Buying a Condo With a Pending Lawsuit?
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.