For those of you looking to buy something bank owned, I have a unit for you to keep your eye on. Unit #603 at Washington Square was on the market last year for $245,000 (bought in 2008 at $413,000). Listed as a short sale, Wells Fargo – the lien-holder, had approved a price of $245,000. No one bought it and now its headed to the foreclosure auction tomorrow.
Why isn’t someone buying it at the auction? Well, thats pretty simple – Wells Fargo’s minimum bid is $411,774. Knowing that the 640 sf unit is worth less than that, most investors won’t touch. So what happens next? It reverts.
The bank takes it back, preps it and puts it on the market. At that point its considered a “bank owned” sale. It’s hard to tell when it will be officially listed, but assuming the bank does take it back at the auction, my guess is that we’ll see it on the market sooner than later. Happy condo hunting.
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