Just made an offer on an in-progress new build
Long story short: we just offered $580,000 (w/ $100,000 in earnest money) on an in-progress semi-custom house listed at $615,000. Hope to hear a counter offer by tomorrow evening. Looking for thoughts/advice/predictions.
Short story long: We looked at about 100 model homes, picked one we loved by Builder A, and had Builder B bid it out for the lot we had been eyeing for over a year (Builder B owns the lot we were interested in). Builder B came back at $663,000, which is more than we're comfortable spending.
While we were chewing on that number and trying to decide what options to pull and square footage to cut to make it more affordable, I was surfing Builder A's website and noticed that they were building 3 spec homes with "our" floorplan. The spec homes are in the same great school district, but 50% closer to my husband's work, are in an established neighborhood with mature trees, and w/ the options we want they are priced at $615,000 (or $604,545 after the 1.7% discount for not bringing in a buyer's agent).
The real estate agent told us that more earnest money = lower purchase price. We are a young couple and play our cards close to the vest, so I think he was shocked when we showed up the next day with an offer for $589,860 ($580,000 after the buyer's agent discount) with $100,000 earnest money.
If any of you have been through a similar situation I'd love to hear your thoughts/advice/predictions.