One of the commonly asked questions about homes in The Overlook is “How does the purchase process work?” Following is a brief overview of the steps involved, but please contact a sales associate for any specific questions or clarification by clicking here.
I. Ready to Buy List
“Love The Overlook, and want the opportunity to buy”
Once you have decided to build a home on our currently available sites in The Overlook, you will be asked for a $5,000 fully refundable deposit which will add you to the Ready to Buy List. When a start date becomes available, you will be contacted by a sales representative and given the opportunity to move forward. If you are ready to purchase at that time, you will execute the Preliminary Purchase Agreement; if not, we will move to the next homebuyer on the List. If you are not ready to purchase, you may move to the bottom of the List and be contacted when future opportunities arise, or you may opt to be removed from the List and your $5,000 deposit will be promptly refunded.
II. Preliminary Purchase Agreement
“We are ready to buy”
Once you have committed to building a home and a start date is available, it’s time to execute the Preliminary Purchase Agreement. You will select your plan, elevation style, and home site. An additional $5,000 deposit and a preliminary loan approval letter are required at this time to move forward. Once the Preliminary Purchase Agreement is executed, the entire $10,000 deposit becomes nonrefundable, and you will begin to secure your permanent home loan. This step reserves your construction start date; it also begins your Selection Process.
III. Selection Process
“Time to make your new home uniquely yours”
During the Selection Process you will begin to work with your construction coordinator who will take you through the process of choosing almost everything for your new home. You will have approximately 35 business days to make the majority of your selections, including floor plan options, exterior colors, cabinets, appliances, plumbing fixtures, electrical additions, lighting fixtures and more. Yes, it’s a lot of decisions, but we have a great system to help you through the process. You will meet regularly with your construction coordinator who will also be available via e-mail and by phone. Additionally, you will be given a USB flash drive of your new home selection options so you can add or delete options to see how they affect your overall purchase price and estimated mortgage payment. Once your Selection Process is complete, it’s time for the Purchase Agreement.
Note: Your actual interior surface selections, including tile, granite, and carpet, will be chosen at the beginning of framing.
IV. Purchase Agreement
“We’re ready to go”
Once you have made all your selections and your total purchase price has been determined, you will execute the actual Purchase Agreement. This step will occur a minimum of three weeks prior to the start of construction. This step requires loan approval and a 10% nonrefundable deposit. All deposits apply to your home and will be credited to your purchase at closing.
“Your new home takes shape”
On the Construction Start Date we will begin building your new home. It will take approximately seven months to complete construction. Throughout the building process, you will have scheduled walks of your home with your construction coordinator to make sure we are getting everything just right. These walks will be scheduled after framing, before drywall, and a final walk approximately one week before closing.
“Pack your bags, you’re moving in!”
The closing on your new home will be just like a closing on any other home. You will bring the remainder of the money owed to Celebrity Custom Homes and sign the closing paperwork, and we will give you the keys to your new home.
Purchasing with a Contingency
Celebrity Custom Homes will consider writing a contract contingent upon the sale of your existing home; however, there will be some modifications to the normal purchase process. We will follow the same process as detailed above through the Preliminary Purchase Agreement, but construction will not actually begin until your contingency is removed. You will have approximately 18 months to remove your contingency. In order to cover administrative and carrying costs, your $10,000 deposit becomes nonrefundable as of the date your Preliminary Purchase Agreement is executed. Once your contingency is removed, you will be given the first available construction start date. Your Purchase Price may be adjusted if your contingency stays in place for more than two months after the Preliminary Purchase Agreement is signed. If another customer chooses the site you have selected during the contingency phase, you will have 48 hours to remove your contingency or move to another site.
This is a brief outline of the Overlook purchase process. Please see your sales representative for more details.