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Kathy, Home Seller in Woodbury, MN

My daughters condo has lost haft the value and she cannot refinance. The builder has gone bankrupt and the assn is assessing the owners. Help

Asked by Kathy, Woodbury, MN Thu Aug 5, 2010

Upside down by $60,000. Now property mgmt is trying to assess $1,200. for the lawsuit from the condo builders not paying their debts. Assn dues are $262. and worried that they will keep climbing. Any advice. Wondering if it makes sense to just walk away. It would take years to get above water on this.

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Pat Rose’s answer
It never makes sense to just walk away! If she gets foreclosed on, she will begin waking up to the hellish nightmare of foreclosure credit scars, equivalent to an atomic bomb on your daughter's credit score. Beyond not getting another mortgage for the next decade, she will no longer qualify for car loans, college loans, even some jobs won't touch her because of this!

The worst thing you can do is have these houses sit on the MLS for months while they depreciate. We are not Realtors. We buy houses for cash and set up nontraditional deals so that you, the seller, is not limited to just what traditional home selling can offer. Depending on the situation, we close deals in 30, sometimes 60, almost always less than 90 days. Send me the information on your properties so that we can get started today!

Web Reference: http://cashoutmyhome.com
0 votes Thank Flag Link Sun Apr 24, 2011
Kathy, only your daughter can make that decision but this scenario doesn't sound good. Another concern is that
because of the lawsuit and from what appears to be a poorly funded association, it's not likely that potential buyers would find a lender willing to finance the condos. Limiting sales to cash buyers would have quite a negative impact on a condo community. If the lawsuit is settled and the association regains it's solvency perhaps values will begin to rise but you're right, it could take years.
0 votes Thank Flag Link Thu Aug 5, 2010
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