condominiums: Pleasant Hills Condos APPROVED in One Month…and Four Years - 05/19/14 12:26 PM
Pleasant Hills Condos APPROVED in One Month…and Four Years
This week, Pleasant Hills Condominiums in South Windsor, CT, was approved with FHA to become the tenth condominium (out of 32) to be approved in the town.
And it only took one month…and four years.  Let me explain...
Just over four years ago, I attended a Board meeting for Pleasant Hills to discuss getting their approval with FHA.  I was met with staunch adversity from one of the Board members.  The next day, the property manager notified me that the Board did not vote to hire me.
However, about a month later, … (8 comments)

condominiums: Are You a First-Time Homebuyer? How About a Condo? - 03/04/14 12:13 AM
Are You a First-Time Homebuyer?  How About a Condo?
If you haven’t considered a condominium unit as a potential prospect for a home, read on to find out if condo ownership may be a great choice for you.
There are benefits and drawbacks to ownership in a common interest community, like a condominium.  You can still build equity like a single-family home but without a lot of the work and headaches.  You don’t have to worry about exterior maintenance and you can have an opportunity to be social in a new community.
Fewer Maintenance Fees
One of the benefits to living … (4 comments)

condominiums: Fannie Mae Revises Policy of 6-Month Condo Priority Lien - 03/02/14 08:53 PM
Fannie Mae Revises Policy of 6-Month Condo Priority Lien
On January 14, 2014, Fannie Mae had announced that the maximum priority lien held by condominiums and planned communities (PUDs) may be no more than 6 months.  More recently, however, it revised this policy to allow states who had enacted legislation allowing a greater priority than 6 months to be “grandfathered in” if the legislation preceded Fannie’s announcement on January 14, 2014.
That was a mouthful, wasn’t it?  Let me break it down…
What is a “priority lien”?
A unique feature of condominiums and planned communities is that the homeowner’s association (HOA) … (30 comments)

condominiums: What is the Difference Between a Condominium and a Townhouse? - 02/17/14 04:05 AM
What is the Difference Between a Condominium and a Townhouse?
I can answer this in one sentence: a condominium is declared a condominium.
Yes, it is really that simple but I have read several articles on this topic and all missed this very important aspect.  They have talked about building plans, owning the adjacent plot of land and homeowner’s associations but the bottom line is that in order for something to be called a condominium, it must be declared one.
Common Interest Communities
Common interest ownership means that the units have unit boundaries which the unit owners own exclusively and everything else (open … (11 comments)