Half-Built Homes Can Be Bargains

RISMEDIA, January 14, 2010—(MCT)—First came foreclosures, then short sales. Now we are seeing more half-finished homes for sale: bare-stud, bare-yard houses abandoned by their builders and left to languish on the market.

Unfinished homes bank owned

Purchasing a partially-built home is nothing new; during the housing boom, many new-home contracts were signed before even a slab had been poured. The difference now is that the builder might no longer be around to finish the job, particularly if it’s a house started by a custom builder who subsequently lost clients, financing, or its entire business.

Unfinished homes auctions

Nationally, the percentage of incomplete houses among new homes listed for sale rose this year from 39% in January to 43% as of October, according to the U.S. census. Though those numbers included homes under contract and still under construction, they also included unfinished homes abandoned by builders and placed on the market by banks.

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