New construction gone wrong!!!

[Myesha Stephens]

I need help! Last year I went under contract for a new build duplex as in new construction. I have learned so much. At first I wanted a new duplex because old duplexes were the same price or close in cost to new duplex and rather to buy an old duplex and spend money that I don't have to fix it. I went under contract for a new one. Then I found out that mortgage lenders do not close on houses that aren't build as yet. So in the midst of covid I started this journey, then the price of lumber went up and the builders increased the price $20,000 the end date for this project moved and moved and moved again. Then this morning my realtor informed me that they have increased the price again by $35,000. AT THIS POINT I DON'T KNOW WHAT TO DO! My realtor also told me that the developers will be selling their remaining inventory for $400,000 and that I could potentially resell the duplex for that amount after close. The most recent project end date is October. This property is located in bell County Texas. The prices for houses over all has gone up in this area including duplex and multi-family house. Both new and older houses. 

any advise?

[Myesha Stephens]

Originally posted by @Kevin Sobilo:

@Myesha Stephens, Ok, so it sounds to me like you are buying a finished duplex rather than paying a contractor to build a duplex.

If you bought a piece of land and hired a contractor to build a duplex a construction mortgage would pay for the construction in draws as the work gets completed. So, in that way you can "close" on a duplex they isn't build but the money is given out as it is worked on.

To me it sounds like you want to buy a duplex that a builder is building and selling when complete. It sounds like the price has gone up for various reasons.

My question is, why didn't you get it under contract at the beginning? Then you would have it locked in at a set price. You could have signed a sales contract with an extended time to close so that they could do the construction. This way there would be no price increases.

If I'm not understanding correctly what's going on, please explain.

 I paid the earnest money and went under contract from the very beginning. But they changed the price 2 times.