Wholesaling Unfinished and Half-Built Homes in Florida: Permits, Liens and How Buyers Price Them
A block shell with no roof, a dried-in house that never got its final inspection, a builder who walked off mid-project: these deals are real opportunities, but only for wholesalers who understand the paper trail behind the concrete. Here is how to evaluate, package and present them.
Florida has more half-built houses than most people realize. Some are the leftovers of builders who took deposits and ran out of money. Some belong to owner-builders who started with a plan and a budget and ran short of both. Others stalled after a hurricane, a contractor dispute, a death in the family or a divorce. You will find them on quarter-acre lots in Lehigh Acres, on the long platted streets of North Port and Port Charlotte, scattered through Cape Coral, and out in the Golden Gate Estates of Collier County.
For a wholesaler, these properties have obvious appeal. Owners are often highly motivated, retail buyers cannot easily purchase them, and few competitors know how to evaluate them. But they also carry more hidden risk than any ordinary rehab: permits that have expired, inspections that never happened, work that may have to be torn out, and subcontractors who may still have the right to record a lien. A wholesaler who sends one of these deals with the same package used for a dated three-bedroom will usually get a no, or a number far below what they expected.
Libera Capital Group buys unfinished and stalled construction projects for cash as part of our broader focus on Florida houses and improved commercial property. This guide is written for wholesalers and deal finders. It explains how buyers like us look at these deals, the permitting and lien issues that drive price, and the package that gets a half-built house a real answer. For the seller’s perspective on the same topic, see our page on selling unfinished construction.
Why are unfinished homes mostly a cash-buyer market?
The single biggest fact shaping this niche is financing. Conventional and government-backed mortgage programs are built around homes that are complete and habitable, and a house without a certificate of occupancy, or one that cannot pass a basic habitability inspection, generally does not qualify. Construction loans exist, but lenders are usually reluctant to take over someone else’s half-finished project, especially when the original permit has lapsed or the work quality is uncertain.
That leaves the field mostly to cash buyers, builders and investors with private capital. For a wholesaler, it means two things. First, there is less competition from retail buyers, which is why these properties can be contracted at prices that make sense. Second, the people who will buy from you are professionals who will look past the drywall to the permit file, so your deal has to hold up to that scrutiny.
Common reasons Florida projects stall
- Builder or contractor failure. A contractor takes deposits for several homes, falls behind, and stops work. The owner is left with a partial structure, unpaid subcontractors and possibly liens.
- Owner-builder overreach. Florida allows property owners, under certain conditions, to act as their own contractor. Some underestimate the cost, time or coordination, and the project stops partway.
- Storm interruption. Hurricanes such as Ian in 2022 and Helene and Milton in 2024 damaged projects in progress, scattered materials and pushed contractors toward insurance repair work.
- Life events. A death, divorce, job loss or move leaves a family holding a project they no longer want to finish.
- Disputes. Disagreements over workmanship, change orders or payment lead to a contractor walking off and a standoff that can last months.
Each cause leaves a different fingerprint on the paperwork. A builder failure often means lien exposure; an owner-builder project often means questions about who did the work and whether it was inspected; a storm-stalled project may mean damaged materials that have to be replaced. Knowing the cause helps you anticipate what a buyer will ask.
How do you pin down the construction stage?
“Unfinished” covers a huge range. A buyer needs to know precisely where the project stopped, because each stage carries different risks. Describe the stage specifically, and back it up with photos and the inspection history.
| Stage | What to document | Questions a buyer will ask |
|---|---|---|
| Foundation or slab only | Slab photos, any visible cracks, plumbing stub-ups, the foundation inspection result, survey | Was the slab inspected and passed? Do the plumbing locations match a usable plan? Is it at the required elevation? |
| Block or wood-frame walls, no roof | Wall photos, tie beam and rebar where visible, weather exposure, any lintel or tie-beam inspection results | Has rain degraded anything? Were the tie beam and lintels inspected before the pour? |
| Trusses and sheathing, dried in or not | Truss tags or drawings if available, strap and tie-down photos, sheathing condition, underlayment | Are the trusses the engineered ones on the permit? Were the nailing and strapping inspected? |
| Dried in with rough-ins | Rough plumbing, electrical and mechanical photos before drywall, window and door installs | Did rough inspections pass? Are windows and doors product-approved for the wind zone? |
| Drywall up, finishes partial | Interior photos, any moisture staining, what fixtures and finishes are on site | Was insulation inspected before the drywall went up? Is there moisture or mold behind it? |
| Nearly complete, no certificate of occupancy | Punch list, final inspection notes, utility status, any failed items | What exactly failed or remains? Is the permit still active, or does it need to be renewed? |
The pattern is simple: every layer of construction covers up the one before it. If an inspection was skipped and the next layer went on anyway, a building official may require that work to be opened back up so it can be inspected. That is often the single biggest unknown in an unfinished-home deal, and the inspection history is the only reliable way to answer it.
What permit research should you do before marketing an unfinished home?
You do not need to become a building official, but you should spend thirty minutes on the permit portal before you send an unfinished deal anywhere. Most Florida counties and cities that issue permits offer an online search by address or parcel number. In Southwest Florida that means the county building department for unincorporated areas, such as Lehigh Acres in Lee County or Golden Gate Estates in Collier County, and the city building department for incorporated cities such as Cape Coral, Fort Myers, North Port and Punta Gorda. Make sure you are searching the right jurisdiction; a Fort Myers mailing address does not always mean the City of Fort Myers issued the permit.
What to capture from the permit record
- Permit number, type and status. Active, expired, suspended, cancelled or similar. Jurisdictions use different terms, so copy the exact wording.
- Issue date and last activity date. The date of the last passed inspection usually tells you whether the permit is still alive.
- Inspection history. Every inspection requested, passed, failed or cancelled, in order. This is the record of what was verified before it was covered.
- Contractor of record. The licensed contractor who pulled the permit, or a note that the permit was issued to an owner-builder.
- Related permits. Separate permits for the roof, electrical, plumbing, mechanical, pool, septic or well, which may have their own status.
- Open code cases. Some portals show code enforcement cases or unsafe-structure notices tied to the parcel.
Why an expired permit changes the numbers
Under the Florida Building Code, a permit generally becomes invalid if work is not started within a set period after issuance, or if work is suspended or abandoned for an extended period, commonly 180 days, unless the jurisdiction grants an extension. Local procedures for renewing or reactivating vary. When a permit has lapsed, the next owner may need to apply for a new permit, and a new permit can be reviewed under the edition of the Florida Building Code in effect at the time, which is updated on a regular cycle. That can mean updated engineering, new product approvals for windows and doors, or energy code changes. A buyer will price the time and soft costs of that process even when the physical work looks straightforward.
The contractor-of-record problem
When a licensed contractor pulled the permit and then left the job, the new owner’s contractor generally cannot simply continue under the old permit. The jurisdiction usually requires a change-of-contractor process, which may involve the original contractor’s withdrawal or the owner’s documentation that the contract was terminated. If the original contractor is unreachable, out of business or in a dispute with the owner, that step can take time. Note who the contractor is in your submission, whether they are still licensed, and whether the seller is still in contact with them.
Owner-builder projects
Florida law allows owners to obtain permits as their own contractor under specific conditions, including that the home is for their own use. Florida’s contractor licensing statute also presumes that an owner-builder who sells or leases the home within a year after completion built it for sale or lease, which the owner-builder exemption does not cover. For a wholesaler, the practical point is that owner-builder files often have less documentation, more self-performed work and a higher chance of skipped inspections. Tell the buyer up front if the permit was pulled by the owner, and ask the seller who actually did each trade.
Unpermitted additions, conversions and repairs on finished homes raise related questions; our page on code violations and unpermitted work covers that side. For how open and expired permits affect value on otherwise-finished homes, our Southwest Florida deal analysis guide walks through the pricing impact.
How do construction liens and title issues affect a half-built deal?
Permits tell you about the building. Title tells you about the money that went into it, and on stalled projects that money is often unsettled. Florida’s Construction Lien Law, Part I of Chapter 713 of the Florida Statutes, gives contractors, subcontractors, suppliers and certain professionals who improve real property the right, if they follow its procedures, to record a lien against that property for unpaid work. That protection follows the property, which is why buyers take it seriously.
The documents and deadlines to know about
- Notice of Commencement. On most permitted projects above a modest cost threshold, the owner records a Notice of Commencement in the county official records before work starts. It identifies the owner, contractor, surety and lender. It typically expires one year after recording unless a different date is stated. Search the county clerk’s official records by owner name or parcel to find it.
- Notices to Owner. Subcontractors and suppliers who do not deal directly with the owner generally must serve a Notice to Owner within a set period after they first furnish labor or materials to preserve their lien rights. Ask the seller whether they received any; those notices are a roadmap of who might be unpaid.
- Claims of lien. A lienor generally has 90 days after its final furnishing of labor or materials to record a claim of lien. On a project that stopped recently, that window may still be open, so a clean title search today does not always mean a clean title at closing.
- Enforcement. A recorded construction lien generally expires if a lawsuit to enforce it is not filed within one year after recording, unless that period is shortened by the owner through the statutory procedure. A lien foreclosure suit is often accompanied by a recorded lis pendens.
- Contractor’s final payment affidavit and lien releases. On completed or terminated contracts, these documents show who has been paid. Partial or final releases from subcontractors and suppliers are valuable evidence; ask the seller for them.
These are general descriptions of a technical statute with many exceptions. Timeframes, thresholds and procedures depend on the facts and can change. A Florida real estate or construction attorney and the closing title company should review any project with possible lien exposure.
Other title issues common on stalled projects
- Construction loan mortgages that went into default when the project stopped, sometimes with a foreclosure already filed.
- Code enforcement liens for an unsecured structure, standing water, overgrown lots or unsafe conditions.
- Property taxes that rose as improvements were added and went unpaid when the money ran out; see our page on back taxes and liens.
- Judgments against the owner from the contractor or suppliers, which can attach to real property in the county where they are recorded.
- HOA or deed-restriction violations for exceeding construction time limits in some communities.
The practical advice for a wholesaler: open title early. A buyer cannot give a firm number on a stalled project until it knows what has to be paid at closing, and the title commitment is where that becomes clear.
How do cash buyers price an unfinished home?
On a standard rehab, a buyer starts with the finished value and subtracts a repair budget. On a half-built home the logic is the same, but the subtraction is longer, less certain and front-loaded with costs that never appear on an ordinary scope of work. Buyers call this a cost-to-complete analysis. Understanding its parts lets you set a contract price with the seller that leaves room for a realistic buyer number, instead of discovering the gap after you have marketed the deal.
The cost-to-complete stack
| Cost layer | What it covers | Why it’s often underestimated |
|---|---|---|
| Finished value | What the completed home sells for to a retail buyer with financing and insurance | Comps are often new builder homes with warranties, upgraded specs and incentives the finished project won’t match |
| Assessment and engineering | Inspections, engineer’s evaluation of existing work, updated plans or letters | Required before a new permit can be issued, and needed before anyone knows the true scope |
| Permitting and soft costs | New or renewed permits, plan review, change-of-contractor paperwork, possible impact or utility fees | Fees and time vary widely by jurisdiction and by whether earlier fees were paid |
| Correction and tear-out | Opening covered work for inspection, replacing weather-damaged materials, fixing defective work | Invisible until walls are opened; trusses, sheathing and drywall exposed to rain often must be replaced |
| Remaining construction | Every trade from the current stage to a final inspection and certificate of occupancy | Pricing from an original builder contract understates current labor and material costs |
| Utilities and site work | Water and sewer connections or well and septic, power service, driveway, grading, landscaping required for CO | Often omitted entirely from wholesaler estimates |
| Carrying costs | Property taxes, insurance on a vacant or under-construction structure, security, utilities, financing | Insurance for an incomplete structure can be hard to place, and timelines run longer than a rehab |
| Title and lien resolution | Paying off or bonding around recorded liens, reserving for unrecorded claims, curing title | Lien exposure may not be visible until the title commitment comes back |
| Resale costs and risk | Closing costs, commissions, concessions and the buyer’s margin for a longer, riskier project | Risk on an unfinished home is higher than on a finished rehab, so the margin needs to be too |
Notice how many layers sit before any visible construction happens. That is why buyers often seem to discount a half-built home more than its physical condition suggests. The house might look “seventy percent done,” but if the permit is expired, the inspections are incomplete and the trusses have been rained on, the cost and time to finish can look very different on paper.
Where wholesaler estimates usually go wrong
- Using the original construction contract as the budget. The remaining balance on an old builder contract is rarely what it costs a new contractor to finish someone else’s project today.
- Assuming completed work is usable. Work that was never inspected, or that sat exposed through a rainy season, may need to be redone.
- Ignoring time. Engineering, permitting and contractor changes can add months before construction restarts, and every month carries taxes and insurance.
- Comparing to builder new construction. A finished stalled project competes with new homes that come with warranties and incentives. Comps should reflect that reality.
- Forgetting the certificate of occupancy items. Driveways, final grading, landscaping, address numbers, utility sign-offs and similar requirements add up.
We underwrite every deal from the finished value backward, including holding, insurance and risk, and we do not apply a single percentage to unfinished homes. The most useful thing you can do is give us the information to estimate each layer above, and set your seller contract with those layers in mind.
What should an unfinished-home submission include?
Everything in our general fast-yes submission checklist still applies. On a half-built home, add the items below. The more of them you can provide, the more of the uncertainty a buyer can remove from its number, and uncertainty is what drives the discount.
- A permit printout showing permit numbers, status, contractor of record and the full inspection history, for every related permit.
- Plans, engineering and truss drawings if the seller has them, plus any soil or structural reports.
- A survey and elevation certificate, if available. Elevation matters for flood insurance and for whether the slab meets current requirements.
- The recorded Notice of Commencement, any Notices to Owner the seller received, and any lien releases or contractor affidavits.
- The construction contract and payment history, so a buyer can understand what was paid for and to whom.
- Utility status: whether water, sewer, power, well or septic are installed, connected or paid for.
- An inventory of materials on site, such as stored windows, doors, cabinets or roofing, and their condition.
- Construction-focused photos: tie beams and rebar where visible, truss straps and tie-downs, roof sheathing and underlayment, window and door installation, rough-ins before drywall, and any water exposure, rust or mold.
- The reason the project stopped, in a sentence or two, and whether the seller is still in contact with the contractor.
You will not always have all of it. Say what is missing and why. “Seller does not have plans; contractor is unresponsive” is useful information. Silence is not.
A note on control
As with any deal, we only review unfinished homes that you have under a signed contract or have written permission from the owner to present. If more than one person owns the property, or a lender or court is involved, confirm who must sign before you send it. Never describe a property as under contract when it is not.
How do you work honestly with the seller of a stalled project?
Owners of unfinished homes are often under real strain. They may have paid a builder who disappeared, borrowed against the project, or be carrying taxes and insurance on a structure nobody can live in. That makes them motivated, and it also makes them vulnerable. How you handle the conversation matters for the seller, for your reputation and for whether the deal closes at all.
- Explain your role clearly. Tell the seller in plain language whether you intend to buy the property yourself or assign your contract to another buyer, and make sure the written contract reflects that. Never misrepresent your interest or your ability to close.
- Don’t promise what the next buyer will do. You cannot promise that an end buyer will keep the original contractor, use the existing plans or finish by a certain date.
- Ask for cooperation you’ll need later. The seller may need to sign a change-of-contractor form, provide lien releases, or authorize the buyer to talk to the building department. Raise this early.
- Allow enough time. Stalled projects need a longer inspection period than a standard rehab, because the permit and title research takes time. A rushed contract helps nobody.
- Encourage independent advice. A seller facing liens, a lender or a dispute with a contractor should talk with a Florida attorney. It is in your interest too; a seller who understands the deal is a seller who closes.
Florida’s real estate license law and any rules that apply to marketing contracts or assigning them are not something we can advise you on. How they apply depends on your facts, and the rules can change. Talk with a Florida real estate attorney about your contract forms, your disclosures and your marketing. We respect the contracts wholesalers bring us and do not contact sellers to go around a wholesaler’s agreement.
What should you know about unfinished homes in Southwest Florida?
Southwest Florida is our home market, and it has some of the state’s largest concentrations of platted single-family lots, which is exactly where stalled projects tend to appear. Each area has its own permitting office and its own typical issues.
North Port
The City of North Port in Sarasota County issues its own permits. Large sections of the city were platted decades ago and built out gradually, and Hurricane Ian brought significant flooding along the Myakka River and other low areas in 2022. Stalled projects here can involve both builder issues and storm exposure. See our page on unfinished homes in North Port and our guide to Sarasota County wholesale deals.
Lehigh Acres
Lehigh Acres is unincorporated, so permits run through Lee County rather than a city. Many lots rely on private wells and septic systems, which adds permits and inspections that a buyer will want to see. Our Lehigh Acres unfinished construction page covers local details from the seller’s side.
Cape Coral
The City of Cape Coral issues its own permits. Canal lots add seawall and dock questions, and parts of the city have been involved in utility expansion projects that can carry assessments. If a half-built home sits on a canal, include seawall photos and any utility assessment information. More on unfinished homes in Cape Coral, and see our Lee County wholesaler guide.
Port Charlotte and Punta Gorda
Unincorporated Port Charlotte permits through Charlotte County, while Punta Gorda has its own city building department. Both areas have canal neighborhoods and older platted lots where well, septic and sewer conversion questions come up. Read about unfinished homes in Port Charlotte and our Charlotte County wholesaler guide.
Golden Gate Estates
The Estates in Collier County are large lots, generally on wells and septic, with longer driveways and site work that add to completion costs. Permits run through Collier County. See unfinished homes in Naples and Golden Gate Estates and our Collier County wholesaler guide.
We also review stalled projects statewide, from Palm Bay to Marion Oaks to Poinciana. If you have one under contract anywhere in Florida, send it.
Key takeaways
- Unfinished homes are mostly a cash-buyer market because most lenders won’t finance a home without a certificate of occupancy.
- Describe the exact construction stage and back it up with the permit’s inspection history; covered, uninspected work is the biggest unknown.
- An expired permit can mean a new permit under the current code, plus engineering and change-of-contractor steps, which adds time and soft costs.
- Check for a Notice of Commencement, Notices to Owner and recorded liens, and open title early; recent lien windows may still be open.
- Buyers price by cost to complete, including assessment, permitting, tear-out, site work, carrying costs and lien risk, not just remaining construction.
- Be transparent with the seller, allow a longer inspection period and consult a Florida real estate attorney about your contracts.
Frequently Asked Questions about wholesaling unfinished homes in Florida
Can you wholesale a house that doesn’t have a certificate of occupancy in Florida?
Yes, an unfinished home can be placed under contract and sold or assigned, subject to the contract terms and Florida law. The practical limit is the buyer pool: most retail lenders will not finance a home without a certificate of occupancy, so your buyers are mostly cash investors and builders. Consult a Florida real estate attorney about how you structure the contract and any marketing.
How do I find out whether a permit on an unfinished house has expired?
Search the issuing jurisdiction’s online permit portal by address or parcel number, and confirm you are using the right one: the county for unincorporated areas, or the city for incorporated cities. Look at the permit status and the date of the last passed inspection. If the record is unclear, the building department can usually tell you the status and what it would take to reactivate or replace the permit.
Why do buyers offer so much less on half-built homes than I expect?
Because they are pricing everything between today and a certificate of occupancy, not just the visible work. That includes engineering, re-permitting, tearing out uninspected or weather-damaged work, site and utility costs, longer carrying time, harder-to-place insurance and possible lien payoffs. Providing the permit history, plans and lien documents removes uncertainty, and less uncertainty usually means a stronger number.
What happens if a subcontractor records a lien after I assign the contract?
A properly recorded construction lien can attach to the property, which is why buyers and title companies look closely at recently stalled projects. The title company will typically require liens to be paid, released or otherwise resolved at or before closing, and may ask the seller for affidavits about unpaid work. Timing and remedies depend on the facts, so the parties should involve a Florida attorney.
Does it matter who pulled the original building permit?
Yes. If a licensed contractor pulled it, the next owner’s contractor usually has to go through a change-of-contractor process, which may require the original contractor’s cooperation or proof that the contract ended. If the owner pulled it as an owner-builder, there may be less documentation and more self-performed work to verify. Either way, name the permit holder in your submission so a buyer can plan for it.
Should the seller finish some of the work before I market the deal?
Usually not. Spending more money on an expired permit or with an unlicensed crew can create new problems that a buyer then has to unwind. The exception is protecting the structure, such as securing openings or tarping a roof, which can prevent further damage. Discuss any work with the seller carefully, and never encourage unpermitted construction to make a property look more finished.
Do you buy unfinished commercial buildings or only houses?
Both. Libera Capital Group buys unfinished houses and stalled improved commercial projects, such as small multifamily buildings or commercial shells, as long as there is a structure on the property. We buy as a principal for our own account and do not represent any party. Unimproved lots and land with only a cleared pad go to our land division, SWFLLand.com.
Send us your unfinished-home deal
Have a half-built house or stalled project under contract or with written permission to present? Submit it below, or see the full process on our Submit a Deal page. Regular deal sources can join our wholesaler network, and our wholesaler partner page explains how we work. We aim to reply within one business day with a yes, no or counter. Proof of funds is available on request for deals under contract. Call (239) 686-0823 or email acquisitions@liberacg.com. Libera Capital Group is a DiBe Company; our team also speaks Spanish, Haitian Creole, French, German and Portuguese.
Submit a Wholesale Deal
Send us the numbers. We review every deal and aim to reply within one business day with a yes, a no, or a counter.