We have developed a finalized set of prints or we are getting closer to a final plan. We will have a final price or we will be very close to a final price for your home. After reviewing the details, the client will be asked to sign a Purchase Agreement.
All details are defined in the Description of Materials and the Allowance Schedule. The Description of Materials lists the specifications of the materials such as the sub floor thickness, wood framing species, etc. Allowances are given for plumbing, lighting fixtures, exterior veneers, shingles, kitchens, trim, door hardware and floorings.
After a contract is signed, the customer will proceed with the new home loan process. Usually the customer has already begun this process by getting a pre-approval so they know how much money they can spend on their new home. At this point, the bank will need a copy of the purchase agreement and the description of material document. They will then order an appraisal on the proposed new home and a loan application will be submitted.