Lending To Buy Condo In Complex Under Ligitation?
Hi, I am looking to purchase a vacation/rental condo in Las Vegas. The complex I am most interested in is currently under litigation with the builder for the usual defects, drainage, blacktop, etc.
Is it possible to get a loan to purchase a property like this or will it have to be a sup-prime lender?
Thanks.
I actually had this same problem for a client of mine that I got financing for on a condo purchase in CA. The condo assoc. was in litigation with the builder also.
It will depend upon the findings that come back when DU/LP is run for you by lender. Sometime they will come back with an approval as "No Condo Questionaire Needed" or it will come with an approval as an approved development if the builder has done other properties.
Worst case sceanrio is that it would be sub-prime for you.
Thanks,
mark
Good website to research: http://www.noteworld.com
Good book: Streetwise Seller Financing:
http://www.amazon.com/gp/product/0974363103/sr=8-1/qid=1142125278/ref=sr_1_1/104-9620584-4769547?%5Fencoding=UTF8