Condos located in buildings that are facing lawsuits are still selling – how you ask?
The contracts are ALL CASH.
As we’ve mentioned in the past, most major lenders will not touch projects facing lawsuits. With that said, nothing holds an investor back from paying all cash and bypassing a loan. In fact, in the last week alone, there have been 2 sales in buildings with current lawsuits and another 3-4 units that went pending. I’ve added a list of all pending condos planning to close despite the active lawsuits *[table “51” not found /]
*Keep in mind that some of these Seattle condos may not close. If the brokers don’t do their homework, they will try to close without realizing they cannot be financed – they might not have known about the lawsuits prior to listing the units. This happens often with bank assigned real estate agents that don’t know our market.