Woodbury MN Town Home Association Lawsuit Against Contractor Prevents Sale
As I type this my buyer's were to be closing on a town home in Woodbury this morning. Unfortunately at the beginning of the week we discovered late in the game that the Association has a lawsuit against a contractor, which prevents anyone from obtaining a mortgage to purchase a town home in the development. Subsequently, since investors will not back a mortgage no one can sell or purchase. The exception is if there is a cash buyer though one would think that with the lawsuit for various poor construction issues that even most cash buyers would hesitate.
While very frustrating for my buyer's I keep thinking of all those poor town home sellers who may need/want to sell over the next several years, but are unlikely to be able to sell until the lawsuit is completed and removed. WOW!
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