Rebate on New home purchases - Discuss

[irvinerealtor]

Other "notable" broker work would be very little. Referrals for inspections, contractors, etc. could qualify, but most of the heavy lifting is handled by the builder's escrow company and the lender, if needed.

Mostly there is peace of mind on being able to ask someone with more experience in these types of sales. That's also one of the great things that boards like these have to offer, as so many members have bought new locally.

Thanks IR2.

I understand if there was "other" work involved (like 6 *years* of lookylooing).

I have probably asked this before, but is there any notable broker work during escrow for new homes that is similar to resale work such as working with escrow, inspectors, request for repairs etc etc?

 

[paperboyNC]

Thanks IR2.

I understand if there was "other" work involved (like 6 *years* of lookylooing).

I have probably asked this before, but is there any notable broker work during escrow for new homes that is similar to resale work such as working with escrow, inspectors, request for repairs etc etc?

I didn't use a broker when I bought my new home and I was misled by the sales staff and was not very informed in certain ways. The biggest thing that bugs me is that they had the home listed on the MLS as a single family home but when we went to sign the purchase docs it was a detached condo. I could have backed out, but at that point I was committed.  I did also ask a lot of questions of the sales staff that I may have asked of my broker if I had one. They said they gave me a discount on the home because I didn't have a broker but once I saw all the closing prices I saw that I paid the same and some of the other homes were better lots.  I also hadn't discovered TalkIrvine until after I purchased.

On the other hand, I had a tight schedule and was leaning towards renting. If I had used a broker who had convinced me not to buy the home I might have just rented and missed out on the 20-30% appreciation I have enjoyed.

Martin (USCTrojanCPA) would have certainly pushed me to buy a Taylor Morrison true SFR at Las Ventanas but I actually think I have better appreciation with my detached condo than the Las Ventanas homes and I might have been scared off by the long lead times and high option prices at Las Ventanas and bought nothing.

 

[qwerty]

Thanks IR2.

I understand if there was "other" work involved (like 6 *years* of lookylooing).

I have probably asked this before, but is there any notable broker work during escrow for new homes that is similar to resale work such as working with escrow, inspectors, request for repairs etc etc?

I didn't use a broker when I bought my new home and I was misled by the sales staff and was not very informed in certain ways. The biggest thing that bugs me is that they had the home listed on the MLS as a single family home but when we went to sign the purchase docs it was a detached condo. I could have backed out, but at that point I was committed.  I did also ask a lot of questions of the sales staff that I may have asked of my broker if I had one. They said they gave me a discount on the home because I didn't have a broker but once I saw all the closing prices I saw that I paid the same and some of the other homes were better lots.  I also hadn't discovered TalkIrvine until after I purchased.

On the other hand, I had a tight schedule and was leaning towards renting. If I had used a broker who had convinced me not to buy the home I might have just rented and missed out on the 20-30% appreciation I have enjoyed.

Martin (USCTrojanCPA) would have certainly pushed me to buy a Taylor Morrison true SFR at Las Ventanas but I actually think I have better appreciation with my detached condo than the Las Ventanas homes and I might have been scared off by the long lead times and high option prices at Las Ventanas and bought nothing.

if you give us your home address IHO can start a poll on which home would have made you richer, your current house or LV.

 

[paperboyNC]

if you give us your home address IHO can start a poll on which home would have made you richer, your current house or LV.

It's similar to this home (in Sevilla):http://www.redfin.com/CA/Irvine/38-Prickly-Pear-92618/home/40125498

I paid around $600K all-in including landscaping, window coverings, appliances, closing costs, flooring, upgrades, etc.

 

[qwerty]

if you give us your home address IHO can start a poll on which home would have made you richer, your current house or LV.

It's similar to this home (in Sevilla):http://www.redfin.com/CA/Irvine/38-Prickly-Pear-92618/home/40125498

I paid around $600K all-in including landscaping, window coverings, appliances, closing costs, flooring, upgrades, etc.

i was just kidding since the other thread was about opensky revealing to much info which would lead to him getting stalked.

 

[eyephone]

if you give us your home address IHO can start a poll on which home would have made you richer, your current house or LV.

It's similar to this home (in Sevilla):http://www.redfin.com/CA/Irvine/38-Prickly-Pear-92618/home/40125498

I paid around $600K all-in including landscaping, window coverings, appliances, closing costs, flooring, upgrades, etc.

i was just kidding since the other thread was about opensky revealing to much info which would lead to him getting stalked.

Stalked by who, the gardener? 

 

[irvinehomeowner]

if you give us your home address IHO can start a poll on which home would have made you richer, your current house or LV.

It's similar to this home (in Sevilla):http://www.redfin.com/CA/Irvine/38-Prickly-Pear-92618/home/40125498

I paid around $600K all-in including landscaping, window coverings, appliances, closing costs, flooring, upgrades, etc.

i was just kidding since the other thread was about opensky revealing to much info which would lead to him getting stalked.

Evidently, you don't even need a home address.

Seems like the TIers with time can find you just by posting the color you painted one of your accent walls.

(mine are pink)

 

[OCBROKER]

I offer my clients a 50/50 deal on all new construction that's the easiest way for me to keep it fair.

Is 50/50 really fair for new construction? After the initial forms signing, doesn't the builder's sales team take over? Or is there other work that the buyer's broker does?

Maybe some other brokers/realtors can chime in here.

I am there for my clients through the whole process. I do not just sign them in and walk away. I answer questions; I come to the contract signing and walk through when requested. Also most clients have me sign them in to multiple communities (7) Average. I also disclose any all information I may know about the area they purchase in. Sometimes we are able to negotiate a better deal for our clients on quick move in.  Most buyers just sign the contracts and have no clue what's in them and rely on the builder paid sales staff to assist. I would think you would want some sort of representation when you make one of the largest purchases of your life.

 

[ps99472]

I offer my clients a 50/50 deal on all new construction that's the easiest way for me to keep it fair.

Is 50/50 really fair for new construction? After the initial forms signing, doesn't the builder's sales team take over? Or is there other work that the buyer's broker does?

Maybe some other brokers/realtors can chime in here.

I am there for my clients through the whole process. I do not just sign them in and walk away. I answer questions; I come to the contract signing and walk through when requested. Also most clients have me sign them in to multiple communities (7) Average. I also disclose any all information I may know about the area they purchase in. Sometimes we are able to negotiate a better deal for our clients on quick move in.  Most buyers just sign the contracts and have no clue what's in them and rely on the builder paid sales staff to assist. I would think you would want some sort of representation when you make one of the largest purchases of your life.

So after 8 posts.....who's "I"?

 

[usctrojancpa]

Yeah, not all new home buyers are the same.  Some new home buyers just want to sign up at one sales office and pick a lot.  Others want to go sign up at several developments.  While others want to focus on re-sale homes with having the new homes as a potential back-up/plan B.  So there isn't one type of rebate program that works for every buyer, it depends on several factors.  For some agents is just signing your name, but for me it's more than that.

 

[usctrojancpa]

Thanks IR2.

I understand if there was "other" work involved (like 6 *years* of lookylooing).

I have probably asked this before, but is there any notable broker work during escrow for new homes that is similar to resale work such as working with escrow, inspectors, request for repairs etc etc?

I didn't use a broker when I bought my new home and I was misled by the sales staff and was not very informed in certain ways. The biggest thing that bugs me is that they had the home listed on the MLS as a single family home but when we went to sign the purchase docs it was a detached condo. I could have backed out, but at that point I was committed.  I did also ask a lot of questions of the sales staff that I may have asked of my broker if I had one. They said they gave me a discount on the home because I didn't have a broker but once I saw all the closing prices I saw that I paid the same and some of the other homes were better lots.  I also hadn't discovered TalkIrvine until after I purchased.

On the other hand, I had a tight schedule and was leaning towards renting. If I had used a broker who had convinced me not to buy the home I might have just rented and missed out on the 20-30% appreciation I have enjoyed.

Martin (USCTrojanCPA) would have certainly pushed me to buy a Taylor Morrison true SFR at Las Ventanas but I actually think I have better appreciation with my detached condo than the Las Ventanas homes and I might have been scared off by the long lead times and high option prices at Las Ventanas and bought nothing.

I never push any of buyers, but I do want them to consider ALL possible options that may work for them.  For full disclosure, I did like the Las Ventanas Plan 2 and was planning to buy a home there as I was near the top of the list had my West Irvine short sale in Irvine not worked out.  I had several clients who I signed up at Las Ventanas who ended up buying at other locations (Sage, Sevilla, San Mateo, Saratoga).  Heck I had a buyer that I signed up at Las Ventanas that had a slight preference to having a downstairs master so I told them about Sage and they ended up buying the Plan 2 over there. 

The appreciation that you see in your Sevilla home is very similar to the appreciation that you would have seen buying a Plan 2 or 3 at Las Ventanas....about $200k (see example below).
http://www.redfin.com/CA/Irvine/30-Pawprint-92618/home/45378024

 

[Park]

So what do people think the rebate will be for IP homes at OH when its released. 

 

[paperboyNC]

I didn't use a broker when I bought my new home and I was misled by the sales staff and was not very informed in certain ways. The biggest thing that bugs me is that they had the home listed on the MLS as a single family home but when we went to sign the purchase docs it was a detached condo. I could have backed out, but at that point I was committed.  I did also ask a lot of questions of the sales staff that I may have asked of my broker if I had one. They said they gave me a discount on the home because I didn't have a broker but once I saw all the closing prices I saw that I paid the same and some of the other homes were better lots.  I also hadn't discovered TalkIrvine until after I purchased.

On the other hand, I had a tight schedule and was leaning towards renting. If I had used a broker who had convinced me not to buy the home I might have just rented and missed out on the 20-30% appreciation I have enjoyed.

Martin (USCTrojanCPA) would have certainly pushed me to buy a Taylor Morrison true SFR at Las Ventanas but I actually think I have better appreciation with my detached condo than the Las Ventanas homes and I might have been scared off by the long lead times and high option prices at Las Ventanas and bought nothing.

I never push any of buyers, but I do want them to consider ALL possible options that may work for them.  For full disclosure, I did like the Las Ventanas Plan 2 and was planning to buy a home there as I was near the top of the list had my West Irvine short sale in Irvine not worked out.  I had several clients who I signed up at Las Ventanas who ended up buying at other locations (Sage, Sevilla, San Mateo, Saratoga).  Heck I had a buyer that I signed up at Las Ventanas that had a slight preference to having a downstairs master so I told them about Sage and they ended up buying the Plan 2 over there. 

The appreciation that you see in your Sevilla home is very similar to the appreciation that you would have seen buying a Plan 2 or 3 at Las Ventanas....about $200k (see example below).
http://www.redfin.com/CA/Irvine/30-Pawprint-92618/home/45378024
[/quote]

I actually wish I had had you represent me. In my budget I would have been buying a Plan 1 at Las Ventanas and once you add in front & back landscaping, window coverings, etc the appreciation is a lot less:http://www.redfin.com/CA/Irvine/25-Seedling-92618/home/45378187

If I had had better information I probably wouldn't have bought at Sevilla. If there hadn't been a huge price run-up from 2012-13 I'd regret it, but it's really hard to regret that kind of appreciation.

 

[OCBROKER]

So what do people think the rebate will be for IP homes at OH when its released.

Orchard Hills Broker Coop has not been released yet. Irvine Company usually pays a flat fee at all their communities. Homes under 850k pay between 10k and 12k and homes over 850k pay between 12k and 20k

Hope that helps!

 

[usctrojancpa]

So what do people think the rebate will be for IP homes at OH when its released.

Orchard Hills Broker Coop has not been released yet. Irvine Company usually pays a flat fee at all their communities. Homes under 850k pay between 10k and 12k and homes over 850k pay between 12k and 20k

Hope that helps!

My guess is that the broker co-ops will range from a flat fee of $10k to $15k at Orchard Hills

 

[usctrojancpa]

I didn't use a broker when I bought my new home and I was misled by the sales staff and was not very informed in certain ways. The biggest thing that bugs me is that they had the home listed on the MLS as a single family home but when we went to sign the purchase docs it was a detached condo. I could have backed out, but at that point I was committed.  I did also ask a lot of questions of the sales staff that I may have asked of my broker if I had one. They said they gave me a discount on the home because I didn't have a broker but once I saw all the closing prices I saw that I paid the same and some of the other homes were better lots.  I also hadn't discovered TalkIrvine until after I purchased.

On the other hand, I had a tight schedule and was leaning towards renting. If I had used a broker who had convinced me not to buy the home I might have just rented and missed out on the 20-30% appreciation I have enjoyed.

Martin (USCTrojanCPA) would have certainly pushed me to buy a Taylor Morrison true SFR at Las Ventanas but I actually think I have better appreciation with my detached condo than the Las Ventanas homes and I might have been scared off by the long lead times and high option prices at Las Ventanas and bought nothing.

I never push any of buyers, but I do want them to consider ALL possible options that may work for them.  For full disclosure, I did like the Las Ventanas Plan 2 and was planning to buy a home there as I was near the top of the list had my West Irvine short sale in Irvine not worked out.  I had several clients who I signed up at Las Ventanas who ended up buying at other locations (Sage, Sevilla, San Mateo, Saratoga).  Heck I had a buyer that I signed up at Las Ventanas that had a slight preference to having a downstairs master so I told them about Sage and they ended up buying the Plan 2 over there. 

The appreciation that you see in your Sevilla home is very similar to the appreciation that you would have seen buying a Plan 2 or 3 at Las Ventanas....about $200k (see example below).
http://www.redfin.com/CA/Irvine/30-Pawprint-92618/home/45378024

I actually wish I had had you represent me. In my budget I would have been buying a Plan 1 at Las Ventanas and once you add in front & back landscaping, window coverings, etc the appreciation is a lot less:http://www.redfin.com/CA/Irvine/25-Seedling-92618/home/45378187

If I had had better information I probably wouldn't have bought at Sevilla. If there hadn't been a huge price run-up from 2012-13 I'd regret it, but it's really hard to regret that kind of appreciation.
[/quote]
Yeah, Plan 2 is the most popular floor plan at Las Ventanas and why most of my clients bought that one.  It was a 4 bedroom, 2000sf+ home with all important downstairs bedroom and full bath and a driveway for less than $700k.  The improving market lifted the prices of all Irvine homes, some more than others.  You could have bought a Laguna Altura home for just under $400/sf when no one wanted one and now they are trading at north of $500/sf.  At the end of the day, those who bought 2009 to 2012 have benefited nicely.

 

[usctrojancpa]

What happen if you register online prior to grand opening or get pre-qualify before your first visit with your agent.  Are you still eligible for broken rebate?

It's fine to register online and even get pre-approved by the builder's lender without an agent.  The rule is that your first physical visit to the sales office has to be with an agent to be eligible to register with an agent and obtain a broker co-op rebate.

 

[meccos12]

Hi guys im new to the forums.
Ive been reading the threads and I see that there are a few realtors in the forum here.
I am thinking about going to orchard hills tomorrow and therefore im looking for a realtor to sign me in. 
Would those in this forum briefly tell me what your fees are and what your services will include?

Thanks and appreciate your help.

 

[eyephone]

Hi guys im new to the forums.
Ive been reading the threads and I see that there are a few realtors in the forum here.
I am thinking about going to orchard hills tomorrow and therefore im looking for a realtor to sign me in. 
Would those in this forum briefly tell me what your fees are and what your services will include?

Thanks and appreciate your help.

I assume that your buying a house. There is no fee a buyer should pay to the agent.

The seller pays the fee for the buyer and seller agent, usually 3 percent boths way. (Total of 6 percent)

As you read above, if you go with an agent that signs you in -a nice agent will split the commission with you. (Make sure it's in writing)

 

[lnc]

Hi guys im new to the forums.
Ive been reading the threads and I see that there are a few realtors in the forum here.
I am thinking about going to orchard hills tomorrow and therefore im looking for a realtor to sign me in. 
Would those in this forum briefly tell me what your fees are and what your services will include?

Thanks and appreciate your help.

I assume that your buying a house. There is no fee a buyer should pay to the agent.

The seller pays the fee for the buyer and seller agent, usually 3 percent boths way. (Total of 6 percent)

As you read above, if you go with an agent that signs you in -a nice agent will split the commission with you. (Make sure it's in writing)

I think meccos12 is talking about borker co-op rebate for new homes. 

@ meccos12, you should send a PM to IrvineRealtor or USCTrojanCPA about how they split the commission with you.  You can't go wrong with either one of them.

Here's list of broker co-op for OH homes.

Vista Scena - pricing at "low $700,000s" - offering broker co-op of $11,000
Capella - pricing at "low $1,000,000s" - offering broker co-op of $15,000
Saviero - pricing at "mid $1,000,000s" - offering broker co-op of $15,000
Messina - pricing at "mid $1,000,000s" - offering broker co-op of $20,000
Trevi - pricing at "low $2,000,000s" - offering broker co-op of $20,000
Entrata - $11,000 broker co-op ($600k-$700k)
Corte Bella - $13,000 broker co-op ($800k-$900k)
Strada - $16,000 broker co-op (around $1m and up)