Friday, November 20, 2009
Ever feel like you're being dumped on? Well if you're a Hoboken Condo owner that's trying to sell and your condo association is in litigation...you are. A double whammy of sorts. Not only is there a messy little piece of business to be settled (buyers like clean and neat) now Fannie Mae, Freddie Mac, and those guys over at FHA are running for the door. The big guys now like things neat too. I guess years of encouraging no doc, no money down loans has finally sunk in....
So Mr. Hoboken Condo Seller you are stuck. The buyer now has to go to a portfolio lender. (Usually a local bank that will keep the loan. ) The rate to the buyer is a bit higher too. Ahhh but the best part is Mr. Hoboken Condo Buyer may not find out that Big Bank is not approving the loan until after a host of fees have been paid and the buyer is now scrambling.
Did I mention that buyers like things clean and neat. The buyer thinks well if Big Bank won't lend, there must be something wrong with the real estate..... It's fun too find out.