Madison, Other/Just Looking in PDX

how can I change a condo into something warrantable if there are only 2 units and I own them both?

Asked by Madison, PDX Mon Jan 14, 2008

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5
D’s answer
Hello Madison,

Do you own the land? If so then that is dealt with differently than if you don't. A condo is where you don't own the land and there are steps to make it warrantable. One of them is the owner occupancy rate must be 50% or greater. So if you live in one of the units, you are already there. The next step is to apply for a warrantable condo with Fannie Mae. This will include setting up an association and such. If you contact me, I can email you the Fannie Mae pdf packet which will give you step by step instructions on how to apply with them. I've helped other condo associations become warrantable as well as FHA approved.

Crystal Beard
Ambient Home Lending
http://www.ambientlending.com
crystal@ambientlending.com
Toll Free 877-777-9763
0 votes Thank Flag Link Thu Dec 18, 2008
are you asking about combining them into a single unit??
1 vote Thank Flag Link Mon Jan 14, 2008
It can be done. Condos are now being converted back to apartments because of the slow market. This is not a do it yourself project. You will need the help of a land use planning company and an attorney to write the legal descriptions. A good place to start is with Planning Resources Inc. This is a long process and will cost many thousands of dollars. You will have to decide if you will end up with a more valuable property after doing this.
0 votes Thank Flag Link Thu Jan 17, 2008
Hey this is a great question and a really unique situation. I think this is a legal question.

A condo is a plat and like any plat it could be vacated. This would be a matter of involving the county and the state but I am sure it can be done. You need to get all of the legal documentation and work with a Title Company like Fidelity here in town to help you get this done. The property must have had a legal description. Sedn me an address and I will send you a full county report and a copy of the deed.

I think you can unravel this and go back to a single tax lot with 2 units on it and that way it qualifies for 1-4 unit financing without the headache of being a condo. There is likely more involved here than you said but overall this is the process.

Let me know how I can help!

Dirk T Knudsen
Re\Max Hall of Fame
"The Real Estate Doctor"
#1 Rated Re\Max team in Oregon
Web Reference: http://www.nwhomecenter.com
0 votes Thank Flag Link Mon Jan 14, 2008
(are you asking about combining them into a single unit??)
Yes, either that or changing the property status to a duplex or something warrantable.
How it is now as there a 2 units only. 1st we owned the top unit, now we own top and bottom. Same land, separate entrances, like a duplex. We really don't need it to be a condo, especially if its unwarrantable.
Do you have any suggestions??
0 votes Thank Flag Link Mon Jan 14, 2008
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