Hello Jennifer--a great question!
I gave Pam a "thumbs up", because she correctly identified a couple of the specific challenges in financing a condo purchase--ones that I know only too well from a recent experience with a buyer.
My client, the mom of a friend, has decided after ten plus years of happily renting, that it is time to find her retirement space. Two challenges came up immediately: One, finding a water view in her price range, and Two, finding a lender who would loan on a condo purchase.
We found the 'perfect' place, it passed inspections, and the lender she had chosen sent the (in this case credit union) condo questionnaire to the association. The results came back negative--turns out after asking several other banks and credit unions: no one would loan on this property, because of high defaults (past, not current--this affects the associations' escrows, due to uncollected dues), and because the percentage of owner-occupied units was right on the border--her purchase would have put it right about 50%.
Moral of the story? Do a little research before you even take a look at the unit in person--a little prior reseach pays off. one of the ways which I have devised to 'pre-screen' the association, if I'm not already familiar with them, is to look at the past 12 months' sales--if there are units which sold and were mortgaged, we know that the association passed some lender's 'test'! Your buyer's agent can do this for you as well.
Hope this helps!
If you have questions about any purchase in the Palm Harbor, Tarpon Springs, or Dunedin market, please don't hesitate to give me a call at 727-656-6206, or email: HelpSaveHomes@gmail.com
Your 'Real' Estate Consultant for Life!