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mortgage denied for townhouse/condo

Hi, I am trying to buy a townhouse. The complex apparent was built on ground that had factories earlier. The condo questionnaire had a question where it asked if there are any adverse environmental issues. The answer was that there is ongoing air water quality testing. We dont' know what the issues are. This apparently triggered mortgage denial for the condo from 5 different lenders. I am going with someone else who said can approve the mortgage. Now my question is, is it worth it to buy the place? Should I be concerned that mortgage was denied. There are around 300 units and all are sold. There are 6 resales in last 6 months.
  • May 03 2012 - Staten Island
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Answers (2)

Lenders are being very careful about approving mortgages.  Personally I would be concerned about the adverse enviromental issues and I would want them resolved.  If an enviromental issue cannot be resolved, this can have a huge effect on the property value.  I can understand why some lenders would have concern with this investment.
  • May 22 2012
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I don't know all the circumstances but I would be concerned if there was any adverse facts.
  • May 18 2012
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