Glossary

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Pre-Sold Home
A pre-sold home is one that has been sold before it is built. Pre-sold homes make up a large percentage of a new subdivision's inventory. One advantage to purchasing such a home is the opportunity to select certain color schemes for the house, including exterior brick color, interior paint colors, counter-tops and more. Another advantage is that buyers sometimes save money buy purchasing the home before it is built. Some builders offer to pay a portion of the buyer's closing costs if they purchase a pre-sold home versus an existing one. After the completion of a pre-sold home, buyers will do a final walk-through before closing so that they can identify any items that need to be fixed. Real estate agents should be aware of pre-sold homes in the area, and buyers can inquire as to what specific incentives the builder is offering.