Having trouble getting a Florida condo mortgage because the condo you are interested in is being denied by your Florida mortgage lender? Florida mortgage lenders.com offers condominium mortgage loans on many Florida condos projects that are not Fannie Mae approved and which other Florida mortgage lenders consider not financeable.
Can some one help me and my buyer find a mortgage????
Since your HOA is the complaintant, you can keep the pressure on the HOA to reach a solutions as soon as possible.
and there's always a however,
the builder has every owner in the community in a headlock. They can stall and stall and stall and stall and ONLY the onwers (who are also the HOA) are punished. But you were informed regarding this.
Recently had a roofer hold a community hostage for a year over a $30,000 billing issue.
It was resolved and peace returned to the kingdom.
You are not doomed forever. Be aware, as a member of the HOA, it is highly likely you voted to pursue this litigation. Now, you, as an onwer, are requred to become equally creative with your selling strategies.
That is why you hire muliti-dimensional real estate professionals. These pro's will know where to direct buyers and the best stragegies for selling. You may actually be in a MORE profitable position if you exercise patience.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Often what happens is that when the HOA litigation commences everybody pulls out but eventually when the dust settles (pardon the pun) the lenders start to trickle back - often starting with local S & L's but that takes time.
Of course this process will tend to depress prices but that it turn will start to attract cash buyers and once a few units change hand then the situation can start to improve.
I know of another where HOA inspired litigation is progressing along. Comprehensive inspections have been done and pretty much identify all the problems in each individual unit which is a great help to a potential buyer. As a result it appears that lenders are beginning to trickle back in this one development.
No you are not doomed for ever but it may take a while
Hard Money lenders aren't going to be appealing to most borrowers as they'll want above average interest rates and as you yourself stated there's a limit to cash buyers.
You should consult with a lawyer who specializes in real estate (not litigation) and find out exactly what it's' going to take to get your association back in a position where lenders will be able to write mortgages for sales int he development.
Irina Karan's suggest to try and find a small local bank who might want to offer mortgages there is a good one, but unless their willing to hold them in house, I'm afraid even this won't work. Lenders typically want to sell their mortgages on the secondary market which means your association has to be on the Federally approved list, which means among other things, no lawsuits, not too many investor owned units, and not too many owners delinquent on the HOA fees among other things.
You could also explore the local lenders - talk to the bank presidents/lending committees and see if they could do a portfolio type of loan for your community.
Hope this helps,
Beachfront Realty, Inc.