Zillow Advice: Home Buying - Will banks accept financed offers on $50k condos? (Instead of cash offers?)

Honestly, the banks are interested ...

Thu, 04 Jun 2009 17:12:00 GMT

Honestly, the banks are interested in cash only deals right now. You'll be hard pushed to find anyone who will lend on these REO deals. All of my deals have been cash and I've had no luck finding financing for anyone. Once in a while the bank will finance it themselves and if you'd like to try that let me know.

The banks are very fussy ...

Tue, 26 May 2009 23:05:00 GMT

The banks are very fussy when it comes to condos...the bank want no more than 15% of unit owners owing condo fees and want at least 70% of units owned...therefore, it must be a healthy condo complex to even get financing...if this complex has many short sales and foreclosures, your bank may not want to finance....this is very tricky!!

Orlandoz,Banks don't care ...

Thu, 21 May 2009 22:32:00 GMT

Orlandoz,

Banks don't care where the money comes from if your lender will loan on these condo's.

They are cash because FHA requirements of investor to owner/occupant and HOA problems.

The Title Company where the closing takes place checks out the HOA for non payment and future assessments, Title for liens etc... for you.

I can send you all condos in the area you are interested in direct to your email with all details like taxes, HOA fees, pictures and more.

Broker Dave, Orlando