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The chart represents the statistics for Brevard County FL Residential Real Estate Sales including single family, condos and townhouses.
The types of financing used:
I find it interesting that over 50% of the sales were cash purchases. However, in reviewing the numbers, out of 98 condominium and townhouse sales in June 2012, 70 of those were cash purchases. Now, that's not surprising.
Lenders are still steering away from financing condos and townhomes. Due to a higher than average number of foreclosures and short sales in our market, this affects condo complexes. Typically when an owner is behind on their mortage payment, they stop paying their monthly or quarterly association fees, also.
Lenders will not finance a condo in a complex where over 15%-18% of the units are delinquent in their association fees. The lenders need to know that the association is financially sound, with enough on reserves to handle maintenance and repairs in the complex. If too many owners default, and the complex needs a roof, if there is not enough money in reserve, then the association will not have the necessary funds to have that roof put on.
Lenders also like to look at the percentage of investors to owner occupants in a complex. If the number of investors is too high, that's a red flag for a lender. If an investor gets into financial trouble and cannot make his mortgage payments, which do you think he'll stop paying first, his primary residence or his investment property? It's likely he'll stop paying on his investment property. And, in a lender's eyes, a complex full of tenants or units that are unoccupied (because they are second homes) can be more risky than a complex full of owner occupants.
Often the thought is that homeowners may take better care of their properties than tenants do. And, absentee owners aren't around to keep an eye on their property.
Today, condo units in many local condo complexes can be very risky to lend money on, thus the good deals are being scooped up by cash buyers.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.