Who Knows Why it Fell Through… But it’s back up on the market and at a lower asking price too.
This duplex was on the market for just a couple of days about a month ago when it went into a “pending sale” status. Well now… fast forward to today and wouldn’t you know it comes back on the market.
When an REO/Bank Owned property comes back on the market…? I’m pretty sure the reason is the previous buyer changed his mind on the deal most likely because of “condition”.
Why can I say that…? Because….. It won’t be due to the Buyer not being able to qualify for a loan. The reason for this is because either the Asset Manager requires the buyer to “pre-qualify” with their preferred lender, or the Buyer will have to get their own lender letter… as a “requirement” before the Asset Manager for this REO/Bank Owner will even look at the “purchase offer”.
As you know once an offer is accepted, it is then that the “due diligence” period begins. The Buyer has a certain amount of time to complete all inspections to discover any adverse problems such as “mold”… excessive “pest control” repairs.. to just name a few.
After a month of being in escrow it comes back on the market and they lower the price which means to me at least, the Bank is willing to deal a little.
Click here for a slide show of the property with the surrounding area.
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