If the legal action (lawsuit) was something that had been initiated prior to your purchase, it is something that should have been disclosed to you, usually through the preliminary title. If that's the case, you may have legal recourse. You may want to discuss the matter with a local real estate attorney to determine your options, if any.

This lawsuit is an unfortunate situation for homeowners in Sunn Fjord who want/need to sell now. It makes marketing your property challenging, to say the least. Unless you are in a position where you have to sell, it might make more sense to hold on to it until the legal issues are resolved.

the problem is the people like myself bought these condos had them inspected on the inside. Because that is what we were told. We at no time were told that the outside was a problem. There are some people invovled that did not tell the truth. And with me Being a first time buyer then..if I would have known that these bulidings did not pass inspection I would have never bought here. So, now myself and others here are left behind. It doesn't seem fair at all.

That is very good question. The obvious answer is they are looking for all cash offers or the realtor didn't bother to check and see if the complex is in litigation before listing the property. The complexity comes into play when you start discussing financing. The lenders main concern with Condos in litigation is that the settlement will exceed insurance payouts and essentially bankrupt the HOA. If legal counsel in the lawsuit can verify that the total pay-out of the settlement will not exceed the insurance premium banks will lend on the property in some instances. It is not the easiest loan to get through.......but it is possible. That is assuming the litigation is in the later stages and the damages are quantified.

People can still sell, there is no problem with that. But the buyers will need to pay cash for the condo or the seller will have to carry the note. Most sellers do not want to be note holders and most buyers do not have all cash for a purchase. Consequently, there are much fewer buyers for these condos. Making is a terrible market for sellers. Call me at 360-649-3335 if you want to discuss further.

Thanks!

Terry Burns
Windermere Real Estate