Yes and yes.

Yes, in this market it is completely appropriate to help on the lending side of things. Will every prospective buyer go along with it? No. But by you being more educated you can only help if any problems do arise.

Yes, it is never a bad idea to have something in the by-laws in regards to # of units that can rent. Will you get something done before you sell? Probably not. Not only is a high % of renters not helping the lending end of things but some buyers out there won't like that their neighbors in their new condo are all renters.

Don't automatically discount the winter market as a good time to sell. While you don't have as many buyers as you do in the spring you also don't have the competition you do in the spring. If you price it right and there are not many like yours you might have a decent shot. Tough to say but don't just assume. Talk to your agent or several agents to come up with a great strategy.

Thanks for the answers, a couple follow-ups:

1. Should the buyer/seller agents theoretically help with finding a lender that would work with the buyer once I decide to move forward?
2. Should I attempt (through the Board) to change something in our by-laws to prevent any additional owners from renting their units out to keep the situation from worsening?

Yes, it will be more difficult to get financing in your building, but not impossible. You do need to speak with a few lenders to find one or more that can do it. Financing for everything these days is more difficult. My web site has some lender references.
The next 6 months are traditionally the slowest time to sell. I would wait until Spring.

philip

Your big banks is where you will probably find a problem. Wells Fargo, Bank of America, etc. I had a client who purchased in a new building where only two of six units were sold. We couldn't go big bank so we talked to a mortgage broker who found a credit union in Wisconsin who didn't care what the percentages were. So, if you're going to sell why not talk to a few lenders and see if you can find one or two who think they can do it. Then when you're going to sell and a potential buyer seems interested but is having lending issues you can let them know of the lending options you came up with.

Let me know if you need a few names and I'd be more than happy to pass them along.