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re: Builder Deposit Question
Posted on 3/9/21 at 9:11 am to bamaswallows
Posted on 3/9/21 at 9:11 am to bamaswallows
quote:My ex-wife was a paralender in construction loans. I can tell you some horror stories concerning people who didn't do due diligence when picking a builder. I wouldn't give a dime to a builder before doing A LOT of homework on him first.
4% seems aribtrary - but $30k on a $750k home is really not crazy. Now, maybe (potentially) builders is using your deposit as HIS equity for the bank loan? How long has he been in business? Good reputation? It comes down to a good contract and some trust.
1
Posted on 3/9/21 at 12:09 pm to greygoose
quote:
I can tell you some horror stories concerning people who didn't do due diligence when picking a builder.
Go on...
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