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re: Buying a lot from a builder
Posted on 12/1/14 at 7:55 am to KG6
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.
1
Posted on 12/1/14 at 4:40 pm to LSUtigerME
quote:
LSUtigerME
Did you all build in a new subdivision? This is how it worked for us when we built a house in a new subdivision in Texas.
However, we have looked at building a house on a lot in the NOLA area (not really a new subdivision, just would buy a lot that had a house on it pre-Katrina that was torn down) and what we are finding is that all the builders want you to get your own construction loan and the banks will only lend 80-85 percent of construction costs.
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