Bank Owned Condo - Problem #3
By Phil Leng, Phil Leng - Retired
Bank Owned Condo - Problem #3Bank Owned Condo - Problem #3The HOA had a lawsuit against the original developer of the condo.14915 38th Dr SE #P1136, Bothell 98012-4226This is a very attractive townhouse style unit in a large complex. It was only built 4 years ago and was in good condition.The problem was, there was a lawsuit! We dug into it and found out it was by the HOA against the original developer/builder of the unit.The lawsuit was specifically about decks, and rot, and water leaking around decks. This unit, being a townhouse, was not directly affected.I assumed we would have to lower the price somewhat to attract a buyer who would be willing to take the risk of buying a condo where there was an active lawsuit in progress.Apparently there were more people willing than we thought. ...