Residential Lot Hold Agreement
This owner only needs a refundable down payment of 2000 $pour hold a quantity. Once the construction contract is concluded, the owner continues to pay for the land during construction and we will not pay anything until the closure. Therefore, there is no need to take out a loan to purchase the land, there are no bridge loans, construction loans, additional completion costs for each step of the process, etc. It is essentially treated as the purchase of an existing house once construction is complete. They claim to have houses built in 85 days or less and have never missed a construction date. The only potential problem for us is the ability to sell our current home and where we will live once it is sold. We cannot afford to start construction without selling beforehand. We look at short-term motel rentals (which will suck, but could end with our dream home). We have looked at it from every angle we can think of, but we do not seem to see real red flags. Do we miss something? So we explored a new development for the potential construction of a home, and we discovered that the realtor who helped us buy our current home has been working with the owner for over 20 years.
We liked our realtor and still wanted to work with her again, so we met to discuss the options.