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re: Buying a lot from a builder
Posted on 11/30/14 at 10:20 pm to Sigma
Posted on 11/30/14 at 10:20 pm to Sigma
From my understanding, you don't usually just buy the lot under one loan and then have a construction loan in these type of circumstances. The builder has the lot available and will build a house on it for you. You close on the whole thing at one time as if you just bought any other house. Up front earnest money is required, but you don't really do anything until the house is built as far as loans. The contractor is basically funding the build and then selling it to you.
Posted on 12/1/14 at 7:55 am to KG6
quote:
n have a construction loan in these type of circumstances. The builder has the lot available and will build a house on it for you. You close on the whole thing at one time as if you just bought any other house. Up front earnest money is required, but you don't really do anything until the house is built as far as loans. The contractor is basically funding the build and then selling it to you.
This is how it worked for us. We basically got with a builder/developer, selected a lot, a house plan (custom plan we had drawn), he gave us a bid/cost, and that was basically it. We actually put no money up front. Everything was handled at closing just as if buying a completed new home.
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