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The Finance Behind Your Dream Home — Exploring Tracey Pyles’ Role at Welbilt Homes

When it comes to building your home, Tracey Pyles, the Office Manager and Accounting expert at Welbilt Homes, plays a crucial role in ensuring the financial process runs smoothly. Here’s a detailed look at how Tracey is involved from the very beginning to the final stages of your home build.

the finance when building your dream home with tracey pyles

Initial Contact and Blueprint Deposit

Tracey’s involvement starts right from the beginning. Once you submit a blueprint deposit, she sends a warm welcome to Welbilt Homes along with your receipt. This blueprint deposit is the first step before the permit process. The sequence of events typically follows this order:

  1. Blueprint Deposit
  2. Site Visit
  3. Start of the Floorplan

The floor plan might be chosen before or after the site visit. Once the floor plan is finalized and the site visit goes well, Tracey steps in to create the contract for the build.


Contract and Approval Process

Tracey takes care of the approval process, and once the contract is approved, it will be sent to you for review. At this stage, you can add or make changes to the contract, such as adding a big sunroom or other customizations. Once all changes are finalized, Tracey prepares the final contract for your electronic signature. Along with this, you’ll also sign the Custom Home Building Process document, which outlines important details about choosing your lender, plot plans, blueprint facts, and the permit application release.


Lending Process

After the contract is signed and the lender is chosen, Tracey will initiate the first contact with your lender. She is fully involved with the lenders, handling all the necessary paperwork on your behalf. This includes:

  • Signed Contract
  • Standard Specs
  • Draw Schedule
  • Blueprints

The draw schedule is based on the completion of specific construction steps, such as the foundation, structure under roof, mechanical rough-ins, drywall, and final draw. All lenders will require an inspection before releasing funds to verify work completed to date. You’ll be informed when a draw is needed by a draw request sent via DocuSign by Tracey, once the draw request is signed, she will send the request to the lender. Tracey prides herself on the relationships she’s created with all of our preferred lenders, such as Fleetwood Bank, Univest, and Ephrata Bank to name a few. These relationships help when we need special exceptions getting to the closing table or receiving the final draw in a timely manner.


Communication is Key

Since it will be your responsibility to be closely involved with the lender, it’s very important to include Tracey in any communication you have with the lender as well. This ensures that we know the lender has all the documents needed from Welbilt Homes, our totals match, the draw schedule matches and most important the closing date for the construction loan.


Handling Addendums and Change Orders

During the preliminary stage of reviewing your blueprints with Alana, you have an opportunity to add things to your signed contract via an Addendum. This Addendum would be sent to your lender to either add or deduct from the total construction amount. This can only occur before settlement. Once you close on the construction loan with the lender, any other changes that may result in expenses would be considered out-of-pocket and a change work order or credit memo (depending) would be issued.


The Build Begins

Once the build starts, Tracey continues to manage the financial aspects. She requests the draws, sends out change work orders, and issues statements twice a month for any out-of-pocket expenses that occurred due to change work orders and credit memos.


The Final Draw and Warranties

After the final draw, Tracey sends out all final paperwork, including warranties, a summary report, and any credits due back. This occurs roughly 8 weeks after final funds are received from the lender.


Cash Payments and Escrow Accounts

If you’re paying cash for your home, the process is very similar. An escrow account is created with our preferred bank, and the process only begins once all funds are in this account. Tracey will then request the draws and oversee the build’s progress the same as she would if a lender was involved in the process.


Continued Support

Tracey’s role extends beyond the completion of the home. She remains in the background for any post-construction financial inquiries. “Even after the project is completed, I’m here to answer any follow-up questions and direct you to the appropriate team member” she assures, providing ongoing support and peace of mind.

Tracey Pyles’ involvement in the financial management of your home construction at Welbilt Homes is indispensable. She ensures that from the moment you make your blueprint deposit to the day you move in and beyond, every financial detail is handled with expert care. In Tracey’s words, “Anything financial is my responsibility,” reflecting her comprehensive responsibility and commitment to your financial clarity and satisfaction.


Important Paperwork

Tracey’s responsibilities include overseeing the completion of a variety of forms which include your:

  • Contract and standard spec sheet
  • Permit Application Release form
  • Change work orders and credit memos
  • Copy of insurance binder (Homeowner’s policy for construction site)
  • Copy of the Deed
  • Welbilt Homes Warranty paperwork

Through Tracey’s diligent work, Welbilt Homes not only builds houses but also fosters trust and security, making your dream home a reality with a solid financial foundation.