Legal Question in Real Estate Law in California
I pruchased a condo conversion from the developer 3 years ago. Due to the market, the developer stopped selling. They only sold 30% of the project and are renting the rest out as apartments. No lender will lend now due to the owner occupancy guideline. I am unable to sell. Can I have the seller buy the property back?
2 Answers from Attorneys
Sure, if you can negotiate that with them. If you're asking if you can force them to do so, that would likely only be as a result of a lawsuit proving they violated the law, regulations or their contract with you.
I agree with Mr. Nelson. I question your conclusion that "no lender will lend" .......... lenders are numerous and diverse, and surely somewhere there is a lender that will lend on some terms, particularly if there is significant equity in the deal. Talk to some loan brokers and see what they can come up with.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
