Home Buying in 07762>Question Details

elevator37, Renter in Manchester, NJ

is it true that mortgages are not available for condominium purchases in the Essex & Sussex?

Asked by elevator37, Manchester, NJ Mon Oct 22, 2012

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After reading a description of the condo association (I originally thought elevator37 was talking about the counties of Essex and Sussex) it sounds like the development is classified as assisted housing. As a mortgage officer for 26 years, I have not seen a lender do this type of property.
0 votes Thank Flag Link Mon Oct 22, 2012
Hello. We have placed mortgages just in the last six months at the Essex and Sussex. There is a ratio of units that they will lend money on. You are welcome to call me for details. Doris Baril
0 votes Thank Flag Link Mon Oct 22, 2012
Anette,
That is incorrect information. The units do not have kitchens and are issued cerfiticates of occupancy.
Bob, that is correct. I just answered your last post of this same question. When the building was converted from apartment to condominium, my company represented the owner and buyers could get financing through Chase. I was one of those buyers! That is no longer the case. I have not been able to find any lender--local or national that will lend on the building.
I'd be happy to help you discover other ways to purchase there. Just reach out to me via Trulia or my website below.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Oct 22, 2012
Dear E37,
Records indicate that virtually every purchase over the last several years has been in cash. True, they do not have kitchens; there is a dining fee. However, you will most likely hear from some lenders who would be your best source of advice on the mortgage issue.. Please know that the E&S are age restricted units. In order to RESIDE there, one must be 55 or older (formerly 62). In addition there have been some other changes in policies in the E&S. If you are not presently working with a realtor, I would be happy to assist you with this property or any other in the Monmouth/Ocean area.

Kind regards,
Lorraine Koleda
Realtor Associate, SRES (Seniors Real Estate Specialist)
Jack Green Realty
Ocean Grove, NJ 07756
lorik@jackgreenrealty.com
0 votes Thank Flag Link Mon Oct 22, 2012
If the unit does not have a kitchen, it is not given a Certificate of Occupancy and therefore cannot be lived in.
0 votes Thank Flag Link Mon Oct 22, 2012
This is why I think real estate agents should stick to what they know - their own areas. This is a condo that does not have full kitchens and is fully occupied.
Flag Mon Oct 22, 2012
I was informed that because there are no kitchens in the Essex and Sussex, mortgages are not available. Does that mean everything for sale is a cash deal.
Bob
0 votes Thank Flag Link Mon Oct 22, 2012
No, if the condos are warrantable they are mortgable.
0 votes Thank Flag Link Mon Oct 22, 2012
No true at all. I will be happy to help you. Call me at 201-604-3485 if you'd like to discuss further.

Al Rapoport
0 votes Thank Flag Link Mon Oct 22, 2012
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