This is a problem for potential buyers of your condo. Capiche??
I’m not referring to FHA approval for the development.
–FHA or Conventional or other programs require this Delinquency rate to be under 15%
We need to know this now. Not 30 days into the process when our Lender sends the Condo Questionnaire to your Condo Management company, and our Buyer paid $150 to your Condo Mngmt co. just to fill out the questionnaire.
Pick up the phone. OR have your Seller pick up the phone. CALL the Condo Management company and find this information out. While you’re at it, ask the Investor concentration as some Lenders will be affected by this as well.
DON’T put this back on your buyer to find out or we will move on.
If your listing is above this 15%, you more than likely will have to market to CASH Buyers or buyers willing to get a Hard Money loan (higher rate and bigger down payment).
There is a program that will finance these higher delinquency condos, if the Buyer puts a down payment of 10%.
So all is NOT lost.. Market your property correctly from the get go. Do it. It’s not ok to do nothing. You’re hurting us all when your head is in the sand. Potential buyers and their Agents don’t have time to call your Condo’s Management company.
We will just move on to the next Listing where the Realtor did their due diligence.
BJ Matson, Realtor®
Home Buying Advisor • RE/MAX
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