What happens to condo owner if condo reverts back to apartment?
May 14, 2008 8:25 PM Subscribe
My husband and I are looking at buying this lovely condo that was once an apartment. Unfortunately, with the market the way it is, these converted condos have been on the market since January and haven't sold but one unit. What happens if we buy one and it "reconverts" back to an apartment complex?
posted by rainygrl716 to Home & Garden (14 answers total)
We live in the Seattle area (on the eastside).
The condo is gorgeous and I fell in love with it when we toured it, but we are worried about buying it and having the condos convert back to apartments. What happens to people who own units in a complex if it is forced to convert back to an apartment building? Are there any legal rights owners have or are they forced to sell (probably at a lower cost than what they paid, I'm assuming)?
Also is it possible to negotiate the price further down with a condo dealer? I'd want to offer them a little less than what they are asking for and right now I feel that is fair but I don't know how much negotiating is acceptable when it comes to condos from builders.
It is just worrisome that they have only sold one unit so far and the prices are not bad at all. Any advice?