Boston Beacon Hill condos for sale under litigation
As the owner of a Boston Beacon Hill condo, you have likely heard of buildings being in litigation or perhaps even your own has been involved in one of these common lawsuits, but many don’t know how litigation may affect the potential sale of their residence or the purchase of a new property.
Construction
Construction defect litigation is the most common type you will experience as a Downtown Boston condo owner perhaps involving poor craftsmanship, faulty materials, or other functional deficiencies. The primary concern is the financing process as a lender tries to estimate a homeowner’s future expenses. In regards to a single family home, a mortgage, taxes, and a handful of other expenses are typical, but a Boston Beacon Hill condo owner will additionally incur condo fees used to maintain the complex and provide services. Condo fees may also be used for legal fees and these may be raised an unpredictable amount over an extended period of time to cover the expenses of litigation. Most lenders will resist issuing a loan until a settlement is reached unless it only involves a minor issue not affecting safety or livability. If the condo association has loses, everyone in the building may be held responsible for the legal fees requiring a special assessment passed on to the owners to pay – obviously not an expense a lender will want to take on.
Boston Beacon Hill Condo Seller
As a Beacon Hill condo seller, your buyer pool may decrease to only those able to pay cash or meet the lender’s higher down payment requirements. In some cases, a seller will reduce the price enough to remain competitive in the market.
Boston Beacon Hill Buyer
As a Beacon Hill condo buyer, you may likely be limited in your financing options or be required to use a specific lender. FHA and VA loans will not be issued during the litigation period. A buyer may also be required to provide a higher down payment offering less risk to the lender.
Conclusion
For more information regarding current litigation cases affecting condo developments Downtown Boston, please give us a call and we will be delighted to assist.
All Beacon Hill Condos for Sale
Get new listing alerts delivered to your inbox. 42 Results Open House: May 5, 2024 12:00 PM - 1:00 PM #73218480 | Condo 1
Beds 1
Baths 599
SqFt Open House: May 4, 2024 12:00 PM - 2:00 PM #73231283 | Condo Open House: May 4, 2024 12:30 PM - 1:30 PM #73206603 | Condo 1
Beds 1 | 1
Baths 954
SqFt #73219509 | Condo © 2024 MLS Property Information Network, Inc. (MLSPIN). All rights reserved.
The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein. MLS PIN data last updated at May 2, 2024 3:01 PM ET
Beds
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Beds
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The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
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