Skip to main content

"New Condo Questionnaire standards for conventional will require 25% down"

Hi everyone, I live in Florida and have been in the market to buy a condo for some time. Recently found one I really like and actually put an offer in on Thursday morning. Offered them all of the money they were looking for since it's the best in terms of value that I've seen. It was for a conventional loan by the way with around 15% down.

On the confidential information page, the sellers agent lists "I do not believe this would approve for FHA Financing due to windows leaking, new condo questionnaire standards for conventional will require 25% down."

I asked my agent what this is and should I even offer if I can't do 25%. He basically brushed it off and said my credit is good enough that it doesn't matter and a bank would basically beg me to take money from them. With that said, I put in the offer and waited. Thursday night my agent texts me saying that him and the lender he works with are trying to figure out what this 25% thing means since it is "new and people are trying to figure it out." I told him to please keep me posted since my offer expires Friday morning at 10 and I'd like to know if they accept or counter.

Flash forward to Friday morning and crickets. The property is still listed on the market without a pending offer. My agent is not being straightforward with me on this because I don't think he knows what the hell he's doing tbh. I tried googling what it could mean but can't find anything.

Lol I guess my question is, does anyone have an idea what this condo questionnaire standards might mean? Maybe I should add that the place is currently a rental, but I'd be using it as a primary residence.

Thank you.

submitted by /u/PutThatThingInSport
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/sfikfb/new_condo_questionnaire_standards_for/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more