Asking $418,000, sold for $430,000 on March 10, 2005
2 bedrooms, 2 baths, condo, updated kitchen!
THREE YEARS, 2 months LATER ! May 2008
For Sale: Asking $269,900. same condo, 2 bedrooms, 2 baths, no kitchen. For sale by bank (REO).
The listing says:
Buyers' earnest money deposit shall be 3% of asking or $1000 whichever is higher (for purchase w/ loans). For Cash Buyers, deposit shall be 10% of asking price.
You can't even get a loan in this condition. And you have not seen the rest of the approx. 1037 sq. ft. living space yet.
I don't understand the bank's logic behind this one. Are they discriminating against cash buyers just because they are paying cash?
What's your opinion?