Pre-sales (foreclosed, investment, bankrupt, builders)

[BagongBuhay]

Two new developments near where I live have started advertising for pre-sales of acre lots. One of them advertises that there is no time limit to build. My husband and I were thinking of purchasing the lot for investment and later selling it. Would it be difficult to sell just a lot in a development where builders will be selling lots/homes simultaneously? If we sold our lot, does the buyer then have to go through the builder to build the house as opposed to getting them custom built. Is it hard to sell this lot at all?

[palmcoasting]

Whether or not they have to use a particular builder or builders would be part of what has to be disclosed to you as a buyer.
If the lot will be worth more, that depends on the development plans, and what the restrictions are. And a heck of a lot of timing.
You need to understand your market, the area, the developement and what restrictions are/are not in place.

[ylisa7]

Personally, I would never buy a pre sale. Yes a lot of people have done well but a lot of people are also stuck. Either the place never took off, the builders went bankrupt, or the owners are being foreclosed on.

Make sure you do your research and you know what you are doing.

Lisa

[BagongBuhay]

Okay...it's looking more complex already. I don't want another headache down the road. Looks like a no go for me now...see, that's why I look to City-data! Who else would tell me this?

Thanks all!