While the Real Estate market in the Washington DC area seems to be seeing new life - the condo market continues to face turmoil.
One of the latest issues is reports of various condo buildings not being given loans due to lawsuits.Â In one condo builing in Logan Circle; a bank refused to underwrite a loan at the 11th hour; because of a lawsuit the condo association has made against the builder/developer.
In another building, along the U Street Corridor; the developer is facing issues with the lender.Â It is believed that a lien and lawsuit are preventing any new settlements to occur in this brand-new building.Â
If you are looking to buy a condo in DC - make sure you are asking the right questions up front and know that any pending lawsuits (which should be disclosed with the Condo Document Packet) will most likely effect your ability to get financing.
For those of you in condo buildings who are thinking that suing your developer or builder over some unresolved issues.Â Try to keep it our of court.Â You just may make your building unmarketable for perspective buyers!
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Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Â Cell: 703.244.3971
LicensedÂ in Washington DC, Virginia&Maryland.
Coldwell Banker Residential BrokerageÂ - Chevy Chase
5028Â Wisconsin Ave NWÂ Suite 100 *Â Washington DC 20016