All your Realtor is trying to do is to make your offer solid and acceptable offer. Nothing wrong with that at all. Seller feels secure in taking his house off the market in this slow time and you get a house at a great price. Perfect. Everybody is happy.... more
I would suggest talking with a good mortgage broker. If you'd like to email me and I can give you a list of some great mortgage brokers that are very knowledgeable about the condo lending restrictions. My email is Nikki.Devaux@SothebysRealty.com
It's true that obtaining a condo mortgage is more complicated than it was in the past, but it doesn't mean it's impossible in every situation. I'm currently working with a buyer who's going through MassHousing to purchase his condo. You just need to make sure that you're working with a good Buyer's Agent and also a good mortgage broker who can advise you on the best route to home ownership!
Best of luck!
Hallmark Sotheby's International Realty
I am also a certified residential real estate appraiser. What I would do as an appraiser is to find the three most comparable (as far as square footage, # of bedrooms, # of baths, condition, etc...) condo sales in as close proximity as possible to yours. Ideally, lenders are looking for comps within a 3-month time frame and 1-mile radius. That's not always possible. Especially these days! For condos, we always want to find a comp within the complex. Yours only has 3 units, so I would be inclined to use that sale from back in September as well. I believe Trulia offers fairly reliable recent sales information you can comb through or head down to the Lowell Assessor's office to research all recent sales.
Your best bet is to find three recent sales of "similar" units in your neighborhood (either through Trulia, Zillow or the Lowell Assessor) and then factor in the recent sale in your building. Was his sale a true, arm's length market sale or was it influenced by other forces (foreclosure, pre-foreclosure, sold to a family member, etc....)?
A little research on MLS shows just one condo in Lowell selling for $239,500 in 2006. I think this might be yours (?) and I'm happy to discuss it further with you if you'd like (617-828-4127).