Financing in 85016>Question Details

Alwayshome63, Home Buyer in Mobile, AL

I am in a lease to purchase condo.

Asked by Alwayshome63, Mobile, AL Fri Aug 10, 2012

I signed a two year lease. I am to find financing three months prior to my lease being up and on the third month have the loan closed on and title all done. There things the Association Boards of Directors and property managers should be aware of what Associations must do in order to ensure that current coowners and potential buyers are able to obtain mortgage financing. As you
may be aware, private mortgage lenders usually sell the loans they make to
free up cash for additional lending activity. Often, the purchaser of these
loans is either Fannie Mae (Federal National Mortgage Association) or
Freddie Mac (Federal Home Loan Mortgage Corporation). Most likely the
result of the recent mortgage lending scandals and collapse of the real estate
market, Fannie Mae and Freddie Mac are now requiring much more information http://www.azdfcondo.com/pdfs/new_fannie_mac_requirements.pdf
The developer has not met any of these requirements. Am I legally bound to buy?

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6
I know a really good attorney that can help you. I would love do provide you with his contact information.


Best Regards,

Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
Bianca@InvestInArizonaHomes.com
Website: http://www.InvestInArizonaHomes.com
0 votes Thank Flag Link Tue Nov 26, 2013
Thank you for your help. I really don't have the finances to hire a real estate attorney. The real estate agent who drew up the contract is the owner of the building 's agent he hired to sale the units. I do have a real estate agent that I am currently working with to possibly find a better housing situation. Is she the one I need to give my lease / purchase agreement to? Or should I ask the real estate agent who drew up the lease to purchase agreement? If I move I am loosing approximately $18,000.00, not to mention the $4800.00 I will have paid out in HOA fee's. I am in the "good" area of credit. I will be able to find financing. I want out of the contract and I want to move. The market is not moving fast enough in my building and I am disillusioned by the experience of living here and the HOA not really keeping some of the common area's in shape enough to make other potential interested buyers from purchasing here.
0 votes Thank Flag Link Sun Aug 12, 2012
You need to contact a real estate attorney ASAP and have your documents reviewed. John Fyke at Mack Drucker & Waston is a real estate attorney and can help you determine your obligations under the contract. His number 602-778-9900.

You should also contact a mortgage broker or banker and have them check your credit and the property to see if your condo project can be financed. You will need that information for the attorney. Jason Servais at OnQ Financial is very knowledgeable. His number is 602-410-2118.

You have good questions but they are way beyond the scope of what can be addressed in an online forum. You need expert advice. I hope this helps.
Web Reference: http://www.morechoices.com
0 votes Thank Flag Link Fri Aug 10, 2012
I would be talking to your real estate agent and/or his/her broker. You have an agency relationship with these people and it would be unethical for another real estate agent to comment and could result in an ethics complaint against that agent.
0 votes Thank Flag Link Fri Aug 10, 2012
You should, ASAP, contact an attorney who handles residental real estate matter!
0 votes Thank Flag Link Fri Aug 10, 2012
You need to read your contract. That is the problem with lease purchase contracts you are betting on the future.
0 votes Thank Flag Link Fri Aug 10, 2012
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