Monday Morning OPEN, and Myrtle Beach Condo Sales

Real Estate Broker/Owner with Eagle Realty

Lets be honest, we all are sitting in our offices with the Live streaming cast of the final roudn of the US Open (that was delayed to today) playing in a tab on our browser.  Woods just doesnt have enough holes to make a strong comeback, but the leaders at the top (or were) are giving many people a chance to make a run at it.  (oops had to run an errand and now i am back and Mickleson takes the lead!)

Well, its just not Tigers year right now...tough million dollar life for him i guess...

I recieved an email from Frank mcGinnis at Bank of America and he suggested a couple things to look for if you are getting financing on a condo here in the myrtle or north myrtle beach area.  Whether it is an investment, 2nd home, or rental property.  Here are some things to have your Realtor at Eagle Realty look for and get info on:

 Fannie and Freddie have changed several things to react to this market.
 They are :
 1. What % of the unit in the homeowners association are rented? Most banks do not let renters exceed 25% of the total units. Bank of America goes up to 50%.
 2. What % of the unit owners are behind in their dues ? ( change effective 4/09)   15% of the owners can not be over 30 days past due on Homeowners Associations dues.
 3. Buyers are now required to get a condo owners insurance policy( HO6 policy) ( Change was effective 4/09) . This insurance would pay to refurbish the unit in the event of a fire.
 4. Is their any law suits the HOA is involved in ? This can keep you from getting a Fannie/Freddie condo approval.
 5. Does this building have a on-site rental desk on a on-premise rental desk? Most lenders all this a condo-tel now

this is some good criteria to see if getting lending on a condo is even possible.  Now the good news is if you are a cash buyer, then all this NOT relative...and you need to call us right away! :)

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