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Originally Posted by GreenTeaFrapp
I'm tempted to put a deposit down on a new house, wait until its ready and then sell it when its done. For a $10,000 or so deposit you can make some good cash in this market.
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Builders are onto this little ploy now. If you only put down 5-10%, they have the right to raise the purchase price as the house is being built. Meaning they can raise the price as you go, and you either get your deposit returned to you or you take the increase.
If you go this route, ask the builder how much you have to put down to "lock in" the purchase price, no matter how long it takes to build the thing.