In this crazy housing market, people are running into the problems of the price surge outpacing savings. By the time you save enough for a down payment on a house, the house price, and therefore the down payment, have doubled. Time can work against you in other ways, too. Atlanta school teacher Hanna James contracted to have a house built, for $295,000, in February of 2021. She watched the house being built, and it was finally ready to close in January of 2022. But when that time approached, the contractor backed out, because the company would make more money selling the house to someone else now! James' house is on the market for $370,000, which James cannot afford. <a href="https://www.11alive.com/amp/article/money/home-build-cost-materials-close-sell-market-sellers-increase-50000-refund-cancel/85-a44b75a3-0d13-4807-ab2b-2706b7d795ba">Read more about this story at 11alive</a>. -via <a href="https://www.fark.com/comments/12228739/Have-a-contract-to-purchase-a-new-home-Are-you-sure" alt="Fark&nbsp;" class="on">Fark&nbsp;</a>​ When you are having a home built, you might want to consider buying the land underneath it first. And always consult a lawyer. #home #builder #contract