Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Piscataway : Real Estate Advice

  • All127
  • Local Info12
  • Home Buying60
  • Home Selling4
  • Market Conditions1

Activity 2
Tue Apr 11, 2017
JCMck answered:
IT IS OUR UNDERSTANDING THAT THIS IS AN ISSUE WITH MANY CONDOS WHEN THE MANAGEMENT TRANSFERS TO THE HOA. BASICALLY THE WARRANTY EXPIRES. IN HOBOKEN, AT THE TOLL/MAXWELL BUILDINGS IN HOBOKEN THEY SEEM TO BE HAVING THIS ISSUE. FROM WHAT WE HAVE HEARD MANY LENDERS WILL NOT DO MORTGAGES BECAUSE OF FEAR OF THE LITIGATION. SOME WILL BUT THEY ARE MUCH MORE EXPENSIVE AND HAVE TOUGHER BORROWER STANDARDS AND THE LOANS TAKE MUCH MORE TIME. ITHIS HAS THE EFFCT OF REDUCING DEMAND IN THE BUILDING AND IT BEGS THE QUESTION WHY THE HOA FILED LAWSUITS AND LEFT THE OWNERS IN THIS MESS- IT AFFECTS THE RESALE ABILITY. SOME THINK IT MIGHT BE BECAUSE THERE IS SOME TYPE OF MAJOR PROBLEM, BUT THE HOA WILL NOT GIVE INFO ON IT. IT COULD GET WORSE FOR US AS A NEW BUILDING IS OPENING IN THE NEIGHBORHOOD SHORTLY AND IT WILL DIRECTLY COMPETE. WHEN HOAS DO THIS IT MAKES ONE THINK ABOUT THEIR OVERALL JUDGEMENT AND WHETHER THE FINANCES MAKE SENSE- WHY WOULD THEY FILE A LAWSUIT AND INCUR THE EXPENSE IF THEY HAD PROPER RESERVES ON THE BOOKS? ... more
0 votes 6 answers Share Flag
Tue Jun 30, 2009
Jason Diperstein answered:
Robert, how exactly can an underwriter specialize in lowering peoples' DTIs? Thanks for the clarification.
0 votes 9 answers Share Flag
Search Advice
Search
Financing in Piscataway Zip Codes

Followers

279