builder threatening to sell to someone else while under contract!

[Krishna Rayapudi]

-I have a house(primary residence) under contract that is being built and bank wants it 100% complete to process the loan. Builder is getting frustrated with the delay as the bank would not escrow money for unfinished portion and close. They want it 100% done, so closing might not happen for another 3 weeks. 

- Can the builder really sell it to someone else while under contract?

- What if I pay some money down to keep him happy and recuperate it from bank when loan is processed? 

Any suggestions?

[Jay Hinrichs]

@Krishna Rayapudi  I don't think your telling the whole story here so other posters are speculating.

1. did you get the contruction loan in your name?

2. did you just contract to buy a completed home?

3. was there a close date ( for instance 10 days of from C of O)

4. NO Lender is going ot make a loan on a home that is not complete  IE C of O

5. if the builder thinks you should close prior to C of O then the builder is an idiot.