Mortgage Broker responds:
If you are planning to obtain a Mortagge Loan, and want the best rate and terms, you had better take my advice!!!!
These FL condos, though at relatively good deals, are still considered "Toxic" properties by Banks! What any experienced listing agent will do is have a CONDO CERT done on the property when they take the listing.
However, many won't want to spend the $100 to $150 or are scared to ask the sellers to pay for it, but then wonder why so many potential buyer's loans take a nose dive before closing.
I'm looking at 2nd home beach condo this weekend and as a Mortgage Broker, I know better and once I identify a property, the very first thing I will do is get the CONDO CERT done. This is generally a 25 question form that the Property Mgmt. Co. completes which is like an X-Ray of what all is going on in the property, HOA, etc.
Contact me and I'll send you a copy of a Condo Cert to use.
see 95% LTV condo program at www.pro-option.com