I am buying a condo for cash can I refuse permission for a credit check ?

Asked by Charles Shields, Saint Petersburg, FL Mon Jan 28, 2013

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Genevieve Ra…, Agent, Punta Gorda, FL
Mon Jan 28, 2013
Since you are buying a Condo, it is the Association that will require the credit check to make sure all your dues are paid in time and that you have not defaulted in the past.
3 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Mon Jan 28, 2013
And the winner is Genevieve. The condo association can require just about anything they want. I doubt anyone else in the transaction will care.
1 vote
Ann Ryan, Agent, Doral, FL
Tue Jan 29, 2013
You can refuse the permission, but expect that if you do, the condo board will reject your application.
0 votes
Alan Martin, Agent, Orlando, FL
Tue Jan 29, 2013
not sure why any seller would need you do give permision for a credit check. Proof of funds should be sufficient to show that you can complete the trasaction. IT does not happen very often but there could be a reqquirement in the Condo Doces for the Assn to approve the buyer. In such a case, the Assn my require it. So check out the Condo Docs before you refuse
0 votes
Cecilia Thom…, , Orlando, FL
Mon Jan 28, 2013
Cash deal you may refuse a credit check. But if it's a short sale that may probably change requirement. Ask if a bank statement or proof of fund will waive the credit check. Hope this helps.

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0 votes
Erik Fack, , Orlando, FL
Mon Jan 28, 2013
You do not need a credit check but you do need to be able to prove where the money came from (bank statements, documents of sale, ...) this is a Federal requirement to make sure you are not laundering money.
0 votes
Jennifer De…, Agent, Orlando, FL
Mon Jan 28, 2013
Hi Charles,

In general, when you are buying cash you should not have to undergo a credit check. However, in some rare occasions, if you are buying bank owned property they may require a credit check.

In this case have your agent speak with the listing agent to see if they can have the bank asset manager waive this requirement.

Hope that helps!

Jennifer De Vivo
The De Vivo Team
Advanta Realty
Website: http://www.devivorealty.com
Blog: http://www.facebook.com/devivorealty
Cell 407-921-1310

"Where Guessing Ends and Expertise Begins"
Web Reference:  http://www.devivorealty.com
0 votes
Vincent Paige…, Agent, Orlando, FL
Mon Jan 28, 2013
If your paying cash they should not need a credit check...

0 votes
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