In a bad situation. Trying to sell my condo, but a lender my realtor works with said that it’s unlikely that someone will be able to buy my condo with a conventional mortgage because of ongoing litigation. I want to get out of my condo. What do I do? 🤦‍♂️

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What “ongoing litigation”? That is quite important and without more information, it is a bit difficult to even comment.

likesmart

Just go out to the market and see what you can get. Then reassess.

How long have you owned it?

Could you potentially rent it out and cover the expenses?

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I would suggest you get another opinion about selling it if this is the real issue holding you back. Mean while consider easing the rent to cover your costs.

I assume that the HOA is the plaintiff in that case. I’m a little surprised that would prevent a lender from making a loan. Is there a counter suit against the HOA? I guess if the HOA looses then they will have to pay to fix the elevator. How much are they suing for?

HOA is suing the building/management company, the builder, the real estate company, etc. I think it’s in the $1-2m range.

What state are you in? Are you a party to the lawsuit besides that you are a member of the HOA?

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