Home Buying in Bethany Beach>Question Details

Steve Morgan…, Real Estate Pro in Bethany Beach, DE

Delaware DUCIOA law effects mortgage financing for buyers, sellers, mgmt co. and agents - Have you had a recent issue with your transaction?

Asked by Steve Morgan - (302) 541-5363, Bethany Beach, DE Mon Jun 13, 2011

Question # 9 of the DUCIOA form: What number of units are delinquent in the payment of common expenses?

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Answers

4
Dustin & Mariya’s answer
The learning curve for real estate and complementary industries seems to be a thing of the past and everyone has adapted to this new well conceived set of disclosures for the public. In over 50 transactions last year, I can't think of one which was held back by DUCIOA docs. However, there are financing challenges for communities with a high percentage of investor owners.

Warm Regards,

Dustin
0 votes Thank Flag Link Sun Dec 30, 2012
BEST ANSWER
I have not had any problems with the number of delinquencies for the communties where I have sold. This question is great protection for the Buyers so they know the financial condition of the community where they are making a purchase.
0 votes Thank Flag Link Mon Jun 13, 2011
Delinquencies in HOA Dues or Assessments have an Allowance of less than 15% of the total units in the community. Lenders condo questionnaires can determine if the community has an issue before an offer goes in. This 15% allowance is a Fannie and Freddie guideline if sold to them. A local bank or a lender that keeps it on its own books doesn't have to follow Fannie and Freddie.

Working with a local lender can help in the process when the management companies fills out those forms.

Steve Morgan
Fairfax Mortgage Investments
302-541-5363
0 votes Thank Flag Link Tue Jun 14, 2011
DUCOIA protect buyers from surprises and future expenses for "special assessments".
0 votes Thank Flag Link Mon Jun 13, 2011
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