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Condo Blues, No HOA Dues,Hoa Cert makes My lender Bizurk! Live Work? Might as well finance a YURT!!
Santa Rosa, California condo blues are driving me nutz! We have Bank Owned REO's (Real Estate owned), post foreclosure, CONDOS. However here's the great connumdrum! Can't get an HOA (Home Owners Association) Cert (Certification) for any number of reasons! The HOA is woefully underfunded, late HOA dues, owners have gone, tenants in place throw our ratios out of whack PLUS a few big investors have come in and purchase 10,20,30 of the units hence breaking the "one entity can't own more than______many condos"!! (fill in the blanks for your state!
  It's like getting one of my Sonoma County lenders to  finance a YURT!! So we are stuck with CASH!! BUT--along comes a Fannie Mae REO and PRANG! They offer the "Homepath" loan which ONLY applies IF THE PROPERTY IS a fannie mae REO!! Many a agent lists in a complex like "Courtside Village" in the SW area os Santa Rosa, see's the Homepath Loan, and mistakenly thinks because THEY have a condo for sale this loan is available! NOPE. The problem is when you run the comps you'll find 4 units with super high prices and an REO selling for cash $10,000 to $30,000 LESS because of the total LACK ... more

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