Asked by Junkieliam, Astoria, Queens, NY • Thu May 20, 2010
banks will lend me money unless there is at least 50% - 70% sold units. The building currently has 15% units in contract.
1) What does the agent get out of me using their chosen bank?
2) Is it true that there are no banks anywhere that would lend me money now that only 15% are in contract? If not, can someone give me a few leads?
4) Since we are still in recession, has any agent seen a lot of contracts falling through due to not qualifying for a mortgage? I'm wondering if I should wait until someone else's contract falls through so I can purchase the condo cheaper.
5) The condo I'm interested in cost around $660/sq feet and includes a parking spot. I personally think it's way overprice granted it's on the 7th floor. Thoughts?
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