of the new higher interest rate.
thanks for all the info. Getting up early for the drive. Last thought- these dishonest realitors (and some of these Zillow and Redfin bastards) are all making the argument that there won’t be a HM crash because of DEMAND (numbers based on the last 12-18 months). Well, thuse high demand numbers were created by the f’n fed and uncle Sammy. You’d think someone would’ve figured it out after the fry guy at McDonald’s bought a 450k home…. “But demand demand demand”. ….. hahahahahaha
Builders are also warning of buyers cancelling orders on new homes. Think about this, when you buy a new home you have to put an earnest money deposit that is non refundable if you cancel. Normally that is $10000 to $25000 depending on how dumb you are as a buyer. They will work you for as big a deposit as they can to lock you in. So people are walking away from their deposits Rather than closing . Lesson: keep your deposits to $3000.