Home Buying in Ocean City>Question Details

Joanne Berna…, Real Estate Pro in Ocean City, NJ

Why is it easier to buy a condo in Ocean City, NJ if you use a local lender as opposed to one from Pennsylvania?

Asked by Joanne Bernardini, Ocean City, NJ Mon Jun 25, 2012

It seems that the lenders are puzzled by our condo association set ups!

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Because condos in Ocean City are unique in that they are usually furnished, and have either an association management or condo docs that lenders unfamiliar with this have trouble getting approved with their underwriters. The local lenders do these transactions every day and know exactly what is necessary. If you have any other questions please feel free to contact me
Robert Bond
RE/MAX OF OCEAN CITY
Office 609-398-7101
Cell 609-289-2916
email robertbond@verizon.net
http://www.robbond.com
0 votes Thank Flag Link Mon Jun 25, 2012
The Fannie Mae, Freddie Mac rules dictate that any property that can be rented for a period less than thirty days is considered a hotel. They don't back loans of this sort so lenders that bundle and re-sell the loans are prevented from doing so. Our market is based on these types of rentals as we are a shore resort town. We are NOT a town of hotels.The local lenders understand this and write their accordingly.
Joanne BErnardini
Sales Associate
Coldwell Banker- Casa Bella Realtors
609-947-2451
0 votes Thank Flag Link Fri Sep 7, 2012
In my experience the local the lender the better. This is especially true with condos.
0 votes Thank Flag Link Mon Jun 25, 2012
banking laws and appraisals. Knowing the local market
0 votes Thank Flag Link Mon Jun 25, 2012
It is always easier to use a local lender , no matter where you are buying. A lender who is experienced with lending in a specific area already has the answers to many of the questions that could arise, making the process much smoother for you, and them, to complete the processing of the loan.

Rick Adams, REMAX at the Shore
3301 Bay Avenue , Suite B
609-398-7100...Cell 609-602-0684
http://www.radamsteam.remax-nj.com
richardadams@remax.net
0 votes Thank Flag Link Mon Jun 25, 2012
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