Category: Condominiums

Chaos in Condo Land

Buyer makes an offer on a Paul Allen/Vulcan owned building.

Buyer used Paul Allen/Vulcan site agents and Paul Allen/Vulcan-recommended mortgage broker.

Chaos ensues.

Read the comments. Apparently, the wronged Buyer consulted a independent Realtor and was told not to sign the contract, but Buyer went around Realtor and used site agent to sign Paul Allen/Vulcan/owner/developers contract. Terms of the loan have changed and Buyer cannot complete and close sale and Paul Allen/Vulcan wants to retain the non-refundable earnest money.

Paul Allen & Vulcan are behind the redevelopment of South Lake Union in Seattle and major funders of money-losing brokerage “Redfin”.

#1 Do NOT use site agents to make your real estate purchases. Hire a Realtor or a lawyer, do not use the site agents.

#2 Make sure you have a Financing Contingency in your contract, so you can get your earnest money back if you are unable to get your loan.

#3 You may get a better deal with site mortgage brokers, but you may not. Shop around. Get references from your Realtor or lawyer.

#4 Think twice about buying anything UNBUILT. That’s a risk I would be unwilling to take.