Condo Conversions - Buyer Lending
I have been working on several condo conversions recently. In my due diligence I was told by a Realtor (I know we all hate them!) that it is very difficult for the final buyer of the unit to get a loan.
They said that if less than 50% of the units are owner occupied many banks will not finance the buyer for their unit.
Does anyone have experience with this recently? We all know that the mortgage industry is changing, so I need to get some current news...
I have a few follow up questions that I will post after getting a little feedback.
Do you know of some lenders that we should be looking at using? Can you share that with me, or point me in the right direction? Thanks for the advice.
Micah
Yes, I have a great one, not that you may be happy with everything he says, but he is exceptionally knowledgeable and at least tells it how it is....
you can send me a private mssg if you want a specific referral..
THanks
Yes, I have a great one, not that you may be happy with everything he says, but he is exceptionally knowledgeable and at least tells it how it is....
you can send me a private mssg if you want a specific referral..
THanks
In my experience as a mortgage broker in Florida, Wells Fargo was one of the better lenders on condos. They had a fair degree of flexibility, and closed several of my loans that other banks would not. I have been living in the Dominican Republic for about a year, and do not know if it has changed, but it should not hurt to give it a try.
Yeah, this is good information which you have shared here.
Thanks to you !!!!!!!!
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[ Edited by eldersmith on Date 07/21/2008 ][ Edited by ypochris on Date 07/22/2008 ]
2 point.
get fha/Fannie Mae certified and why condo conversion in this market? The condo conversion market if almost totally dead.
I have looked at a could under construction condos or condo conversion, and my thought was to run them as APTs, and then sell when the market turns.
Like they did not see that one coming....they got into dire straights because of making bad financial decisions. The expectations are that after
they get a new house they will start making better decisions?
Thanks NC_Yank. It is a day later now and I am a little less fired up. As you said, The attorney or his paralegal should have caught that... and I agree. I now need to figure out what kind of pain I am willing to go through to attempt to recover some of the closing costs that I feel were wrongly assessed to us.
can you pick-up and move the garage?
You really only have 3 options. 1. Buy the neighboring land. 2. Ask for an easement and record it. 3. Tear down the garage. The buyer cannot get title insurance until one of these things is accomplished.
The buyer just backed out about an hour ago. Looks like this one is going to be tied-up in bureaucracy for a long time to come.
Seven years is the adverse possession period in many states.
Chris