Lot Acquisition Videos

Video 1 | Tear Down Introduction

This video reviews the Build-On-Your Lot process and the benefits of building new. It is geared to buyers who are in market for a Tear-Down property or vacant lot where they can build a new home. The steps are very similar to buying a new home in a new home development.

John Jorgenson of Long & […]

Video 2 | Tear Down Overview

This video reviews the steps of the Build-On-Your-Lot process beginning with financing with a construction loan.

Steps in lot acquisition process

Financing
Schedule a call with us
Determine overall budget
Site Considerations
Understanding site costs
Writing a contingent contract
Performing feasibility studies
Removing your contingency and going to settlement

Financing:

Most buyers will need a construction loan, which is a line of credit you draw down […]

Video 3 | Financing

Before your transaction, contact an SMCH preferred lender to learn about construction loans
How a construction loan (or construction-to-perm loan) typically works:

A construction loan is a line of credit and you only pay interest on the portion you’re using
Once you find a vacant lot or tear-down property, you’ll make your first draw on the loan to […]

Video 4 | Budget

3 components to SMCH transaction price:

Cost of land
Cost of new home
Cost of site work

How to budget transaction:
Browse models on WeBuildOnYourLot.com or NeighborhoodSeries.com
Prices for models are listed on website, along with their features
Land price increases with the lot’s proximity to the city
See current Sales Handout for an estimate on how much you should budget for site […]

Video 5 | Site Considerations

Three components to transaction price

Which way your home will face
Whether you’ll have a walk-out basement (if the property slopes downhill) or stairs up to the front door and a garage under-condition (if the property slopes uphill)
Whether the property contains resource protection areas that could affect things like the size of your home

High water tables, bad […]

Video 6 | Site Work

3 components to SMCH transaction price:

Cost of land
Cost of new home
Cost of site work

Site work consists of all the activities that need to occur in order to build your home
Examples of site work are demolition of the existing home, site engineering, driveways, landscaping, tree removal, dirt export, permits, fire sprinklers, street cleaning, and other miscellaneous […]

Video 7 | Contract

Once you find the perfect lot, you’ll want to get it under contract before someone else does
Stanley Martin Custom Homes does not compete with its buyers for lots
Steps leading up to contingent contract:

Locate the property
Determine offer price
Write the offer
Submit the offer to the seller
Negotiate the offer
Ratify the offer into a contingent contract with a study […]

Video 8 | Next Steps

If you’d like to learn more about SMCH, attend one of our seminars at our Reston HQ
If you own your lot or have a contract on a lot where you’d like to build, call us to schedule a meeting
If you’re in the market for a property, obtain loan pre-approval from one of our preferred lenders […]

Video 9 | Services Agreement

There are two ways to approach a build-on-your-lot transaction when you’re in market for a building lot:

Get a property under contract with a study period
Do your due diligence first and enter into a services agreement

When you receive the services agreement document, fill it out with your name and address, sign it at the bottom, and […]

Video 10 | How to Calculate the Square Footage of Your Home