Buying a new home - Time line?

[oc.queries]

Hello everyone,

Does anyone know the time line for buying a new house from Irvine pacific?

Say for example,the home will be ready in September. What will happen between now and then?

Steps:
1. I'm pre-approved by the bank for the mortgage.
2. I select the unit.
3. I need to make a payment towards deposit. ie., 25K

what's next?

Any input is highly appreciated. Thank you.

 

[jmoney74]

They will help you through. Essentially you pick your upgrades and make deposits on them. Then walk through a for the house. Finalize your loan and off you go.

 

[oc.queries]

They will help you through. Essentially you pick your upgrades and make deposits on them. Then walk through a for the house. Finalize your loan and off you go.

When we will sign the contract? Is it just before the move in?

 

[jmoney74]

Once the loan is ready to fund, they'll schedule the notary to get you to sign all the docs. Usually few days before you close.

 

[BruinDoc]

Hello everyone,

Does anyone know the time line for buying a new house from Irvine pacific?

Say for example,the home will be ready in September. What will happen between now and then?

Steps:
1. I'm pre-approved by the bank for the mortgage.
2. I select the unit.
3. I need to make a payment towards deposit. ie., 25K

what's next?

Any input is highly appreciated. Thank you.

I got into a phase release in real time (i.e. not on the waiting list, just went into sales office and picked out a lot which had not been selected from someone on the list yet). For me it worked this way:
1. Wrote check for EMD to secure the lot (they would not cash it until approved by their preferred lender).
2. Submitted my 'stack' and got pre-approved by their preferred lender.
3. Signed the purchase contract, disclosures, etc.
4. There were 4 'deadlines' with the design center. The first was the week after we signed, then were at 6 week intervals. The first was structural (Room options, CA room, etc.) and the last was flooring. The others in-between included things like low-voltage, electrical, appliances, smart home options, security system, surround-sound, cabinets, countertops, bathrooms, closet organizers, garage epoxy,etc. At each deadline I put 50% down as a deposit, except flooring which was 20%.
5. I paid for an extended lock through the preferred lender soon after getting pre-approved.
6. About 45 days before close, the lender wanted to document funds to close. They also wanted recent pay-stubs, repeated the credit check, etc.
7. Escrow instructions were sent about a week before close.
8. Wired funds to escrow 3 days before close.
9. Signed docs 2 days before close.
10. We had 3 walk throughs: I don't remember the exact days before close but the last one was then the day before we closed.
From when signed to closing was about 8 months.
Good luck! 8)

 

[oc.queries]

I got into a phase release in real time (i.e. not on the waiting list, just went into sales office and picked out a lot which had not been selected from someone on the list yet). For me it worked this way:
1. Wrote check for EMD to secure the lot (they would not cash it until approved by their preferred lender).
2. Submitted my 'stack' and got pre-approved by their preferred lender.
3. Signed the purchase contract, disclosures, etc.
4. There were 4 'deadlines' with the design center. The first was the week after we signed, then were at 6 week intervals. The first was structural (Room options, CA room, etc.) and the last was flooring. The others in-between included things like low-voltage, electrical, appliances, smart home options, security system, surround-sound, cabinets, countertops, bathrooms, closet organizers, garage epoxy,etc. At each deadline I put 50% down as a deposit, except flooring which was 20%.
5. I paid for an extended lock through the preferred lender soon after getting pre-approved.
6. About 45 days before close, the lender wanted to document funds to close. They also wanted recent pay-stubs, repeated the credit check, etc.
7. Escrow instructions were sent about a week before close.
8. Wired funds to escrow 3 days before close.
9. Signed docs 2 days before close.
10. We had 3 walk throughs: I don't remember the exact days before close but the last one was then the day before we closed.
From when signed to closing was about 8 months.
Good luck! 8)

So my down payment should be ready, just 45 days before closure.
If closure date is Sep 1st, then by July 15th.
Is it correct?

Also, are the closure and hand over date same?

 

[usctrojancpa]

I got into a phase release in real time (i.e. not on the waiting list, just went into sales office and picked out a lot which had not been selected from someone on the list yet). For me it worked this way:
1. Wrote check for EMD to secure the lot (they would not cash it until approved by their preferred lender).
2. Submitted my 'stack' and got pre-approved by their preferred lender.
3. Signed the purchase contract, disclosures, etc.
4. There were 4 'deadlines' with the design center. The first was the week after we signed, then were at 6 week intervals. The first was structural (Room options, CA room, etc.) and the last was flooring. The others in-between included things like low-voltage, electrical, appliances, smart home options, security system, surround-sound, cabinets, countertops, bathrooms, closet organizers, garage epoxy,etc. At each deadline I put 50% down as a deposit, except flooring which was 20%.
5. I paid for an extended lock through the preferred lender soon after getting pre-approved.
6. About 45 days before close, the lender wanted to document funds to close. They also wanted recent pay-stubs, repeated the credit check, etc.
7. Escrow instructions were sent about a week before close.
8. Wired funds to escrow 3 days before close.
9. Signed docs 2 days before close.
10. We had 3 walk throughs: I don't remember the exact days before close but the last one was then the day before we closed.
From when signed to closing was about 8 months.
Good luck! 8)

So my down payment should be ready, just 45 days before closure.
If closure date is Sep 1st, then by July 15th.
Is it correct?

Also, are the closure and hand over date same?

No your remaining downpayment should be wired into escrow within 1-5 days of closing.  You'll have to show the lender proof of down payment funds via bank statements going back 2 months. 

In Orange County, the county records up till 5pm so your closing will be the same day that the loan is funded.  You should be able to pick up the keys by 5pm that day from the sales office.

 

[oc.queries]

No your remaining downpayment should be wired into escrow within 1-5 days of closing.  You'll have to show the lender proof of down payment funds via bank statements going back 2 months. 

In Orange County, the county records up till 5pm so your closing will be the same day that the loan is funded.  You should be able to pick up the keys by 5pm that day from the sales office.

Say for example, I'm going with 20% down payment and the Bank is funding 80%.
when that 20% needs to be available in my bank account? 45 days before closure, when it gets into escrow?

 

[potsticker]

No your remaining downpayment should be wired into escrow within 1-5 days of closing.  You'll have to show the lender proof of down payment funds via bank statements going back 2 months. 

In Orange County, the county records up till 5pm so your closing will be the same day that the loan is funded.  You should be able to pick up the keys by 5pm that day from the sales office.

Say for example, I'm going with 20% down payment and the Bank is funding 80%.
when that 20% needs to be available in my bank account? 45 days before closure, when it gets into escrow?

Where is your money now? The 20% needs to be wired to escrow 1-5 days before close. It doesn't matter if it's from your bank account or a brokerage house. If your down payment is in investments you will need to make sure sale orders are settled well before you need to wire the money. Word of advice...don't be moving around your down payment money. Once you're pre-approved, keep the money in the same place and give your loan officer a heads-up before you move any money. The bank will want to see a paper trail.

 

[Captain]

Don't you have to show proof of funds and income to be approved by the builder first then transfer the funds into escrow later ? How does the builder approved your loans?

 

[oc.queries]

Don't you have to show proof of funds and income to be approved by the builder first then transfer the funds into escrow later ? How does the builder approved your loans?

We got pre-approved for certain amount. Now, we are interested in a plan which is higher.
Just want to know, when we need to have 20% ready in my account to transfer.
Thinking it might give us some room.

 

[jmoney74]

Don't you have to show proof of funds and income to be approved by the builder first then transfer the funds into escrow later ? How does the builder approved your loans?

We got pre-approved for certain amount. Now, we are interested in a plan which is higher.
Just want to know, when we need to have 20% ready in my account to transfer.
Thinking it might give us some room.

It should be there when you got pre approved. They will also check 60 days prior. If you get a big chunk transferred in, you'll need to show proof of where you got it from.

 

[Captain]

Thanks guys, got it !!

 

[doug320]

Don't you have to show proof of funds and income to be approved by the builder first then transfer the funds into escrow later ? How does the builder approved your loans?

We got pre-approved for certain amount. Now, we are interested in a plan which is higher.
Just want to know, when we need to have 20% ready in my account to transfer.
Thinking it might give us some room.

I was in the same situation.  Got pre-approved for planA, but shortly thereafter started to like planB better.  Called the lender to make sure the bump in loan dollars would be OK.  10 days from closing need to wire remaining down payment to escrow is what I have noted on a swim-lane contract-to-closing chart.

Probably a good idea to speak with your lender so they can understand what you're trying to do.  It may save you some grief if you have some undisclosed contingency to come up with the additional funds before it's required in full.  Good luck.

-Doug

 

[oc.queries]

Have another question though.

We make deposit for 25K, if we are going with IP.

What will happen, if we have to back out the offer before closing due to some circumstances?

 

[Prototype]

Have another question though.

We make deposit for 25K, if we are going with IP.

What will happen, if we have to back out the offer before closing due to some circumstances?

In most situations, you lose your deposit...

It would be advantageous for you to inquire with a sales agent and the sales office of the property you're interested in.  They will be able to give you the most accurate information regarding your purchase.

 

[SoclosetoIrvine]

Have another question though.

We make deposit for 25K, if we are going with IP.

What will happen, if we have to back out the offer before closing due to some circumstances?

It's been mentioned here before. There is always a risk of losing the deposit, but mostly depends on how far along the process you are.  If you just started and haven't went to design center to custom build, highly likely you can get it back.  They just want to sell the home, so if someone else buys the house with your selections, then it should be no problem.  But if no one likes your options, they might just take your 25k.  Besides this, if it comes down to it, and you are at risk, just find "some way" to unqualify yourself for the loan.  Get your lender to tell IP that you no longer qualify. Maybe you initially borrowed the down payment and they need the money? or just transfer the downpayment to someone else? Get your employer to say you need to relocate?  Something of that sort

Good luck!  8)

 

[BruinDoc]

Have another question though.

We make deposit for 25K, if we are going with IP.

What will happen, if we have to back out the offer before closing due to some circumstances?

Some builders will refund deposits for job loss or death in the family.
If they can find another buyer to take over the contract in short order, they might refund the deposit. On one of our home purchases we took over the contract for someone who backed out. The builder refunded the original buyer's deposit because we came on board pretty quickly.
But short of that, your deposit would be at risk.

 

[rkp]

Relationships go a long way.  Build a relationship with the sales agent.  If something does come up, they will be your advocate to get the deposit refunded.

And remember to take an agent to sign in and give a big chunk of that rebate to you.

 

[oc.queries]

Relationships go a long way.  Build a relationship with the sales agent.  If something does come up, they will be your advocate to get the deposit refunded.

And remember to take an agent to sign in and give a big chunk of that rebate to you.

Do agents get commission on new construction too?