when is a condo questionaire form used when purchasing a condo in a smaller condo building (less than 10)?

Asked by Akatz75, 60647 Mon Feb 16, 2009

if the buyers loan is for less than $417K?

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Mon Feb 16, 2009
You may want to double check with a lender to see what they say, but from my personal experience in the past few months, price has nothing to do with it. What I ran across was that when purchasing a condo, the first thing needed with anything from fourplex on was the condo questionaire. These forms were always necessay in the past too, but it seems that they weren't used or just somewhat passed through during the loan process. The lenders are scrutinizing all types of loans today and it has really made a difference in condos. You must have a very small percentage of rentals, property can''t be a recent conversion, and it can't be considered a condotel. Good luck with your sale and you should definitely look into the finance options that would be available on you particular place so that you're ready to sell when you find a buyer. (the last thing you need is to have a ready willing and able buyer and to find out that they aren't allowed to use normal financing because your complex didn't pass the condo requirements in underwriting)
Web Reference:  http://www.robinarrow.com
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