is it true mortgages are not available for purchase of condos in the Essex & Sussex?

Asked by elevator37, Manchester, NJ Mon Oct 22, 2012

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Debra (Debbie) Rose’s answer
Debra (Debbi…, Agent, Livingston, NJ
Sat Nov 10, 2012
I must say I am amazed agents are allowing their incorrect responses to remain!

Cynthia and Diane are the only 2 who got it right, as Francesca pointed out - Diane came in just in time to clarify everything.

I was intrigued by the completely opposite "Yes" and "No" responses, so, since I know nothing about it, I googled the development.
It's quite lovely.......
Others might want to do the same, and they will learn that:

there are no kitchens being completed......this is a luxury hotel-like "adult" project..... with a formal dining room and bar that owners can enjoy, along with room service.........and numerous other elegant amenities...................the units only have kitchenettes (microwaves, under the counter fridges and a sink - so no one is going to be making Thanksgiving dinner there anytime soon, unless they like a microwavable tv dinner).

TU to Diane , Cynthia and Francesca
1 vote
Francesca Pa…, Agent, Manasquan, NJ
Sat Nov 10, 2012
Couldn't wait until Diane Glander responded. She truly is one who knows this development and to my knowledge, yes, it is true that you cannot get a mortgage to purchase. Diane is the go to gal on this one.

Sincerely,
Francesca Patrizio, ePro, SRES
Francesca@PatrizioRE.com
732.606.2931
1 vote
Cynthia (Cin…, Agent, Wall, NJ
Mon Oct 22, 2012
It is true. As Diane stated, there are no kitchens and as of now, there are no banks that will write a mortgage for this building.
1 vote
Diane Glander, Agent, Spring Lake, NJ
Mon Oct 22, 2012
Actually, that is true. The reason being that there are no kitchens in the units.
I have helped numerous people purchase there. If you would like a LOCAL agent who knows the scoop, feel free to reach out to me via my website below or via my Trulia profile.
Web Reference:  http://www.dianeglander.com
1 vote
Francesca Pa…, Agent, Manasquan, NJ
Sun Nov 11, 2012
Thank you Debra, very eloquently put. There are alot of "things to know" about "E&S" as we call it down here at the Jersey Shore.. At one point there was alot of construction (rehabbing of the building), high monthly association fees in addition to mandatory dining room fees (use it or not) of approximately $250, was once a 65+ community, recently reduced to 55+ and yes, it was once a hotel.

As you can see E&S is evolving to become more marketable and realtors and the homeowners association continue to strive for improvements. I've seen replies from Diane in the past regarding this development and she does truly know it well . . . past and present. After all, we are in the same market, but I defer to Diane.

Francesca
0 votes
You're welcome!
It really annoys me when agents jump in with "advice". and it is totally wrong! An opinion is one thing - but those here who blatantly stated you can get a mortgage to purchase units in this buidling clearly don't know what they are talking about, and a consumer could be mislead by that. I was so comfused by the opposite responses - that's why I googled it.....no idea why agents feel they just have to chirp away when they don't know what they are talking about!
Oh well..........Have a great day - enjoy this beautiful weather - we all deserve it! Let's hope our "shore" gets rebuilt and restored, and that this never happens again!
Flag Sun Nov 11, 2012
Marsha Bowen…, Agent, Livingston, NJ
Mon Oct 22, 2012
In this case with no kitchens, you will need to get a hard money lender to fund this purchase. Once the kitchens are completed, you can seek a mortgage from traditional lenders.
0 votes
John Ryan Pa…, , Monmouth County, NJ
Mon Oct 22, 2012
The Essex & Sussex is not FHA (3.5% min. downpayment) approved, that means its most likely also not VA (Veterans program) approved. You can get financing conventionally (20% or more downpayment) or purchase cash.
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Mon Oct 22, 2012
Not true, however if the condo complex is not FHA compliant, your mortgage financing options can be limited to only a conventional loan option.
0 votes
Laquita Baez, , New Jersey
Mon Oct 22, 2012
No true at all. Curious as to where you got that info from.
As long as you qualify, you can get financing for anything real estate: land, single/multi- family homes, condominiums, commercial properties, etc....

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
0 votes
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