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Originally Posted by Hifred
I am interested in opinions. I own a home in The Village of Charlotte and am considering building a larger home in The Village of LaGrange in Eastport. I am confused... With the bidding process for lots and potentially purchasing a lot and then not being able to sell my home for the price I need to complete a build that I would want. There are two options: 1) I sell my home first and then when the lot I am interested comes up to enter the lot lottery or 2) Purchase the lot and then try to sell my home. The issues are if I sell my home and rent then I may not get the lot in the area I would like to live since the lots have multiple people trying to purchase. But if I purchase a lot and then try to sell my house if it doesn't sell then I must move forward with the build and that could cause me problems financially. I have spoken to TV sales department and they are very positive that my house will sell which is what I would expect from the sales department. If anyone has had recent experience with this process can you tell me how it went for you? My current house is in very good condition but with all of the new houses for sale in the south I am thinking my house may not sell for what TV market appraisal is. I looked on line and my home would be the 10th pre owned sale sorted on price and square footage. However there are more than 18 new homes that are less expensive based on price and square footage. Your thoughts are appreciated.
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You win on a build lot, you have 24 hours to submit you $10,000, or forfeit. Our first day design team meeting was Labor Day. We didn’t plan to sell our existing homes until after close on the build. Fair warning, you need mortgage in place, either new, bridge, or cash. Developer doesn’t wait for you to sell.
We closed February 15. Todays builds are solid walls so unlike our 10’ block walls, you could close in 3-4 months instead of 5-6.
If you are uncomfortable or need to sell current home you need to strongly rethink strategy. Our first TV home we closed ONE DAY LATE, due to new closing program, on developer end. Even not our fault Our penalty plus $450 for one day late.
If your current home has a View, 3-4 bed with 3+ bath and room for a pool, you have a good shot at selling. If as you stated in the middle road of many preowned and new, you probably will be sitting on that house, or take far less than you need