What happens exactly during the contract phase?

Question by tygger: What happens exactly during the contract phase?
Buying a new construction home and also my first home seems to be more difficult than buying a resale home.

In order for me to take a house off the market, I was told that I needed to pay the earnest money ($ 8000), sign the contract and specify who I’m using as my lender(whether it be the builder’s lender or separate entity).

I’m planning on using the builder’s lender because of all the incentives that they are giving, but how can I fully agree to using them if I haven’t even seen the Good Faith Estimate of all the other associated fees?!?!

Also, can anyone explain to me what happens exactly during the contract phase? Do they just read off a bunch of disclaimers and I sign agreeing to buy the house for a set amount and est. finish time?

Any info. would be greatly appreciated.

Thanks!

Best answer:

Answer by philbertpheinstein
Tell them you want to see all the fees or you won’t buy it..

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