Re: Tell me your screw ups.

I bought a downtown condo in a building with litigation which limits the pool of buyers and lenders that will provide financing. On top of that it had an IRS lien. I thought I could just wait for the 120 days but the market kept declining in the 120 days and I had to accept an all cash offer to unload the thing. Luckily my only loss so far, cross my fingers!

The main lesson is to be very careful with HOAs in litigation. Almost every new HOA files against the developer just as a CYOA maneuver, whether or not the issues are really significant. Banks will not loan on the building, small lenders will. But they require 25% down and terms are not as good as major lenders. So beware.