Condo Converter Accused Of Unloading Mold-Infested Apartments On Unwitting Buyers, Leaving Unit Owners With Unaffordable $4M Remediation Price Tag
In Redmond, Washington, KOMO-TV Channel 4 reports:
- What many thought would be a dream condo ended up instead with a moldy mess. And to make things worse? The person the condo owners believe is responsible is nowhere to be found.
- Thirteen homes in this community have been hit with water intrusion and mold. The problem appeared a few years ago, so homeowners commissioned an independent study. It found the problem was there since the apartments were converted to condos in 2006, and should have been fixed then.
- We tried tracking down the developer, which was an LLC out of Las Vegas. It has since been dissolved, according to state records. Sources say the owner-operator moved to Mexico when the market went soft.
- Homeowners face a $4 million price tag to fix the place, something no one can afford. "That, on top of an underwater mortgage… it's like throwing money into a bottomless pit," said homeowner Jason Ing. One other option: walk away and let the banks foreclose. Something the Bailes family feels could be their only option. "I feel like we're getting screwed, basically," Jessica Bailes said. "The fact that we can't get a hold of this developer."
For the story, see Condo owner: 'I feel like we're getting screwed.'