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June 2011 Moms
kaitylin
member
Need T&P (house, NBR)
kaitylin
member
We have our condo on the market and have been having horrible luck getting it sold. We priced well, had an offer after 10 days on the market and were stoked. We had put in a contingency offer on a bigger home that's being built and it would be perfect for us. However, after going under contract, our buyers backed out (nothing wrong with our place but they decided they weren't ready to buy home and just couldn't go forward). It was really heartbreaking to have it fall through. Well, then, to add to our luck, our HOA filed a lawsuit against the builder of our building. It's nothing that effects our unit - its to get repairs done for something at the other end of the building and we are a new build so there is a warranty on it and it's not a big deal - however, litigation is part of getting the builder's insurance to cover it. Seems like no big deal except that most banks will not lend while litigation is in process. We are basically limited to cash buyers or people with a lot of money to put down. Horrible luck and timing and really limits our buyer pool drastically. We have had a ton of people come through who love it and 3 who wanted to place offers (they aren't bothered by the lawsuit since it really doesn't have anything to do with our unit at all) but our realtors faxed the info to their lenders before taking any offers and they won't work with out building right now. We had one guy who did put in an offer and has private funding so doesn't need to go through a bank but he put in a very very low offer (I guess he realizes we don't have much choice since we don't have a lot of people who can buy for the next 6 months-a year). We have been countering back and forth for quite a while and at this point have closed the price gap from a 50K difference to a 20K difference. We just submitted one last counter to him that meets him halfway (we went down 10K more). This is our absolute bottom dollar... we can't go a penny lower and still buy our new place since it's more expensive. We really need T&P that he accepts. We are fast approaching our deadline to have to put deposits down for our new construction townhome and will have to back out of that deal if we don't get a deal in the next few weeks. Please keep your fingers crossed - we are so cramped for space in our condo and really need a bit more room! Plus, it's right across the street from DH's work - he could walk! (and no commute is a big deal in LA!!!!) It's perfect for us in every way and we want to move there so badly!
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Re: Need T&P (house, NBR)
Do you have any idea at what point the litigation stands right now? As long as a judgment is not rendered before the deed and mortgage for your buyers are recorded, the lawsuit really should not be a problem. You may want to ask about that.
(This is a big part of what my company does - determine whether liens or potential liens apply to a property and whether they will affect a lender's mortgage.)