Tuesday, March 19, 2013

We Signed The Purchase Agreement!!!!!

I've had several sleepless nights lately.  I roll the pros and cons around in my head.  I ask myself if the lot we've selected/that's available is right for us?  Is the price reasonable?  Is this something we can take on?  Will we be happy in 10 years in our location/home?

It's hard to predict what life is going to hand you and after much discussion with my mother, who will be sharing our home with us - we decided we were going to move forward with building our home with Ryan Homes, NVR, in the community of Stone Lake.  Let the OCD and worry begin!

Our Purchase Agreement paperwork is somewhat of a blur to me.  I didn't sleep at all the night before, worrying about money, financing, the HUGE decision of buying a home.  We didn't start this journey without some initial disappointments.  I don't want to discuss them too publicly, but we're lucky enough (I hope - we haven't gotten the final approval as of yet) that we had a work around.

Our SR learned my characteristics very quickly and had a "Notes Copy" of the Cost Estimate for my notes and comments.

First Stop - Master Selection Sheet. 
This included a master list of the included features.  This list is so thorough that it includes items such as "No Model Home Sales Office" LOL!  I'll cover more of this later as I read through it with much more attention to detail.  This also included the "Selectable Options"  This basically just listed our "Must Haves" for the moment, at least.  It also included the incentives - More More More Please!

Second Stop - Additional Option List.
This included every standard option for our home, including things such as the elevations, finishing touches for rooms, and flooring.  This list is huge and daunting in the sense there are additional notes for some items on other pages.  I'll read it again, paying more more attention to the details later on.  We also viewed pictures of the standard lighting and appliances.  Ug - the warning included our driveway information.  No sidewalks!  Wow?!

Third Stop - The Cost Estimate.
It included the original "Must Haves" we discussed with Elizabeth, our SR, during our first meeting.  We are considering additional options but that's for another post.  I'm almost too exhausted mentally and physically to write this post!

Fourth Stop - The Fine Print.
This starts the blur.  "Residence Type Addendum to Purchase Agreement", Upgraded Options Addendum to Purchase Agreement", "Change Order Policy", Consolidated Acknowledgement", "Mortgage Interest Rate Lock-In Acknowledgement", another loan Addendum to Purchase Agreement, "Closing Cost Addendum to Purchase Agreement", "Ohio Purchase Agreement", "Ohio Addendum to Purchase Agreement", and finally "Affiliated Business Arrangement Disclosure"

That's it, our life has been promised to another!  We were given a white binder that gave us all the information about our process and what to expect next.

Oh, but the after part was the best part.  It was a little muddy, a little cold, and just a little dreary but it was a huge moment in our lives.


  1. Did your purchase agreement state that you would owe 1.5% of the purchase amount if you do not settle and 1.5% for every month until you settle? And that settlement date is determined by Ryan Homes (they give you 2 days notice)? I want to buy a Ryan home, but i'm afraid to sign without any control over the settlement date. Too many stories about incomplete or unsatisfactory construction and you are forced to go to settlement regardless. I wanted to negotiate the purchase agreement, but was told they never negotiate and that every buyer signs the same agreement. Is this true?

    1. Our Purchase agreement states that we will be notified in writing no less than 10 days in advance by written notice of the actual settlement date. In the event that it has to be rescheduled, the agreement states they must provide 2 days notice prior to the scheduled date - written notice of the new settlement date. It is true that you are charged 1.5% for every month until you settle.

      I can't confirm that everyone signs the same agreement, but likely this is the same for most companies like Ryan Homes. I peeked at a Purchase Agreement for another company, similar to RH, that had the similar conditions included.

      I also had concerns over the Purchase Agreement and each time I read it I was engulfed with fear of all the things that could go wrong. I found a little relief in the fact that this is a similar purchase agreement to similar companies which are also not negotiable.

      Good luck with your decision. You'll do what's best for yourself and family.

  2. Did you have a realtor to help you understand all of the legalese?