We Have created this page to help potential Factory Built Home Consumers by giving you incite on what to look for when purchasing your new home
Hopefully this information will be of help to you even if we do not have quite the home your looking for!
We will be glad to answer any questions you may have irregardless
1. Investigate the Dealership you are shopping to be sure they are reputable, unfortunately there are still a few dealerships left that are not!
2. Stay away from variable rates! Don't let a dealer or dealers broker or finance company talk you into a variable rate unless you are very familiar with variable rates and know how they work or are only planning on keeping your home a short time. Unfortunately Rates are only going to go back up over the next few years.
3. Construction loans are O.K. as long as you have faith in the dealer you are purchasing your home from. Here's how a construction loan is supposed to work. There is normally an up front closing where the land owner is paid off, and the Dealer is paid a draw to pay off the floor plan. Throughout the construction process the Dealer is normally given up to 3 or 4 more draws to pay his contractors for the work that they perform such as foundation work, septic tank install, etc. The problem is and it has come to my attention, and recently several times, some Dealers are getting their draws but the work is not getting done. So what are the Dealers doing with the draw funds? You tell me. Here is one example and normally all stories that consumers have told me end up the same way. I had a local Dealers customer come to me and tell me that they were not told up front how their construction loan would work. There was an up front closing and the landowner was paid off and the Dealer was given funds to order the home for the customer. Several months went by and the home never showed up. The customer kept calling the Dealer and she could not get in touch with anyone. The customer finally called the Manufacturer whom the order was supposedly placed with and to the customers surprise the Manufacturer told the customer that the Dealership never ordered a home for the customer! The customer also found from the Bank that the Dealer had been given draws to do the foundation work, septic tank install, driveway installation, and well installation and none of this work had been done. This floored me! I could not believe what I was hearing! Why was the dealer getting these funds without the Bank sending out someone to check to see if the work had been done. Long story short the customer was left holding the bag & nothing to show for it, no home, no foundation, no driveway, no well, no septic tank, just a lot that she purchased for $10,000.00 and an additional $26,000.00 that she found out she owed the Bank for the draws the Dealer was paid to do work he never did. The Dealer knew all along that he was in the process of going out of business and took this persons money like a thief. She is in the process of hiring a lawyer.
4. Make sure the dealership you are shopping is financially capable of fulfilling their promises to you. There have been many Dealerships that have gone out of business over the years, so please be careful where you buy from. When a dealership goes out of business and you have already bought one of their homes or in the process of buying one, you will be the last thing on that dealerships mind and then your stuck. When their gone their gone. Below you will find pictures of empty dealership lots, and those are just ones in Goldsboro.
Once again if you have any questions in your quest to find the right home for you and your family please contact me Danny Grant and I will be glad to answer them for you!
