Seattle condo owner listing it with special assessment?

[Adam Price]

I'm just getting my Brokers License and doing a lot of research to provide a quality service through wholesaling in my family owned business, United Family Investments. I've come across this situation and i'm not sure if i should pursue it.

The owner is asking 55k on a 2/1 completely remodeled condo in northern Seattle. Owner still owes 70k but says he/she will cash out the loan on date of sale. Great location, rented currently with good tenant for $1500, HOA's are 350 a month. The odd part is that on Feb. 1st the buyer/owner must pay 43k for exterior renovations through the HOA classified as a special assessment. I assume this is why the owner wants out, to pay 15k instead of 43k to get out of the situation. If i did pursue this as a wholesaler I would try to purchase at 50k and sell at 55k to an investor ready to pay the special assessment.

It seems like a unique situation with the upfront cash for an investor of 100k but i think its worth it, thoughts?

[Corey Davis]

You haven't mentioned the value of the property.