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Sunnyview, that was a perfect answer!Eve in Orlando
The downside may be that your new neighbors in the "busted builder" community may not be too happy! Why? Because you should be buying the home for MUCH less than your neighbors paid who bought from the builder that went under. Arizona (where I'm at) like Florida experienced many builders going bust. However, buyers in AZ are taking advantage of these great opportunities to buy both homes and lots. Yes, there are many cautions as other Realtors have covered here. But, the upside is that many communities across the US have local incentives to assist new developers coming in to clean up and finish homes, or even to build new homes on existing empty lots. Those incentives are most often passed onto buyers via much lower prices. The investors in the lots and unfinished homes may also be offering a great price, low interest rates, and upgrades (even green upgrades) you can take advantage of. A local Realtor can help you find the best deal, review comparables and guide you so you don't pay too much. Inspections are key to be sure the property doesn't have defects. However, you may find similarities to other markets across the country where the homes that were taken over are now better quality, have more features, better finishes, and have much coveted energy-saving green features than the busted builder-finished homes. You can check Google and other search engines to find articles from FL on buying in these communities, and you may look to "sister states" like AZ, CA and NV where many people who bought from "busted builders" are thrilled with their purchase price and the quality in the home that another company picked up and finished. Today's builders have to work harder for that sale and you will benefit. An experienced Realtor in your local community will provide you with your team of professionals that is critical for you in this purchase. He or she should also be able to provide you with comparable sales in the community and perhaps in other similar communities to help you make a sound decision for your investment.Good luck!
The lenders can be anxious to lend money-this can lead the existing houses to even depreciate more. But at the same time you can get a bargain. It is hard to say. I would try to talk to local people and get a feeling what they think about this subdivision. I would even contact building and zoning department. The more information you can obtain the more idea you will have. If the subdivision supposed to be gated, with clubhouse, pools etc who will finish the project, or maybe the project is already finished, but the existing and future homeowners may get a special assessment to run it properly (there are still vacant lots and HOA fees are usually divided into all homeowners or part of unsold houses or land should be covered by developer-and he went bust)
There is a lot to be concerned about, but depends upon what stage of completition the community is in. If little has been developed, I would not recommend buying...if it is almost done, than you need to evaluate.For example...If you pay $400K for your home, the rest of the lots may be sold to a developer that will put in homes for $200K, devaluing your purchase.If the community is supposed to have ammenities like pool, clubhouse, kiddie park. chances are that they will never be completed. Please also note that when a developer has "proposed" plans for developement, that does not mean that someone has to do it.When a developer goes bust the neighborhood ususally suffers and there is no rules for what can happen next.Erika in Orlando
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