Builder buyout
We missed out on purchasing a house in Great Falls, Virginia that was purchased by a builder. It’s a difficult lot with a huge pond lots of ascending descending terrain and currently a very small septic field right next to a giant creek. Lots of physical restrictions! In any case, our agent did not tell the other agent we had a contract coming and we literally missed out by just a few hours. We were extremely disappointed! However, our buy price was much higher than what the builder actually paid. We’re wondering if we should approach the builder to purchase the lot before the project begins. They have found an end buyer and so we don’t know contractually how that plays out. We know that they have not yet filed permits on the property. And a lot of of the soil and Septic is still being decided on by the county. They may know exactly what they’re doing or they may be in for a long haul as far as restrictions. We know that the HOA already made them drastically change the plans for the build. There’s currently a 3000 square-foot house on the property and they’re intending to build a 15 to 20,000 square-foot house. I don’t know what type of profit a builder would make in that scenario on a lot that they purchased for almost $3 million. We haven’t been able to get the perspective of builders really because we don’t know any. Has anyone successfully done this type of rep purchase? They closed on the land two days ago.