Buying a Half-Built Home / The Facts about Mold

1
Vote

Posted by Moderator 866 days ago (http://www.bestcapecoralrealty.com)
Category: Mold & Construction | Tags: construction moisture mold damage

Half-built homes can be bargains, but with strings attached

ORLANDO, Fla. - Jan. 6, 2010 - First came foreclosure sales, then short sales. Now we are seeing more half-finished homes for sale: bare-stud, bare-yard houses abandoned by their builders and left to languish on the market.

Purchasing a partially built home is nothing new; during the housing boom, many new-home contracts were signed before even a slab had been poured. The difference now is that the builder might no longer be around to finish the job, particularly if it's a house started by a custom builder who subsequently lost clients, financing ... or its entire business.

"If I had known three years ago that my business would be based on selling short sales, foreclosures and half-built houses, I would have told you, you were smoking crack," said Kelly Price, a veteran real-estate broker based in Winter Park, Fla. She is trying to sell three partly built houses for banks that took possession of them from a builder or owner in financial trouble.

Officials in Orange County, Fla., say they aren't sure how many partly built homes are in such limbo because in March they gave builders a one-year extension on their building permits. Also, builders often deliberately delay work on new homes, putting off completion until the new year for tax purposes.

Comments

Who voted for this story

Comments

Who voted for this story

Related Links