Condo Speculators Looking To Back Out Of Purchase Contracts

The New York Times has a story on new construction condominium speculators from around the country who, during the height of the real estate boom a couple of years ago, entered into purchase contracts with builders and put down deposits on condominium apartments that were to be constructed. Now as the builders are completing construction on the buildings and are expecting the buyers to close on their purchase contracts, the buyers are having second thoughts on buying and are looking to either:

1. unload their contracts onto other buyers before they have to close, or
2. just back out of their deals altogether.

Some are reportedly hiring attorneys in an attempt to void their purchase contracts and seek a refund of their deposits. For more, see A Bank Bet on Condos, but Buyers Want Out (if link expires, try here or try here).

Go here for other stories on real estate speculators looking to back out of purchase contracts. zebra