The zoning states that it is a condo, legal on the deed also says its a condo. No Condo assoc has been

Asked by Jen, Philadelphia, PA Thu Apr 24, 2008

filed. Its not a condo even thou it was suppose to be. What are my other options?

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Jeremy S. Hi…, , Cherry Hill, NJ
Thu Apr 24, 2008
Well then technically it is a condo. Even though an association has not been established. I think the issue you are running into is that the bank is saying that it is a non warrantable condo. Which means that there is know comparable home sales in the area to support the value of this particular unit. You need an underwriter who understands the reality of the situation then orders the appraisal accordingly. Feel free to call me on my cell to discuss 609-876-5817. Information is free.
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Fred Glick, Agent, Mountain View, CA
Thu Apr 24, 2008
That can happen. The developer files the deed changes but does not organize the association. It is usually because he/she/they own the entire building and have not sold off any units.
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Wally Schupke, , Philadelphia, PA
Thu Aug 29, 2013
Since there is no longer an HOA, there should be a recorded declaration to show this. It will be necessary for you to provided a copy of the recorded declaration for review. I suggest perhaps checking with a neighbor to see if they know more- or possibly contacting the department of records: 215-686-2260 to see if you can find it there.

Ultimately, if the declaration states you can have your own liability insurance, we could proceed. If the declaration states you must have a separate liability policy for the common areas, we would need you to provide this policy and it needs to comply with our guidelines to refinance your loan.
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