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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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Only thing is: at some point you'd have to come up with financing for the balance. From what others have said, it looks like the builder won't let you sell it until after you take possesion. And I also seem to recall reading that in the contract when I was looking at buying.
And the builders are on to that now too. One builder I talked to a few weeks ago said they are only doing spec homes now; maybe 1 in 20 will be a custom one- and you better be going for the upgrades.
But if you think you can qualify for a mortgage and have 10K burning a hole in your pocket...........