I drive by the area currently being developed by Toll Brothers for their new development Robertson Ranch nearly every day. The development is only about 5 minutes from my office so I have had the privilege of watching the topography of the area transform. While it appears that a significant portion of the development is nearly ready to begin erecting homes, the earth movers continue to prepare the area for what will be a very large new real estate community in Carlsbad. I have attempted to make contact with Toll Brothers in order to get more information about the development but no one at Toll Brothers can provide me with any definitive information at this time. Phase 1 housing should go on the market within the next few months.
As a real estate broker, licensed California attorney and NMLS licensed mortgage broker my #1 recommendation to buyers is to GET REPRESENTATION. Trust me, in my legal practice I receive phone calls every week from buyers that are angry and frustrated during the new home buying process. Buying a home is complicated enough but buying a new home from a developer can be even more complicated. While the process can be exciting that excitement ends really quick when issues with the developer arises. If you are not represented you will have to tackle these problems with the developer on your own OR you will call an attorney such as myself to ask for guidance. However, calling attorney will cost you money while using a competent real estate professional will cost you nothing. In other words, I charge everyone that calls me for legal advice pertaining to their issues with their developer whereas if they would have used me as their buyer’s representative they would have had my guidance and support for FREE throughout the entire process.
I am not saying that every single buyer is going to encounter a problem with their developer, however, I am saying that if a problem does arise, be prepared. The developer does not give the buyer a better price if the buyer is not represented so buyers lose nothing but have everything to gain by obtaining competent representation.
It is important to note that a buyer must register his real estate agent at the time of their first visit to the development. So do not visit the development without first speaking to your agent. If you do visit the development do not give them your personal information until you are able to speak to your real estate representative.
Just an FYI, I received a call last week from a buyer that did not obtain representation and went directly to the builder. An issue came up with the buyer’s financing and the builder is threatening to cancel the transaction and keep the earnest money deposit. The problem is that the buyer deposited a large amount of money to cover upgrades to the house so the buyer has nearly $75k at stake. I told the buyer he should consult with his real estate agent about what to do and he told me that he was not represented, that he went directly to the developer.
It is situations like this that make me stress GET REPRESENTATION. I should say GET COMPETENT REPRESENTATION.
If you are looking to purchase a home in Carlsbad, Encinitas, Rancho Santa Fe, Del Mar, Oceanside, Fallbrook, San Marcos, Escondido, Bonsall or Poway feel free to contact me at 760-692-5950 or by email at Michael@MichaelGaddis.com.