Whenever purchasing any home with an HOA, the buyer should ALWAYS read the By Laws. This would have identified the property as a Condo instead of a PUD. Until title comes back, we have to use whateve infomation that is availble to us through publlic data sources.
A Conventional mortgage for a Condo will always have a pricing adjustment when the down payment is
Unfortunately, these are some of the risks of buying bank owned property. At this point you can either move forward with the deal having full knowledge now of what you are buying and what it will cost, or you can walk away. If you walk away, you have little chance of recovering any money you have spent so far.
If you buy the property, do so with the knowledge of what you are buying, and of problems that might occure in the future. Does the HOA have strong reserves for maintenance and emergency repairs? Are the buildings in good condition? Is everyone current on their HOA dues? If the answer is no to any of these questions, or you do not know, walk away. You will be better prepared for the next deal.
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Also, if you wnet with a homepath mortgage, there probably wasn't an appraisal as FNMA dosen't require them for that. You might even be overpaying - this could end badly. You need to light a fire under your agent, they missed basic fundamental checks and you are in the squeeze.
It's nice to blame others but this started with your agent missing that it was a condo - not fee simple. That's on the agent as I see it.