A not yet built SFR - not even model homes up yet

[Travis Knight]

Excuse my naive question. I'm new to this game and trying to learn. I just spoke with an agent who mentioned a development going up where I could purchase a SFR very early (the model homes aren't even up yet). I am quite confident that the area is going to be solid so not worried about that, but I have a few questions:

-Is this a sucker play? And the agent just wants two commission?

-What type of time line am I likely working with? is this a 6 month thing or a 24 month thing?

-Even though it will only require a deposit of a few $k, is all of my capital tied up (since I'll have to use it for the down payment in the event that I don't sell it and have to get the mortgage)?

-Are prices for these units usually depressed because there is a lot of inventory in this development, since I'm not likely to be the only one spec'ing

-Is it dumb to sign up for this when the models aren't even up? Or is it reasonable to think that if I do diligence on the developer and the builder, that I may not get hosed?