Buying a Bank Owned Condo to Help Allow The Sale of a Building in Queen Anne

Queen Anne CondoOur amazing chiropractor reached out to us with one of our more interesting scenarios yet. Currently living in a condo building in Queen Anne, she was reaching out to ask us to represent her in the purchase of another unit in the building that was a bank owned unit that had been foreclosed upon. But the reason behind it was one we had never encountered.

Owned by Fannie Mae, the condo for sale had been on the market for some time and kept flipping out of sales. When our client decided to make an offer with our help, we found out why. This particular building was in some financial trouble and had many integral repairs needed. Not able to fund the repairs, the Home Owner’s Association decided that, with the approval of all owners (well most of them), they would move forward with a sale of the entire building sharing the proceeds between all current owners. The hang up? The Fannie Mae owned unit. So our buyer decided to step up and purchase the last unit needed to move forward with the sale. Working through Home Path, a Fannie Mae bank owned sale website portal, we moved forward with several offer iterations until we found the one that stuck. In the end, we helped this buyer get a condo, that cash flows on rent for the time being, but will ultimately allow her and the rest of the owners in her building to sell the property and move on to their next endeavors.

Thanks for letting us represent you Corinne!

PS: If anyone needs a great chiropractor, let us know!

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