Property Q&A in Armonk>Question Details

M. Wei, Home Buyer in West Harrison, NY

How many bank-owned properties sell and can a bank devise unfair contracts to keep a property from selling?

Asked by M. Wei, West Harrison, NY Sat May 16, 2009

I would advise your clients not to waste their time on 6 Fox Run. I've heard that two potential buyers have gotten close to contract on the house but walked away because WaMu - the owner/seller - is very unreasonable and will not budge on providing fair market terms in the contract. For example I heard that the bank wants to close in 45 days. Are they crazy? In this type of market, where mortgage depts have gone through layoffs and are understaffed, it takes an average of 60-90 days to close. Why risk your deposit just to pursue a seemingly attractive investment. And its not like that house doesn't need work - it needs a lot between the buckled floors,unusable kitchen and other cosmetic issues. It will be interesting to see if the house ultimately sells at auction because no savvy buyer is going to purchase that property under such unreasonable and risky terms. Good luck to WaMu.

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