Welcome to San Diego Blog | November 15, 2012

Buying Condos in Litigation

Downtown San Diego Condos with Litigation…

…can be difficult to purchase with financing.  Most lenders don’t know how to navigate financing on a building with litigation and will generally decline the loan.  Many agents don’t even know that financing is available for condos in litigation in Downtown San Diego and they often use the remarks, “cash offers only” in their marketing.

Quite often, properties in litigation offer a buyer the opportunity to purchase a property at a supressed value because many lenders, agents, and consumers don’t understand or examine the details and therefor they fear these properties.  Searching for properties in fear and without the necessary information is no fun at all.  It’s important to be able to get the loan you need and be able to have your agent break down for you what the issues are that caused the litigation and discover the HOA’s plans for remediation.

In many cases, litigation is not nearly as scary as it seems and buyers can score some great buys on properties that will take a solid jump in value once the litigation settles (It’s important to have a read on this too).  I recently helped a buyer purchase a condo at Aria in Cortez Hill.  Aria is in litigation and this buyer was able to get a great property at a discounted price.  Here’s what our buyer had to say:

Buyer Downtown Condo Review on Yelp

I want to give my wholehearted recommendation for Chad Dannecker. We are first time home buyers and Chad helped us purchase our first home (a condo in downtown). We had a lot of questions and Chad has a great depth of knowledge coupled with attention to detail. He remembered little things we mentioned, just comments here and there about what we liked and didn’t, to really help refine our search.
 
Even from the first meeting, he already had ideas in mind of places to show us and worked quickly and efficiently to get us seeing as many places that we were interested in. He is patient and put no pressure on us at all. We always felt he supported our best interests and truly wanted to make sure we ended up buying a home that we would be really happy in. The other fantastic thing about Chad is that he is quick and thorough to follow up.
 
Home buying sometimes has hiccups along the way. Fortunately, the process went pretty smoothly for us, but when we did have a problem he took initiative and dealt with the problem for us. He worked hard for us throughout the entire process. He never backed away from trying to help us come to a resolution on something, even if it meant that he had to make multiple calls a day or spend his own time and money to get us what we needed.
 
Chad really went above and beyond what I had expected of a real estate agent. But besides his diligence and work ethic the thing you will come to realize when working with Chad is that he is just an awesome person. He is kind and really truly cares about the people in the process and not just closing a deal. In summary, I cannot say enough good things about Chad and his support staff. I have already recommended him to my close friend who is looking to buy a house in the next year and when we choose to sell or buy in the future, we wouldn’t think of working with anyone else.
 
This is what I love about my job and this is why I get out of bed motivated to work hard every day – Chad Dannecker
Helping good people buy and sell real estate fills me up and makes me happy.  Welcome to downtown San Diego Jessica and Warren  and thank you for the kind words!  It was my pleasure to help you and I’m happy to have you as neighbors.

Written by: chad

Categories: Buyers, Cortez Hill, Cortez Hill Real Estate, Downtown San Diego, San Diego Real Estate

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