Builders and Incentives – Mustang Lakes
Very good Mustang Lakes, this is super exciting, you guys, so not all the builders do this, but rumor has it that Coventry Homes will pay the pide, the public improvement district assessment that, you know, we all talk about when you’re going out north and going into Little Elm and in Prosper and going out north, all these new communities seem to all have these PED’s or Pugs and definition of a pit. It is a Republican improvement district.
There’s all these private utility district, there’s Mudd’s, HUDs, Suddes.
I don’t know all that, yeah, I’m going to stay out of this. I don’t want to ask any more questions.
Yeah, but anyway, investing likes it’s a very nice community. And Country Homes is now, you know, offering an incentive to pay the pide on behalf of the buyer. And if the buyer were to pay this over the course of time, it would be 78 thousand dollars to make. Yeah, they pay it, you know, and as we know, when you sell your home, you know, that transfers either transfers back over to the to the new buyer or they ask you to pay it. So, you know, it’s a it’s an expensive assessment.
And, you know, within paying that, that helps you when you go to sell it, you can say, hey, this is already paid. You don’t have to worry about it. And I think that’s huge. So, you know, I think it costs the builder because they’re in with the developer around 35 thousand dollars. So that’s a 35 thousand dollar incentive, you know, and it’s different.
So that actually makes so if we talk about it, if one home is three hundred thousand dollars and then you also have this pide attached to it. Yeah. That is really 35 thousand dollars at that moment. Right. Then when you finance it, this has that has a real payment associated with it. Bring it up to 78t thousand dollars.
So imagine one home is three hundred with a paid, the competing home is three thirty three fifty. It’s, it becomes in this weird spot now all of a sudden it’s three thirty or three fifty but there’s no paid. Mm hmm. So is it worth more. And how do you do that and how do the appraisers handle it.
And I mean there’s a bunch of questions that would be interesting to know how that works and to the the appraised value. Yeah. Because honestly, if it’s any type of. I mean, I don’t know, I would say as a buyer, when you’re going in and something like that is paid, it helps. And then when you go to sell it, you know, you can advertise that and promote it. I think that’s huge right now because it’s a kind of a, you know, a common activity.
It’s a very, very, very big deal. It is. So, Chad, in the most expensive kid that you paid money, any special assessment that you’ve had and let us know in the comments, any of them that you’re running in to. Right. That we should kind of be aware of. But this is an amazing one that you’re bringing up.
Mustang Lancs, thank you for doing it right. Yes. And let me tell you, Coventry Homes.So there is a sales agent in covid at Coventry Homes in Mustang likes, and her name is Sandy Frye Myer. And I know Linda knows her and Susan knows her. But I met Sandy years and years ago when she worked for Grand.
And I love her like she is the sweetest and most helpful person. And those are the relationships that you want to build because, you know, she’s gone to a couple of different builders and, you know, she is truly honest and will fight for you and help you. And, you know, I love that. So, Sandy Freimaurer, if you go out to Coventry, ask for her and you won’t be disappointed.
So am I correct? I’m thinking like the Wayback Machine. I recognize that name is there was there something that we had a a special request of the builder and Sandy really went to bat and there was something that came up that, you know, we had we’ve sold a lot of grand homes in our day.
Right. Sure. But fast forward a few years after we had like a grand home boom. Yes. We had another client that went in there and they offered to pay a bonus. And actually it wasn’t a bonus they were going to pay. Grainne was known for paying their commission on the base price.
OK, this client put in over a hundred thousand dollars into their into their home and paid for it up front. So when they did that, I asked I said, you know, we’ve been working really hard. I mean, this was we worked really hard on this guy, Sandy and I. And there was another agent as well. I asked if we could maybe not if there’s any way that they would pay the commission on even half right of the updates, so base price plus half, you know.
So an extra fifty thousand. No, we don’t normally do that. I said, OK. And I kind of pushed a little bit on like, I don’t understand this. And I talked to Sandy and they came back, the manager, the I guess the, um, the sales manager came back and said, you know what, we’re going to do that, Shawna. We’re going to do that. You’ve sold a lot of homes in grand homes in the past. And we saw that.
We’re going to do that. I got an email. I said, could you just put it in writing? Yep. Great email with it. And then I you know, we work through the contract. It wasn’t in the contract. I said, can we just put that in the contract? And they put it in the contract, but they didn’t put an exact number in there. There was something that
was missing. But I thought, you know, I’ve got this email and they kind of vaguely put it in this addendum. So I’m good. Well, fast forward to closing. I’m like, oh, I see the settlement statement and it’s not on there. It’s based on. And they’re like, oh yeah. Well, our manager, you know, changed hands. And he said, no.
I said, well, you know, that’s not really cool.
And so we fought through it and Sandy was a huge part of that and helped out and fought for us against her own, you know, her boss. And we ended up we had them actually come over here and had a sit down. And, you know, I normally get called in on those situations, don’t we? Did.
And you call in the like VPs of Grand. And we met with them and it all worked out and they paid it. It was after closing, but they they ended up paying it. So that’s in a nutshell why these relationships are important and why you should have everything in writing.
And how about a thumbs up, if you like, Mike and Shana, both sticking up for your conditions as an agent? I will, yeah. Every single time. Now, please do your part and get it in writing and please ask the questions in advance and please write like all those things are super important. But we want to be your advocates and we want to make sure that we’re doing the right thing for you and that you’re getting properly compensated for your time, energy and efforts.
You know, we get paid after the fact. We don’t get anything up front. So, you know, there’s a lot of work and blood, sweat and tears that go into it prior.
And you want to make sure that you’re you know, you get what you’re due at the end.
Right in the comments section, the most expensive amount of upgrades, total upgrades that you have sold as an agent. Well, that one was mine, that was yours, actually, I think it was over 100. I’m going to have to kind of look all right. Over a hundred in upgrades beyond. Right. And is that including things like adding an extra room or something like that, or is that. No. OK, so that’s like a modification. That’s a little bit different. So these are just upgrades.
That house must have been impressive and it probably reached reach out recently that they might be looking to sell. So I was like we had a really real struggle with the appraisal. Mustang Lake