Ardell over at Rain City Guide has a post out about buying a condo with a pending lawsuit but doesn’t name the building. Could it be a Wysong conversion like Windsor Court?
She mentions it might be a good investment:
Buying condos during a period of pending litigation can be a wise investment for investors seeking to buy at rock bottom prices, holding them as rentals during the improvement phase, and then selling them when the “dust settles”. But the investor buyer may have to buy them with cash, as lenders may not be wiling to lend.
With the high number of fast and cheap conversion projects in 2006 and 2007 I’m sure we’ll see more pending lawsuits as owners start to realize what they bought.
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2 responses so far ↓
1 David Garcia // May 20, 2008 at 2:25 pm
I am a Mortgage Advisor and I have been able to close loans for clients on condos with pending lawsuits. If you would like financing assistance with the sale of your condo or the purchase of one in which a lawsuit is pending, please let me know.
2 Phil // May 20, 2008 at 3:51 pm
It really comes down to what you mean by “rock bottom prices”, my idea of a proper discount may not be the same as hers. Not only is there the risk of the lawsuit dragging on, or the problem not being fixed in good time; is the unit going to be livable during the time repairs are going on? Will you have to discount the rent to get a tenant to stay put?
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