Selling a Spec Home without a realtor

[Caitlin Spratling]

Hey all,

We are building our first spec homes (a set of townhomes) but we would like to sell them without a realtor to make them worth our while. What is the best way to go about doing this? I'm not asking for paperwork needs, I am more thinking along the lines of how the deal will work. We would like to have buyers lined up before the completion of the townhomes but I am unsure of a few things:

1. will the buyer be able to get a loan to purchase an incomplete townhome? Would they be able to get a construction loan? or will we have to wait to finalize a sale until after the townhomes are completed? 

2. What would be an appropriate amount of money to ask for earnest money? Can it be non-refundable? I don't want someone to waste our time or make paint color choices and then back out with no penalty.

3. Any other tips on how I should go about doing this? We live in Montana so we do not need to involve a real estate attorney in our transactions.

Thank you so much in advance!