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Why Are The Pecan Square Condos In Addison So Difficult To Sell?
Even in a great sellers market, condos can be a challenge. It's easier when there are cash buyers, but anyone requiring financing can be met with seemingly insurmountable obstacles.
Is the condominium complex on the FHA Approved List? If not, sellers can eliminate a huge number of potential buyers: those who are qualified for an FHA loan.
For those buyers who are pre-approved for a conventional loan, the lender will obtain enough information to complete a "condo questionnaire" to determine if the complex is warrantable.  Examples of what they're looking for include whether there are enough cash reserves, if any one person or entity owns more than 10% of the units, and if the ratio of owner-occupied vs investment properties is acceptable. In some instances, if the anwers are not acceptable, a waiver can still be obtained. 
In the event the condo complex is non-warrantable, the pool of potential eligible buyers is even smaller. Very few lenders will lend on non-warrantable condos. Those who do require at least 20% down, and in some cases, even more.
When condos are non-warrantable, the loans will not be purchased in the secondary market. That means that Fannie Mae and Freddie Mac won't buy the loans. Lenders who loan ... more

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