This property as you detailed is owned by a bank. Banks are more difficult and complicated to deal with then the average seller. Therefore, it is even more important that you have representation if you wish to pursue purchasing this town house.
You have many questions, and you need straight answers that are looking out for your best interests. This building process has stopped and started, how does that affect the warranty? Especially if the original builder is now out of the picture. Difficult, but not impossible areas that MUST be negotiated on your behalf.
Do you have a local real estate agent that you are currently working with? If you don't, I have some highly trained associates in your area that I would be happy to put you in touch with.
Good luck and be very careful.
All my best from the Beach. Happy Holidays!
Ocean City, Md.
Typically there is some room for negotiations when a bank is involved. As stated below make an offer and see what happens.
One of the biggest concerns in this type of situation is - Be careful where your escrow deposit is being placed. I have heard too many stories about the builder using the deposit money towards construction instead of putting it into an escrow account.
Another potential problem is they build your home and then stop and not finish the developement until years later.
There is obviously the upside of buying at a 33% discount with low interest rates.
Good Luck, Hugh
BUT MORE IMPORTANT than this is the concern of the community being completed and if there is an Association that takes care of common grounds. It is very important to find out more information if there is any common areas that need to be maintained.