While sitting Greenstone model homes, a lot of people ask about build time. Build time is obviously the most significant portion of the process, but there are other things that must occur before, during, and even after the home is built. Follow this link to watch a video with details explaining the Greenstone process in more depth (4:52) or continue reading for the short version.
1. Submit Offer
Include Lender Pre-Approval or Proof of Funds if paying cash.
NOTE 1: Options that require building permits must be submitted with the Purchase & Sale Agreement.
NOTE 2: Greenstone will not accept an offer that has a home sale contingency.
2. Sorbonne Homes, LLC (the builder of Greenstone Homes) will send a counter offer…
The counter is sent in order to include all of the terms and conditions that they require for new construction.
3. Buyer accepts offer.
Offer is then sent to Sorbonne Homes, LLC for final signature.
4. First Deposit Due…
Deposit is due within 3 business days. This deposit is 3% of the sum of the (BASE PRICE of the home + LOT PREMIUM). For example, assuming the base price of the home is $500,000 and the lot premium is $7,000: $500,000 + 7,000 = $507,000. Multiply $507,000 by 3%. $507,000 x 0.03 = $15,210. This would be your first deposit.
5. Pre-Construction Meeting…
Needs to be completed within 8 weeks of mutual agreement, and the REQUIRED Design Studio Orientation needs to be completed at least 1 week prior to the pre-construction meeting.
6. Second Deposit Due…
Within one week after the Pre-Construction meeting, along with any changes or substitutions to selected options.
2nd Deposit will be the greater of:
- 2% of Total Purchase Price, or
- 20% of ALL Options up to $100K + 50% of ALL options between $100K-$150K + 100% of ALL options over $150K.
7. Construction Begins…
After the 2nd Deposit has been submitted. Build time from this point is currently about 6.5 months.
8. Mid-Construction Walk…
Occurs after the framing, electrical and plumbing are in, but before insulation and drywall.
9. Homeowner Orientation…
Occurs once the home is complete - usually 7 days before the close date of the home.
10. Closing/Recording…
Time to enjoy your brand new home! This process will have taken around 8-9 months, so it is well deserved.
Cheers!
If you are interested in buying or selling a home in North Idaho, let me know, and I would be happy to help!
Counties I Provide Services In: Kootenai, Shoshone, Benewah, Bonner, Boundary
Cities I Provide Services In: Coeur d'Alene, Hayden, Dalton Gardens, Post Falls, Hauser, Rathdrum, Athol, Garwood, Kellogg, Silver Valley, Careywood, Bayview, Cocolalla, Sagle, Sandpoint, Naples, Bonners Ferry, Moyie Springs, Priest Lake, Priest River, Blanchard, Spirit Lake, St. Maries, Plummer, Harrison, Cataldo, Kingston, Pinehurst, Osburn, Prichard, Wallace, Mullan.