Profile picture for Orlandoz

Need a loan for an Short Sale condo

I've been approved for both FHA&conventional loans, however, the condo I want to buy has a pending lawsuit against the builder so my mortgage broker says that there are no lenders who will lend on a condo with a pending lawsuit. I've done research which states otherwise.

I need someone who is familiar with short sales or REO properties. I have great credit and have enough money for up to 20-30% down.
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June 09 2009 - Orlando
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Answers (5)

Profile picture for Orlandoz
Oops, I meant to say the developer is being sued - not the builder. So it's an older complex which had been converted to a condo, and the HOA is suing the developer for repairs which should have been made. Otherwise, the questionnaire came back clean.

Not that that information would change your opinion =)

Why then are the units showing up on Zillow? Don't realtors know that the units won't get financed or shouldn't that type of info be disclosed before the potential buyer and lender submit the questionnaire?
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June 09 2009
Most condo associations are not involved in a lawsuit.  I have been doing loans for more than 16 years and never had a condo in a lawsuit!

Having said that...these times are a different times than anything I have seen 1st hand.  It is reminding me of the crash in the 80's and I personally think condos are going to be in as bad, if not worse, shape than they were back then.

Financing a Condo is harder than it has been my entire time in the business and I think it will be getting harder.

Think about it...You are buying a condominium that is sueing the builder for repairs.  That tells me that the condo needs repairs and it's a new condo...Not really a good thing.  How much will it cost to repair the condo and how will the repairs impact the marketability of the condo.
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June 09 2009
Profile picture for Orlandoz
The HOA is suing the builder for repairs. It is a condo-conversion.

If that is the case, then how would condos ever get sold? Most condos are not FHA approved, have high investor ownership, and pending lawsuits.
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June 09 2009
The main item you will encounter on all Condo's is whether or not they are Fannie or FHA approved.  Prior to doing any financing, all lender's require what is called a condo questionaire to be filled out.  The main question asked is "is their any pending litigation".  You have indicated there will be litigation so that already bars this condo from being financed.
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June 09 2009
I find it hard to believ that any lender is going to lend on a condo with pending litigation.  What are the ramifications if the associaton looses the law suit? What is the association sueing the builder for?
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June 09 2009
 
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