It is always something in this business and my lesson of the week is in potential pitfalls for financing in townhome communities.

I had buyers turned down for FHA financing due to the ratio of investor-owner versus non-investor owned units in one development.  They qualify for other programs and all will be well but the bigger issues surrounding some similar developments is litigation pending - Litigation brought by a homeowner against the board, not the HOA taking a homeowner to court.

It appears some developments have a big red "X" on their chests due to lawsuits brought by owners. It depends on the nature and documentation, according to one mortgage expert who just spoke to a room full of HOA lawyers, but it leaves alot of people shaking their heds.

So, always ask about pending litigation!

 

 
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1 Comments on Alert on offers for Townhome and other HOA/CONDO developments - research litigation pending - Janice Roosevelt, Keller Williams Real Estate, PA & DE

DEC
07
2011
292,625 Points 20 Featured Posts Outside Blog Called Shot Master

I search condo litigation in AR and found you.  I came here looking for financing for condos with litigation.  If you're aware of any, please let me know.
11:28pm • #1

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Janice Roosevelt, OICP ABR, ePRO,Ecobroker

Chadds Ford, PA

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Susan Manners Team, Prudential Fox & Roach Realtors

Address: P.O. Box 577, 1598 Baltimore Pike, Chadds Ford, PA, 19317

Office Phone: (610) 388-3028

Cell Phone: (610) 764-3062

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