Buyers Beware!
Wow, I stumbled across this home in the MLS today for the ‘bargain basement’ price of $314,900. From the outside the house looks great! However, the previous homeowner removed most of the kitchen including the kitchen sink which should be in the far left of the picture. While I am very glad to have not packed the sink into the car, some caution should be advised in this situation. A new owner may get to install their own dream kitchen, but it is unlikely that a lender or bank will be willing to loan money on the property until after the new kitchen is installed! This means that the buyer likely needs to purchase the home with cash or non-traditional financing. With the seller being a bank, the buyer’s earnest deposit is most likely non-refundable 15 days after contract and the bank will want 30 day close of escrow. Buyer’s get prepared if you want this one, or you may be waiving your earnest deposit good bye.
