There is a big sign posted on Cleveland School Road, front of the new subdivision called Cleveland Springs. How can they do that, especially when the real estate market isn't too great today??
Oh, it's definitely possible, and sometimes works out great for both parties! My husband has done it twice. Think about it: A builder has a house for sale for $300,000, someone is interested, but first they need to sell their $150,000 house. If the builder/contractor has sense, they'll look at (or have a realtor) the house, see what it could sell for, if it needs money put into it, etc... and if it's a decent house, they'll make the deal. Would you rather sit on a house right now that you're paying mortgage on $300,000 or $150,000? And if you have enough equity in the original one, you might not even have a mortgage in a cheaper one! We did it about 6 months ago, bought a house on a Friday and had it sold by Monday. That was lucky, and will probably never happen again! We didn't make much money, but we didn't lose any either, and ended up selling 2 houses out of it!
Yes, I would not recommend that anyone just go out and do this! This option has been presented to my husband other times and he did not do it. If the house being offered is not in a good neighborhood, if there's too much money he'd have to put into it, if he wouldn't be able to get enough out of it, I could go on and on. And there has to be a big enough gap in price between the houses as well to make it worthwhile. Another thing some builders are doing (out of desperation) lately is renting their houses that have been sitting for too long. I've heard of quite a few of them doing this. I don't know how it'll work in the long run, but they've gotta do something.
Ive seen the houses in Cleveland Springs and i gota say....i would move into their house plan, the same one that they have set up as the model, as fast as i possibly could. Soon as we sell the beach condo. Everything is....as soon as we sell the beach condo.
The builder we have building our new house bought our house as part of the 'deal' he currently has it listed and we are renting it from him while we wait to move. It worked for both of us. I hope he has luck selling this house, but I didnt want to wait that long to start building! We did try to go through a real estate company that had a 'if you move up to our house, we will buy yours' type deal. That sounded good at first, but they lowered the price of your house every X amount of days, then after the set amount of time, after the price was lowered several times, they would buy it outright for 85% ish.... didn't work for us.
When my husband did it, both closings were done the same day at the same time, so no one owned both houses at the same time.
I didn't realize people lived there yet. But I don't drive down that way much either...Glad you like it!!
The model home there is gorgeous! But the houses are a little too close for my taste. Also saw where they're moving along with the retirement/sr citizens development down there also. It all looks like nice!
we got lucky on the "closeness"factor, we found out during closing that our lot was a lot bigger than they landscaped, and since the adjacent lot is a corner lot it is now too small to meet the setback requirements and they cant build on it!! how lucky are we!!
