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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Condo cautions Posted by Ward-CA- on October 16, 2001 at 7:24 AM In Reply to: Re: JBBs secured by condos posted by Alfred CA on October 15, 2001 at 11:04 PM : Hi Ward, : Is there anything different about doing JBB's with condos? Besides SFRs, the CMDC book also has comps on condos. So far I've been ignoring them, as well as apartments, but I wonder if I am missing possible deals here. I know condos have a maintenance fee in addition to the mortgage payments, and I know they have CC&R's which might inhibit my activity if the property came back to me. Are these important points to consider? Any specific things I need to know or watch out for with condos? Thanks in advance. =•=•=•=•=•=•=•=•=•=•=•=•= Alfred, condo’s as a rule, take longer to sell than an SFR because people don’t like to live under the dictates of capricious CC&R’s and escalating HOA’s, etc. But my real concerns and hang-ups with condo’s are not knowing whether the HOA is involved in any protracted lawsuits at the time of the foreclosure, or whether there are adequate reserves for future repairs and the verification a buyer’s lender wants that 70% or more of the occupants are owners rather then renters. If not, then the buyer has to take on private mortgage insurance (PMI) that chips away at her ability to qualify for a purchase loan, etc. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward, : : Is there anything different about doing JBB's with condos? Besides SFRs, the CMDC book also has comps on condos. So far I've been ignoring them, as well as apartments, but I wonder if I am missing possible deals here. I know condos have a maintenance fee in addition to the mortgage payments, and I know they have CC&R's which might inhibit my activity if the property came back to me. Are these important points to consider? Any specific things I need to know or watch out for with condos? Thanks in advance. : =•=•=•=•=•=•=•=•=•=•=•=•= : Alfred, condo’s as a rule, take longer to sell than an SFR because people don’t like to live under the dictates of capricious CC&R’s and escalating HOA’s, etc. : But my real concerns and hang-ups with condo’s are not knowing whether the HOA is involved in any protracted lawsuits at the time of the foreclosure, or whether there are adequate reserves for future repairs and the verification a buyer’s lender wants that 70% or more of the occupants are owners rather then renters. If not, then the buyer has to take on private mortgage insurance (PMI) that chips away at her ability to qualify for a purchase loan, etc. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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