Newsflash: [Financing] Is this builders financing offer legitimate?

My husband and I own an existing house. We want to build a house. We found a community to build. We do not want to sell our house until the new house is almost complete. The builder is offering a builder financing deal of where we put down a deposit for the house and the lot but they finance the build until closing when our house would need to be sold. If our existing house wasn’t sold (impossible in my market) at closing we would lose the deposit and they would sell the house as a quick move in home.Is this a common thing?any drawbacks of doing it? I’ve never built a house before.

Read more at https://www.reddit.com/r/RealEstate/comments/6f7dpk/financing_is_this_builders_financing_offer/?utm_source=ifttt

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