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re: Homebuilders cancelling contracts to sell for more on market
Posted on 3/28/22 at 2:27 pm to Jcorye1
Posted on 3/28/22 at 2:27 pm to Jcorye1
Do people not take out a construction loan and hire a builder anymore? Admittedly I haven't built a house in 12 years* but the three we built we essentially "owned" everything on the property at any given time.
*The one 12 years I was the GC so it has been even longer since I built a home in what was then a conventional way.
*The one 12 years I was the GC so it has been even longer since I built a home in what was then a conventional way.
1
Posted on 3/28/22 at 2:41 pm to Obtuse1
quote:
Do people not take out a construction loan and hire a builder anymore? Admittedly I haven't built a house in 12 years* but the three we built we essentially "owned" everything on the property at any given time.
*The one 12 years I was the GC so it has been even longer since I built a home in what was then a conventional way.
Not in these mass produced tract housing communities found in the burbs of Dallas, Hosuton, ATL, anywhere where people are moving.
You visit the model home village, you pick out a home, a lot, options, you pay them a deposit and sign a contract.
They build your home.
At some point, you begin your mortgage application. It's not a construction loan, you are buying a completed home from the builder.
It's the middle ground between spec and custom.
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