The Phil Leng Team: Washington: Bothell: May's Pond

Bank Owned Condo - Problem #3

Bank Owned Condo - Problem #3

Bank Owned Condo - Problem #3

The HOA had a lawsuit against the original developer of the condo.

14915 38th Dr SE #P1136, Bothell 98012-4226
This is a very attractive townhouse style unit in a large complex. It was only built 4 years ago and was in good condition.

The problem was, there was a lawsuit! We dug into it and found out it was by the HOA against the original developer/builder of the unit.

The lawsuit was specifically about decks, and rot, and water leaking around decks. This unit, being a townhouse, was not directly affected.

I assumed we would have to lower the price somewhat to attract a buyer who would be willing to take the risk of buying a condo where there was an active lawsuit in progress.

Apparently there were more people willing than we thought. We got 14 offers on the unit. We picked a buyer who not only offered an aggressive price, but had a huge down payment. It was nearly 50% down.

Good thing! They tried to finance through a big bank. The bank started requiring information about the lawsuit that bordered on the ridiculous. We invited the buyer to ditch that lender or lose the deal. (We had 13 other buyers to go back to , remember?)

They did, got a reasonable lender, and closed the transaction.

 

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The Phil Leng Team

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philleng1@gmail.com

http://www.ilovekirkland.org

http://www.kirklandhomevalues.com

 
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Comment balloon 1 commentPhil Leng • January 02 2012 12:36AM
Bank Owned Condo - Problem #3
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Bank Owned Condo - Problem #3 Bank Owned Condo - Problem #3 The HOA had a lawsuit against the original developer of the condo. 14915 38th Dr SE #P1136, Bothell 98012-4226 This is a very attractive townhouse style unit in a large complex. It was only… more
Short Sale Home in Bothell Washington
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