question on buying a new construction home

[jimemack]

What is the name of your state?What is the name of your state? California

About a 1 1/2 years ago my wife and I put money down on a lot for a new construction home. It still has not been built yet and we were lucky enough to be able to lock down the price of the home. Since then it has built up some good equity. Things have changed since then. Personal issues have rendered us from moving into the house. Last time I talked to the builders they said that a letter was going to be sent to us regarding that we had to be residence there. We were thinking about renting it out but theres too much renting in the area as it is. We also were thinking about buying the home and turn around and sell it. My question is can a builder stop us from buying it and selling it right away. I know there is capital gains to consider but with the amount of equity built up we'll still come out way ahead.

[HomeGuru]

Originally Posted by jimemack

What is the name of your state?What is the name of your state? California

About a 1 1/2 years ago my wife and I put money down on a lot for a new construction home. It still has not been built yet and we were lucky enough to be able to lock down the price of the home. Since then it has built up some good equity. Things have changed since then. Personal issues have rendered us from moving into the house. Last time I talked to the builders they said that a letter was going to be sent to us regarding that we had to be residence there. We were thinking about renting it out but theres too much renting in the area as it is. We also were thinking about buying the home and turn around and sell it. My question is can a builder stop us from buying it and selling it right away. I know there is capital gains to consider but with the amount of equity built up we'll still come out way ahead.

**A: read your contract.

[jimemack]

Originally Posted by HomeGuru

**A: read your contract.

I havnt even seen the contract yet. I only filled out a form for the property that I put money down on. By you telling me to read my contract Im guessing it is possible that they could keep me from turning around and selling it. Thanks for your reply!

[HomeGuru]

Originally Posted by jimemack

I havnt even seen the contract yet. I only filled out a form for the property that I put money down on. By you telling me to read my contract Im guessing it is possible that they could keep me from turning around and selling it. Thanks for your reply!

**A: OK**************...