Guide to the Purchase Process

1. Before Buying A Home, Get Your Finances In Order

 

Line up your financing, set aside a down payment (if required) and study the loan programs available. By doing your homework, you will know exactly how much you can pay and what it will cost you.

  • Get Pre-Approved or Pre-Qualified
  • Experts recommend speaking to a lender about getting pre-approved or pre-qualified for a mortgage as soon as you become serious about buying a home to see what price range you can afford and what your approximate monthly payments will be.
  • If you don't have a lender, American Showcase Modulars can provide a list for you to select from.
  • A homebuyer is always free to choose the mortgage company of their preference. Always compare interest rates and fees. A single percentage point difference in the interest rate can make a big difference in your monthly payment.
  • To Become Pre-Qualified
  • To become pre-qualified, you submit general information about yourself and your finances to a lender. Based on information you provide, which is not confirmed at this point, the lender will issue a pre-qualification loan amount (Pre-qualifications are based on what you tell the lender and are no guarantee). This can help you start thinking about what you can afford, and can help you begin looking at new homes. Pre-qualification is not to be mistaken for a letter of approval for a certain loan amount.
  •  To Become Pre-Approved
  • To become pre-approved, you agree to a loan, you may give the broker or lender a check to cover the cost of a credit report. The lender will ask for other information, such as your last two or three bank statements, W-2’s, and pay stubs. Once the credit report is back, the lender should be able to provide a loan rate, and provide a truth-in-lending statement. This statement will outline the costs of the loan, and what would be required to close the purchase.
  • There are several advantages of being pre-approved for a loan. Most important, you can relax and feel comfortable that you already have your loan ready for when you need it.

2. Locating A home Site

 

There are a few key items to think about when buying a site for new home construction. For proper drainage, the house shouldn’t be in a low spot or at the bottom of a hill where runoff will head. Each piece of property has easements that dictate where utility lines can go. Set backs, septic / well locations and lot restrictions will also influence the actual location of the house.

  • Does the lot you are looking at have public utilities? If so we need to learn about any connections or tap fees that have to be paid.
  • Buyers should contact the electric companies servicing the site area. Power companies require homeowners to make application for service.Hence it is the Purchaser’s responsibility to make such application. The power provider will make the determinations as to how service is to be installed (underground or overhead).
  • If it is a rural site, does the land have the ability to have a septic system installed? If so, what type? There is large variation in prices of septic systems. Also learn about access to water for your new home.

These are questions you will want to know the answer to before you purchase your potential building site.

American Showcase Modulars has a full time General Contractor with over 24 years’ experience to provide assistance to you. American Showcase Modulars will set up a site inspection at no cost and our General Contractor will research answers to the critical questions above.

 

3. Permits & Inspections

 

Our General Contractor will make sure that the proper permits are obtained, building codes are met, and that inspectors are scheduled. With modular construction this typically means finished electrical, finished plumbing, mechanical (heating and cooling) system inspections, and final inspection.

 

4. Securing Construction Bids

 

 Our General Contractor will secure bids from highly experienced, licensed, bonded and insured subcontractors.

  • Confidence in the performance of our subcontractors is enhanced with the experience level American Showcase Modulars requires and the on-site presence of our General Contractor.

 

5. Select Your Floor Plan

 

Visit our model display center and tour our homes. Our builders are Holmes Building Systems, Nationwide Homes, and Champion Home Builders. American Showcase Modulars display center includes Two-Story, Ranch, T-Ranch, and Cape Cod models. Here you can view the different styles of counter tops, tiles, floor coverings, appliances, bathrooms and paint colors etc. just as they would appear in your home. If you don’t see what you want, view additional styles in our Builder sample rooms. Still haven’t seen what you like? Customization is our specialty. American Showcase Modulars will build your dream home from ANY floor plan or draw it yourself. We will have it engineered!

 

6. Finalizing The Home Specifications

 

American Showcase Modulars will now prepare your Purchase Contract. This contract will provide a detailed outline of the transaction.

  • Floor Plan Print Sign Off
  • Contract Price
  • Site Improvements Included
  • Interior / Exterior Specifications Sign Off
  • Final Colors, Countertops, and Floor Covering Specifications

This is the contract your finance company will require to provide you with your final loan commitment.

 

7. Placing The Home Order

 

 Once your final loan commitment is received, American Showcase Modulars will order your home from the specified Manufacturer. The home construction period will range from 3 – 6 weeks depending on the Manufactures backlog.

 

8. Site Improvements

 

While your home is built at the Manufacturer, site improvements will begin immediately. Excavation can happen quickly. In some cases American Showcase Modulars will break ground, install a rough driveway, and dig the foundation in a single day. It will be important to make sure that any trees you want to keep are protected. Insure a place to take excess dirt from the excavation is available. Plan exactly where it will go on your building site. It can’t interfere with construction vehicles, crane locations, or the staging / storage area for your modular home sections. American Showcase Modulars General Contractor will guide and direct this process.

 It is American Showcase Modulars goal to have site improvements completed (site limitations permitting) before your home arrives.

 

9. Site Delivery of Your Home

 

Your new home will be shipped directly from the Manufacturer to your site.

  • The modular home delivery, set and weathering in is a process that happens quickly. Essentially, a well-coordinated jobsite will have the modular delivery, modular set, and the weatherization of a home that is 80 – 90% complete in 2 – 5 days depending on the complexity of your new home.
  • A modular home typically comes in 2 or more sections. These sections can be 14’ – 16’ wide and up to 76’ long. The building site must be managed in such a way as to allow a crane to get near the foundation and access each of the sections easily to assemble them on the foundation.
  • If there is limited room on the jobsite, a staging area to store the home sections may be required. This may also require the use of a toter, a specialized truck to jockey the homes from the staging area to the modular home site.

 

10. Assembling Your Home on the Foundation

 

American Showcase Modulars will be responsible to insure that the crane has the ability to move to its required position to setup and access each of the modular home sections. This is important to reduce the overall time it takes to get your home onto the foundation and under roof. A two section home is set and weathered in within one day. A home with 6 -8 sections can usually be completed in 2 – 3 days. This process is heavily dependent on the weather. At the end of the assembly of your home it will be weather tight. This means that the roof shingles are completely installed, any and all side walls are up, and all windows that may have been installed at the site are at least rough set.

 

11. Exterior Finishes

 

Now is the time to complete the exterior finish of your new home. If you have chosen vinyl siding, much of this has already been installed at the manufacturing site. The remainder will need to be installed onsite. Soffit, fascia, and guttering will also need to be completed onsite. If you have chosen specialty siding, the amount of work to be completed onsite vs. at the factory will vary.

Any porches or decks will also be completed at this time. Coordination of the subcontractors to complete these items is important. Interior work will be happening now.

 

12. Interior Finishes

 

When completing a modular home the finish work is typically confined to drywall, light trim, and floor finishing/seeming work. As a modular home comes in sections, this work is usually limited to work on “mating” walls (i.e. wall where the sections line up and attach to each other.) Systems like electrical and plumbing are basically completed in the factory within the sections and must be tied into the onsite connections.

 

13. Mechanical Systems

 

Whether the heating and cooling systems is a heat pump, oil or gas furnace, or radiant heating, some level of effort is needed onsite to complete these systems. American Showcase Modulars will be working to get these systems installed and running quickly, in some cases to allow other subcontractors to complete their work more effectively.

 

14. Final Inspection

 

Our General Contractor will schedule the final inspection. Upon its successful completion, the Building Inspector will issue a Certificate of Occupancy. This certificate is evidence that your jurisdiction has approved your new home for occupancy.

 

15. Final Closing

 

The Certificate of Occupancy is required by your lender to final close your loan. All parties to the transaction will work closely with your lender to schedule the closing which normally takes place at a title company or an attorney’s office.

Closing is the formal transfer of ownership from the seller (the builder) to the buyer (you).

“Closing Statement” or “Settlement Sheet” – is an itemized statement of charges to be paid at closing. The charges can vary depending on your loan type. You will attend the closing meeting where you will be asked to sign the final documents. The Builder Sales Consultant will also be in attendance. Your settlement agent will guide you through every document to be signed. Ask questions if you do not understand something.

When you’re finished, the settlement agent will record and then you receive the keys to your new Home!

 

It is important to start the process as early as possible. The longest part of the building process is usually arranging your financing, waiting on appraisals, health permits and building permits. This can take several months. The actual erecting of your home only takes from 30 to 90 days depending on the amount of site-built additions, modular sections and of course – weather conditions.

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