The Phil Leng Team: Washington: Seattle: Queen Anne

Bank Owned Condo - Problem #13

Bank Owned Condo - Problem #13

Bank Owned Condo - Problem #13
Bank Owned Condo - Problem #13528 W Olympic Place #207, Seattle 98119-3647

We were assigned this wonderful condo right on the south slope of Queen Anne to sell. It had lots of old world charm with hardwood floors.Bank Owned Condo - Problem #13

The kitchen was small, but it had been renovated, and really was very nice.





Problem - No Bank Owned Condo - Problem #13View. Although the building is in a view area, and some of the upper floor units had a great view, this particular unit did not have a view.

Another problem was that the HOA had established an assessment for redoing the plumbing. It was voluntary when we first listed it, but we all knew there wass an assessment coming. That made buyers somewhat nervous!Bank Owned Condo - Problem #13
We also experienced a unique problem I had not encountered before. An agent had a buyer for the penthouse suite. But the buyer for that unit insisted on having a parking space.

In this building, the parking spaces were deeded separately from the units. Would my seller (FNMA) consider selling  the underground parking space separately? The person being foreclosed on with the penthouse unit had noticed that the foreclosure did not cover the deeded parking space, and had kept it! It was in fact deeded separately.

I consulted with the asset manager, who consulted with FNMA. In fact, NO, there was no willingness to split the parking off from my unit.
Bank Owned Condo - Problem #13

We did find a buyer, who closed on the unit, WITH a parking space, and an assessment to replace the plumbing.

Thus ended Bank Owned Condo - Problem #13

 

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The Phil Leng Team

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philleng1@gmail.com

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http://www.kirklandhomevalues.com

 
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Comment balloon 2 commentsPhil Leng • February 12 2012 11:15PM
Bank Owned Condo - Problem #13
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