Posted by Randy on August 02, 2003 at 10:10:45:
Shannon? sounds like a short sale to me. The first thing is the builder must agree in advance to sell it to you. You can?t just go around him to his bank; they will not/can not even talk to you without written authorization to release information about the loan. Until the foreclosure occurs you have to deal with the builder?.
The second thing is you still have to deal with the IRS and mechanics liens. This can be done but at an additional cost and delay of 30-60 day?s.
Then there is the cost of finishing the project. Do you have solid estimates for that?