- Dec 16, 2017
- 244
- 408
I have a contract on a 2/2.5 condo in Ormond Beach- approved on mortage, everything is fine, until my lender tells me that the condo association won't complete a condo questionnaire regarding deferred maintenance. Long story short, my down payment would have to increase significantly for the mortgage to be approved. The condo association has taken the stance that they will not fill out those questionnaires at the advice of legal counsel. I can put down more funds should I desire to.
Apparently, this has become an issue since the Sunrise tragedy last year. CNN.com addresses this issue in an article dated April 2, basically stating that nationwide, there are numerous buys/sells being derailed by this requirement by Freddie/Fannie.
Obviously, this could potentially torpedo my deal, and likely makes the condo worth a $ amount less than what I I am contracted at. As a reference, the condo is priced well below $300K and is beachside- I am looking at it as a possible rental and eventual part-time home in the next 5 years. It is by far (currently) the lowest price property available right now.
That said, has anyone dealt with this issue before, and I am interested to know what others might think of the effect on the market this may have. Obviously, the market is quite high right now and the interest rate hikes that are coming could adversely influence the market. What I am seeing however, is there are still plenty of cash buyers out there.
Thanks for any input.
Apparently, this has become an issue since the Sunrise tragedy last year. CNN.com addresses this issue in an article dated April 2, basically stating that nationwide, there are numerous buys/sells being derailed by this requirement by Freddie/Fannie.
Obviously, this could potentially torpedo my deal, and likely makes the condo worth a $ amount less than what I I am contracted at. As a reference, the condo is priced well below $300K and is beachside- I am looking at it as a possible rental and eventual part-time home in the next 5 years. It is by far (currently) the lowest price property available right now.
That said, has anyone dealt with this issue before, and I am interested to know what others might think of the effect on the market this may have. Obviously, the market is quite high right now and the interest rate hikes that are coming could adversely influence the market. What I am seeing however, is there are still plenty of cash buyers out there.
Thanks for any input.