Investors Coming Back to Haunt Florida Builders
Builders in Florida who grew accustomed during the industry's recent boom times to selling out their developments even before a shovel went into the ground are noticing a stark shift in the marketplace and could find themselves in trouble if they don't take steps to manage investors who are nearing closing day with neither the intention nor the means to close on those sales.
"Get control over those investors before they close," Robert J. Kanjian, president of Building Solutions LLC in West Palm Beach, warned builders attending the Southeast Building Conference earlier this month in Orlando, Fla. "Get your sales team's head out of the sand. What are investors going to do? Can they close? Today, you want the closing," he said, and builders facing a problem with investors can "get ahead of them on that deal" by using assignment options.
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