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Deals in Bankrupt Subdivisions?
I recently took some buyers out looking at houses in an area with a lot of bankrupt subdivisions.  The houses were, in many cases, quite attractive and priced very competitively.
But there are a lot of considerations that buyers need to weigh before buying a home in a subdivision where the developer has gone out of business...
We'll start with the dangers... The amenities may not be complete... and they may NEVER be complete.  If you are buying a property because of the pool or tennis facilities, and those items aren't there, they might never be built. There is NO telling what might be built on the currently vacant lots... The bank that gets control of the lots wants to SELL them.  And they likely aren't going to quiz the buyer as to their plans for the neighborhood.  Your 5,000 square foot home could get a 2,500 square foot neighbor. Warranties may just fly out of the window... Defunct builders won't be around to honor warranties, and the bank that sells the property isn't going to warrant the builders work.  Also, since the builder may have had financial pressures while the were building the homes, the quality might be challenged. Important ... more

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