Foreclosure in Sun Prairie>Question Details

Jody Christo…, Home Buyer in Sun Prairie, WI

2916 kentville foreclosure..has anyone offered and had inspection? Why do accepted offers continue to fall through?

Asked by Jody Christopherson, Sun Prairie, WI Mon Nov 12, 2012

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at least (3) offers have fallen thru and I'll bet NONE of them fell apart on inspection. More likely scenario is financing. The place is only 7 years old, the association maintains exterior so we are down to appliances and a furnace/water heater, none of which are at the end of their useful lives.

The Lenders are killing this. Maybe they allow rentals, maybe there are Owners delinquent on fees, maybe they don't have the right Officers and Directors Insurance, maybe they don't have a balanced budget, a reserve account....maybe (wait for it), Sun Prairie Condos are selling at such fire sale prices that even a REO deal can't make appraisal.
1 vote Thank Flag Link Tue Nov 13, 2012
Quite honestly I am not sure why this condo would fall through unless every person trying to get financing is using a FHA type loan. FHA loans require an FHA appraisal which is almost like an inspection sometimes. If there is a problem with an exterior feature, like the roof, there will have to be estimates and a plan for this to be rectified before closing. Now if the association has no plan for the fix or the money, the sale will probably have problems. Not saying this is the problem, but I ran into this at a condo down the street on Kelvington, however the association had a plan and made the fix. So all that being said, there is probably something going on with that building that is halting financing and the seller/bank is not willing to fix for the 104k price tag. If you need any help with your housing search contact me at 608-235-1515.

Pat
0 votes Thank Flag Link Wed Nov 14, 2012
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