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Just wondering if anybody has any experience selling a house and land package off of the plans?
I'm currently waiting on title for a house and land package through a build company - signed for about $100k under the current market value over 12 months ago. I'm getting increasingly more and more anxious about servicing the mortgage once the house is built with increasing mortgage rates.
My lawyer has basically said that I don't have an easy way out in terms of land and build contract and would likely lose my deposits (10% of total house and land).
Would selling off the plans through a real estate agent be an option? Has anybody been in a similar situation and managed to get out? Or should I risk it and try to stick it out until the build is complete mid next year?
Any advice is appreciated!
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- 2 years ago
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