You have been searching for months and finally found the condo that works the best for you. It is all remodeled with your taste, is on the top floor, has ample parking, inside laundry, and air conditioning in your price range. Sound like a fantasy.
The disclosures are on line and when you and your agent read them you discover your dream home just turned into a nightmare. The HOA is suing the builder, or the someone is suing the HOA. Well, there goes the loan.
Getting a loan on a condo is a little more difficult than getting a loan on a single family home to begin with. If you add in a law suite it becomes almost impossible. Without a cash buyer or maybe a hard money lender (private investor) the home will probably not sell.
So what should you do? I wish I had a majic bullet, but unfortunately I don't. However, you can talk to a lender before you make an offer and see if they will make an exception for the type of law suite occurring. You can try to get cash from a relative, or you can try to find a private investor until the suite is settled.
Other than that, I am afraid I have to say you will need to move on.
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales
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