How to Buy a House That Hasn’t Been Built Yet » Mortgage Masters Group

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Buying a home that is already built is much more straightforward than investing in a preconstruction condo, house or townhouse – an important heads-up to first-time buyers in particular.

When purchasing a new home that is not built yet, when is it safe to remove a financial contingency? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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A sleek new condo building certainly has its draws, from sensible layouts to gleaming appliances, pristine lobbies and fast, reliable elevators. Of course, those perks don’t come cheap: In fact, new development condos sold for more than three times the median price of co-ops during the first quarter of 2018, according to a Douglas Elliman market report (and about twice as much as older condos).

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Thousands of people should find it easier to obtain a mortgage and buy. hasn’t happened," he adds. The growing population has meant ever rising demand for rented accommodation. Last year the Survey.

Your mortgage lender will require an appraisal of your new construction home before approving your loan to ensure the property is worth the amount of the loan it’s contemplating extending to you.

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About the authors: The above article "Top 10 Reasons Why A Real Estate Closing Is Delayed" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise.

Appraisals on homes that haven’t been built yet generally require the contractor and home buyer to supply more documentation in order to get a more accurate estimate of the property’s value.