Home > Blogs > District of Columbia > District of Columbia County > Washington > Lawsuits + DC Condos = Lenders not giving loans....
20,395 views

DC Real Estate News

By Metro DC Houses Team | Agent in 20036

Lawsuits + DC Condos = Lenders not giving loans....



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.  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.  It is believed that a lien and lawsuit are preventing any new settlements to occur in this brand-new building. 

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.  Try to keep it our of court.  You just may make your building unmarketable for perspective buyers!

 

     

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia&Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

POST
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer