Research saves couple’s financing deal on condominium in litigation
Research saves couple’s financing deal on condominium in litigation
Shortly after their offer was accepted, they learned the condo project had pending litigation.
Getting competitive financing on a condo with pending litigation is generally impossible because Fannie Mae and Freddie Mac will not purchase loans made on such properties.
The buyers had applied for financing with their credit union, but that institution was not able to handle the litigation issue.
Luckily for the buyers, their real estate agent, Andrea Gordon of Red Oak Realty, was familiar with Wyatt’s previous successes navigating complicated financing situations.
Wyatt sorted through the legal details and learned the lawsuit revolved around a slip and fall incident.
From there, Wyatt obtained documentation from the condo association’s liability insurer showing a judgment against the association was unlikely.