Home Buying in Philadelphia>Question Details

Mike, Home Buyer in 19106

Purchased a condo over 5 yrs ago. Only 5 out of 14 are owner occupied. We have unsellable condos that can not be financed. Do we have any recourse?

Asked by Mike, 19106 Sat Jun 1, 2013

The developer still owns the remaining units and rents them out, collects NO condo fees, does no maintenance and has NO units up for sale. Is there anything that we can do?

Help the community by answering this question:


Hi Mike:

I know the building you are in and understand your situation from A to Z.

There are a few options that you have - and there are not going to be easy answers, but you can create a solution with the right elements.

Feel free to email me - anabarlow@gmaill.com I will share with you what I know that can help.

I will be happy to lay out a blue print for you that will get you to the new life and property that you are seeking.

Hope to hear from you - take care.

Ana Barlow
OCF Realty
Specializing in Southeaster Center City
Bella Vista, Queen Village, Head House Square, East Passyunk, Society Hill

0 votes Thank Flag Link Sun Jun 2, 2013
Well 3 out of 7 responses say get an Attorney, you might also want to contact your local Realtor Association for some other advise. There is one thing I'm sure of and that is Condo Doc's had to be filed and Taxes have to be paid so someone is the owner and is responsible.

Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Sun Jun 2, 2013

Defiantly a bed place to be. With no HOA formed and the developer being the majority owner change is not on the horizon.

Contact an attorney that can tell you the rules of when the HOA is supposed to be formed and everyone paying in.
0 votes Thank Flag Link Sat Jun 1, 2013
You might consider speaking with a local real estate attorney and you may possibly need to take the developer to court. You'll want to carefully review the HOA documents and any materials the builder/developer supplied you with when you purchased from them.

Sorry to hear about your problems and I hope you do have some legal recourse.
0 votes Thank Flag Link Sat Jun 1, 2013
good luck in court trying to collect or enforce.
0 votes Thank Flag Link Sat Jun 1, 2013
There are some, very few actually, lenders who can finance unwarrantable condos. Give Eric a try and see if that works out. But there are solutions out there.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sat Jun 1, 2013
Hi Mike, I represent condos throughout Center City. I would be happy to consult with you, for free and with no obligation, to maybe come up with an action plan. I can introduce you to a real estate attorney and also a bank that WILL lend.

Coincidentally, I currently have a buyer under contract in a condo development eerily similar to your situation.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
Web Reference: http://SellingPhilly.com
0 votes Thank Flag Link Sat Jun 1, 2013
To determine if you have any recourse, you'll have to review the terms of your purchase contract and the CC&R documents of your community with a real estate attorney.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sat Jun 1, 2013
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