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Building a new home in Greenville, SC with Ryan Homes?

My husband and I are planning on building a new home in Greenville, SC, we are having issues signing the contract, Has anyone had any problems with them taking too long to build the house or keeping your deposit? What about their mortgage company, we heard of people getting stuck using their mortgage company with a higher interest rate because they threatened to keep their deposit? Any experiences would help, both good and bad, thanks

Public Comments

1. ryan is not a very good builder ,they work on volume not quaility and if your getting a town house they will not start builing it until all units in that building are sold Check your area for smaller custom home biulders they focus more on the quality and check out the BBB to see if anyone has had a problem with them before you sign a contract Also make sure you check with the builder about using Icynene (spray foam) for insulation it makes your home Quieter,healther and way more efficent then fiberglass check out Icynene. com to see
2. I take it you didn't have a Realtor to represent you with Ryan...that would have been helpful in explaining the process. I am licensed in both SC and NC and I am very familiar with Ryan homes. Here is what you need to know: 1. No seller can legally require that you use their preferred lender...however, they also don't have to pay for your closing costs, free upgrades or any other incentive that they may have promised you....their mortgage company is a broker, it's not a true mortgage bank. 2. No new construction contract is going to give you an iron-clad date to close on a property...they are going to give you a PROPOSED TARGET date. The law does not require a builder to be responsible for weather, material shortages (drywall is always "short" in the summer), delayed inspections b/c the city is backed up, etc. Not everything is within the builder's control. If the city makes a builder wait, let's say, 2 weeks to inspect footers, then they have to wait. You don't get your earnest money back b/c they didn't meet the date...if you read your contract, all that they have to provide to get you to close is a certificate of occupancy...if you had a Realtor, they would have explained that to you. 3. You didn't say that you were fully approved at another lender...pre-approved doesn't equal approval and builders have just about had it with lenders that promise one rate and then at the last minute, can't provide it and delay the closing....that is why builders only offer incentives if you go through their lender. 9 times out of 10, unless you are going through your credit union, builder's rates are hard to beat b/c they are negotiated and if you have a good loan officer, if you can provide a GFE and a TIL from another lender at a better rate, they may meet or even beat that rate. Don't think you can't negotiate it at all b/c you can...but your on-site agent at Ryan isn't going to help you do that. Loan Officers in SC are required to be licensed by the state and cannot even quote a rate without a license.
3. Ryan homes in my area were built quickly and are energy efficient, but they are a "bulk builder" and they do skimp in ways that may not be apparent. They sure look nice though, "smoke and mirrors". If you are having issues signing the contract, go to a real estate lawyer before you sign anything. Additionally, it is illegal for the builder to insist you use their lender. So, call a mortgage broker and do some shopping around. Do this before you commit funds. Every lender owes you, in writing, what your costs will be. All lenders are not created equal. Some load on fees. You are protected by the Truth in Lending Laws, insist that you receive everything in writing. The lender does not "keep your deposit". That is a function of the terms of your Purchase Agreement. Make sure you see a lawyer to go over the builder's contract, and make alterations to it to protect you. Any contract drafted by a builder is going to favor the builder. Things can get very expensive if you deviate from the builder's plan. They might charge you $500 just to change the location of a window. So, know what you are signing and what it will ultimately cost you. I can't emphasize enough how important it is to have legal representation when building a new home. So, lawyer up and good luck.