Fannie Mae Special Approval Designation – Updated
March 1, 2010 by Lucas Lechuga
For Real Estate
Related Needs And Inquiries
please complete the form below
oh, first to comment. Should I be a realtor and say prices are going up and buy now, or should I be like Renter Tom and say I am waiting for the bottom. No need to feed the war, it is just cool that more buildings are getting approval for conventional loans…that helps everybody.
Just a reminder that Fannie approval doesn’t mean much, if the HOA deadbeat and rental ratios are high.
Not true Enzo. That’s the exact purpose of the special designation. The following is from the Fannie Mae website:
Q: What types of eligibility items does Fannie Mae consider waiving for a Special Approval designation?
A: The decision to waive one or more of our standard eligibility requirements is based on a project-by-project review and the overall physical, functional and financial condition of the project. Examples of eligibility issues we may consider waiving include, but are not limited to: pending litigation, excessive HOA fee delinquencies, and investor concentration.
That’s why some of the most problematic condo developments in Miami have been granted the special designation.
Deja vu? Seriously, South Beach Violence has gotten out of control.
Lucas – Do you have any info on what was required to be waived for each building? That might be helpful for some people considering buying in these buildings. The special approval designation is helpful for each building to move into a healthier financial picture, but simply dropping the purchase prices would be far superior instead of just allowing people to take on debt which is what a mortgage is. It is still a finance game.
Guys,
My bank of america processor/agent/underswriter that handled my condo loan told me that if the condo is Fannie Mae approved (along with my 20% down, high credit score, low debt ratio and good aprrsail) then that is all they need concerning the building to approve the loan. Bank of america never asked for any HOA past due or that type of information from the building. This is what he told me sept 2008 and this guy has a very smart,
I would suggest if anyone who really wants to buy a Fannie Mae approved condo get a deal worked out with seller for the condo, present the sale contract your bank/lender and along with all you info and see if they ask for HOA past due or that type of information for the building.
Worst case if you or the buiilding doesn’t qauility you have you sales contract created in such a way that you get your deposit (or earnest money) if you don’t qauilty.
I find in life you have to try, all they can say is no. I would be afaird of financing until you try.
Lucas,
If the building has more than 15% HOA delinquencies and more than 30% of units are rentals, it will be difficult to get a mortgage. Sure, the broker may even close the eye, but it’s up to the appraiser to check ratios. If the appraiser doesn’t ask the building for delinquency and rental ratios, you can get the loan. That rarely happens, though, because crooked appraiser aren’t that predominantly anymore.
Please, by all means, go ahead and try to get a mortgage in a building with those high ratios. I talk to brokers all the time. Don’t believe me, try yourself.
You know what, I’m not going to bring reality to the blog anymore, since everyone wants rainbows and unicorns. You prospective buyers go out there and find out for yourselves. I’ll continue to read it but won’t be participating to prepare buyers for reality. Plus, what do I know since I just talk to brokers, developers, and Realtors in a weekly basis. It’ll be better for this blog’s groupthink
Drew — That story lacks a lot of detail, but a commenter at the Herald site says the guy was shot inside a club. Know anything more about it?
Joe – No, I don’t have any details. But it is amusing that the police releaseed a statement that the shooting had nothing to do with the South Beach Wine & Food Fest. Hmmm, no shit.
But I think there is a tendency for local media to play down all this Miami Beach crime in fear of pissing off the City of Miami Beach and the tourism industry players, hence the sketchy details and the late release of the story. I don’t know what’s worse: trigger-happy scumbag corrupt Miami Beach cops or all the criminals wandering the streets at 3am.*
*The above statements are not intended as nor shall be construed as cyberbullying.
When will you ever learn The Ace asks rhetorically.
The question is not whether property values will raise or fall over the next two years but how much they will fall. Every consensus which now includes the NAR belatedly and the most highly respected “The Ace” as well as the Case Schiller Index and predicts that housing prices including Condos in Miami will drop a minimum of 30% in 2010.
How much they will drop in 2011 is still being anyalised by The Ace amoung others and therefore too early to call. This is not open to debate as it is a foregone conclusion so The Ace now askes and not retorically, $125.00 per square foot are we their yet?
The Ace, fair, balanced and unafraid for over six years.
The Ace – maybe you should take a page from Enzo’s book and shut the hell up you troll.
Yes, Ace, we’re there already…
Model City is selling at $125/sq ft and is poised for 500 years of 3% annual appreciation.
Since I can’t improve on 900Fan’s wise message, I’ll just join it. “Shut the hell up troll” sounds about right to me…
I know it is possible to get refinancing on a Miami Condo. I was able to refinance my Condo in Brickell Key at 5% interest for 30 year fixed loan (Loan amount was above $500K). The building I live in has over 15% of the units are HOA delinquent and over 36% are rented out. I should say like similar posters I have very high credit, no other debt, high net worth and make a very good living and finally the loan to value is below 75%.
Ace,
“Every consensus which now includes the NAR belatedly and the most highly respected “The Ace” as well as the Case Schiller Index and predicts that housing prices including Condos in Miami will drop a minimum of 30% in 2010.”
Where did the NAR or the Case/Schiller index predict condo’s will drop 30% in Miami? An index doesn’t predict future prices people use the information present in the index to make predictions.
Could you also qualify your $125 per square foot prediction since we’re nowhere near $125 per square foot. Are you talking about the average or off all condos are does your prediction that high end ocean view condos will sell for $125 per square foot still stand. I’d like to know because I’m looking at a few 14oo square foot ocean view condos so I’m waiting until your prediction comes true and they sell for $175k.
Average price per square foot of Miami-Dade condos:
Jan ’09 $219
Feb ’09 $188
Mar ’09 $193
Apr ’09 $176
May ’09 $197
Jun ’09 $199
Jul ’09 $189
Aug ’09 $189
Sep ’09 $190
Oct ’09 $192
Nov ’09 $188
Dec ’09 $206
How much longer is it going to take for these prices to drop 40%??
Renter Tom,
“The special approval designation is helpful for each building to move into a healthier financial picture, but simply dropping the purchase prices would be far superior instead of just allowing people to take on debt which is what a mortgage is. It is still a finance game.”
I disagree that dropping the price would be superior to allowing people to take on mortgages. I think this is where your desires are clouding your judgment. The majority of people have mortgages on the home they live in. Why drop the price to make the property more attractive to investors when the goal is to fill the units with home buyers. There is the issue of affordability and accessibility. While in some cases affordability may be the issue but as prices have already dropped ~40% the main issue at most buildings is now accessibility. If I can afford a $300k condo with 20% down but I can’t get a mortgage, what does dropping the price another $20 or $30k do? I still only have $60k cash. So unless you drop the price to $60k I’m going to need financing.
Dropping the price another 10% – 30% without allowing most people to get mortgages only makes the building more attract to investors which in return makes it even less likely for someone else to get a mortgage or want to live there.
Now if the building is unaffordable to most people even with financing they obviously the building needs to come down in price. But with sales starting to hit a point where the margin between renting and borrowing is pretty slim I don’t see affordability as the main issue.
So right now there is a catch 22. Financing is restricted at places that have a high percentage of rentals and HOA delinquencies but the percentage of rentals and HOA delinquencies cannot be reduced until financing restrictions are lifted allowing people to buy units. The Fannie Mae Special Approval Designation is designed specifically to address the catch 22. They are still looking at the overall financial condition of the building and simply try to decide which ones could be stable with more buyers.
Gixxer 1000 – You mean lower prices are not good for end users? Lower prices would restore the balance in these buildings that would attract end users especially if there are restrictions in place regarding leases to curtail investors/rental units. Right now, IT IS a finance game…artificially low interest rates in order to sustain high prices. People finance because the price is too high to be able buying without it (in other words, perhaps they can not really afford it), if you lowered the prices significantly then more people could afford to buy without having to resort to borrowing money….over 30 YEARS!. I think you have failed to question the price/finance paradigm that has been ingrained into American thinking. If real estate prices dropped say 25% tomorrow, the crisis would be over…but we continue to try and put a floor on housing prices.
Renter Tom – I don’t think that you are considering that if house prices actually did drop 25% in a day then the banking system would fail and the unemployment rate would sky-rocket and a depression and deflation would ensue. The whole “Recovery” plan (love it or hate it) was to stop the bleeding and not have the utter wealth destruction that occurred 75 yrs ago. The system is what it is; and, it’s leveraged and has been for quite some time. Borrowed money is required in all circumstances to keep this game going. I do agree that if prices were to slowly fall then your argument has some merits.
RT,
You’re missing my point.
“If real estate prices dropped say 25% tomorrow, the crisis would be over…”
Not for these condos. Even if you drop prices 25% people are still going to need financing. I’m sorry but no one is walking around with $200k+ in their pocket to purchase a condo to live in.
And again I’m talking about people who can afford these payments. Let’s say my household income is 110k and I have 60k for a down payment. I can easily afford a $2500 monthly payment. A $300k condo with $60 down would give me a payment less than $2500 with HOA and taxes. But I can’t get financing because the of the percentage of rentals and HOA delinquencies. What does dropping the price from $300k to $225k (25%) do for me?? Now my $60k deposit is 27% instead of 20% but that doesn’t do me any good because I still cant get financing.
I agree that there are some buildings that still need to come down in price. But that is a different subject from regular people who can afford and want to but but just cant get financed because of the current state of these condos. No one is talking about giving people who can’t afford a condo a mortgage to create a false floor.
Gixxer 1000 – But that is what the U.S. Govt is doing by requiring so little down…heck even giving tax credits that can be used as part of the down payment. While private business has stopped the real estate bubble music, the U.S. Govt continues to play on… Also, my comment on 25% drop was for an average drop…some more, some less.
Glad Smart Money Magazine is now agreeing with me…a few months late, but….
smartmoney.com/personal-finance/real-estate/short-sales-to-the-rescue
“It’s Looking Like the Year of the Short Sale”
Personally I don’t think we are that close on rent vs buy, but getting there.
@Gixxer, a good example of a $300K condo, paying about $1300/month for the loan, $500/month in property taxes, and ~$400/month for HOA = $2200/month.
Using this example, it seems realistic to pay about $1500/month in rent, that is a big difference between the $2200/month.
Also using this example, a 25% price drop won’t make a big difference (about $200/month in lower mortgage + taxes = ~$2000/month), but I would expect a 25% price drop in some of the obviously overpriced buildings to be beneficial to sales. Most building still have a large inventory of units priced well above $350K and could use some form of reset to make them more affordable. Regardless of what people say about the stability of Miami’s economy we are still seeing a disproportionate amount of foreclosures compared to other major cities in the US.
RT,
You seem to be talking in circles. What does this have to do with approving mortgages in condos with high percentages of rentals and HOA delinquencies???
And how does more short sale approvals prove your point about how wrong it is that the government is propping up home prices?? The whole reason the government wants to speed up the short sale process is to continue to prop up prices. If more short sales were approved in ’09 we would have had more sales at current prices reducing inventory and the chance that prices will go lower.
http://www.miamicondolifestyle.com/blog/archives/629/
Scroll down and look at the pended sales vs. closed sales. Streamlining the short sale process is not going to drastically reduce pricing.
Gixxer 1000 – You read too much into my post. The article was separate to the topic at hand. For months and months I have said this would be the year of the short sale and also banks getting rid of REO’s, that was the point. My point was simple, if home prices — OVERALL — dropped significantly, then buyers would swoop in and bring balance back into the market. Since you read the achieves, then you should also note that I advocated keeping mortgage rates down and allowing people to refi into low fixed rates as the only real fix to prevent a grave over correction….but that really was all the fed govt should do….instead the fed govt continued to meddle and it has gone on long enough, is silly regarding the credits, and is interfering with getting to a healthy market in many areas.
Elvis,
“@Gixxer, a good example of a $300K condo, paying about $1300/month for the loan, $500/month in property taxes, and ~$400/month for HOA = $2200/month.
Using this example, it seems realistic to pay about $1500/month in rent, that is a big difference between the $2200/month.”
The problem with you argument is that most units that cost $300k don’t rent for $1500.
Units in my building (Met 1) that sell for about $500K rent for $2K/month.
I would be interested to know what a $300K condo gets in rent. I know that $1M condos (900 Biscayne 06 line) rent for about $4K/month. That is about $1K/rent for every $250K in purchase price. I know smaller units yield better, but I am not finding many examples to show better than $1K/rent for $200K/purchase price (which is $1500/month on $300K condo).
Elvis,
you said,
Personally I don’t think we are that close on rent vs buy, but getting there.
@Gixxer, a good example of a $300K condo, paying about $1300/month for the loan, $500/month in property taxes, and ~$400/month for HOA = $2200/month.
Using this example, it seems realistic to pay about $1500/month in rent, that is a big difference between the $2200/month.
—> I know that there are 2 large units in Infinity that sold recently in the 305-310k range. These are 2bed 2.5 baths with 1530 square feet. I know these larger size units at Infinity are renting for $2300 to $2400 per month.
—> For these larger size units the HOA fees would be more then $400, more like $600 and taxes maybe be more like $500, but when you add up the cost of owning the unit it would cost around $23400-2500 per month, and it you rented it around $2300, that is pretty close to breaking even, and if you add the tax write offs that you generally have on rental properties, (for the cost of maintaining the unit, etc) you would break even, as long as you keep it rented.
—>I am seeing this happening more and more – another example is my own condo that I bought as my perm home in Infinity on the 50-51 floors with a direct east water view and city view. I can rent it for the same amount as if costs me per month to own it. Cause the same unit 2 floors below is renting (unfinshed) for the same per month as I am paying per month to own mine. Also if I ever had to rent mine I would include the furntire, so I would get another $50-$100 or so per month more then the owner below me is getting, so I would actually make a few dollars a month on it.
—-> My point is that the prices have came down enough that there are condos that you can buy (with your 20% down) today that you can rent out for close to or the same as what you are paying for the condo monthly to own it. You just need to to do a lot of homework on the various buildings before you buy.
—->reseaching is pretty simple since sites like condoreports.com tells you the prices that the condos sold for recently and other sites like http://www.miamicondolifestyle.com that tell you want the condo actaully rented for.
900 Fan*
I was wondering what your observation is of, in particular your building, regarding the mix of renters in your building and if it detracts in any way from the building. Any problems with renters being loud, having wild parties, doubling up with in a one bedroom with 3 roomates etc. ?
thanks @owneratinfinity. Maybe we are starting to get to the breakeven point for some buildings and the examples I was looking at are the ones that need a bit more price adjustment. Good to know we are leveling off.
Elvis,
“Units in my building (Met 1) that sell for about $500K rent for $2K/month.”
You might want to recheck the value of units in your building. One bedrooms have been renting at at about $1300 and two bedrooms at $2000. Average one bedroom’s have been selling for $181k and average 2 bedrooms have been selling for $273k.
Charles said, “I know it is possible to get refinancing on a Miami Condo. I was able to refinance my Condo in Brickell Key at 5% interest for 30 year fixed loan”
Sure, REFINANCE, might be easier. We aren’t talking about REFINANCE here, are we?
Elvis, Gixxer, et. al.
On the topic of rental prices vs. sales prices…comparable units to mine in my building rent for about $2,200 to $2,500/month. I’m pretty confident I could get a slight premium if I wanted to rent mine due to it being four floors down fron the top, with the most desirable view, and expensive finishes.
I paid $361,000 for my unit, and my carrying costs are about $1,100 per month (taxes and maintenance only – since I paid cash). You can run the various calculations if I had taken out a mortgage on varying amounts, but if I had it seems the rent vs. buy price is pretty similar.
Enzo,
I was pointing out you can get financing on a miami condos but that the standards are much higher than in other parts of the country. I know my bank requires on Miami Condo Mortgage (financing or refinancing) the following for 30 year fixed mortgage with interest rate around 5%;
High Credit Score (above 750),
Down payment of at least 25% of the purchase price,
Debt to income equal or less than 2,
Main residence
Again this is for Jumbo Loans (loans above $417K). I am guessing the reason you seem so frustrated is that you do not meet all of these criterias.
Enzo
You said,
Charles said, “I know it is possible to get refinancing on a Miami Condo. I was able to refinance my Condo in Brickell Key at 5% interest for 30 year fixed loan”
Sure, REFINANCE, might be easier. We aren’t talking about REFINANCE here, are we?
—> I had same easy time as Charles did when it came me financing my new condo I bought 3-4 months ago from the DYL group the developer at Fannie Mae approved Infinity at Brickell building.
—-> I got a loan with bank of america. I put down 20% and got a 5.00% fixed rate mortgage 30 years. The bank of america appriaser apprasied my condo for 9K more then I paid for it.
—-> Also like charles, I had a high income, in my case zero debit, low expenses and excellect a+ credit. Bank of America loved me and approved me right away.
—-> So as you can now see my condo deal was a for new purchase of a new condo directly from the developer not a refi of an existing condo and I got the same good deal as charles did
—-> Futhermore, I have meant other peolpe in my building that bought units in my building with loans from Bank of america and other large banks and got the same good deal on their new purchase.
—-> the bottom line is that peolpe can get financing for new purchases and refis for condos in miami, the peolpe just have to have good credit, etc like charles and I have.
Kramer, I don’t live in 900 biscayne. I am just a fan of the building. It offers everything you would probably need in a building and of a higher quality than most with incredible direct east views from east facing units. However if it was in fact a case of 3 people permanently residing in a one bedroom then it is up to the neighbors to complain to the management. Legally as per condo docs you would only be able to have 2 permanent residents in a one bedroom, 4 permanent residents in a two bedroom, etc. While rentals may be high I don’t believe it is as high as many would think.
Ok 900 Fan…. Thanks – I thought i read previous posts from u that mentioned u rented there. My mistake. Ok. Anyone else? In general for those living anywhere downtown – Are renters an issue? Any anecdotal info you can provide. Someone mentioned here in a previous post that Marina Blue had isuues with renters trashing the place. Comments…….
owneratinfinity said, “the bottom line is that peolpe can get financing for new purchases and refis for condos in miami, the peolpe just have to have good credit, etc like charles and I have.”
Like I said, people should go ahead and try to find out. I say isn’t that easy, you say it’s. Folks should find out on their own, if it’s easy to get a mortgage for buildings that have over 15% HOA delinquencies and over 30% rental ratios. Don’t believe me, go ahead and try for yourselves.
One more thing, owneratinfinity, even though you said that units at your building were sold pre-construction, you should also inform that previous buyers have 20 days to block purchases of new buyers. For example, if you try to buy an unit at Infinity now and go through all the paperwork, finance, and mile long contract, and counter offers, etc, etc, etc…after all that time spent, which might take a couple of months, the buyers who bought pre-construction first, and haven’t show up yet for some reason or another, still have 20 days to contest your offer. That means you’ll have to wait another 20 days on top of everything else, to see if previous buyers allow you to purchase that unit. If they do, those 2 months you put on it were wasted.
Hey, don’t believe me, go ahead and try the rainbow and unicorns being sold here. Don’t you find strange that people who bought units already have to be here daily pumping the market and their buildings? Why is that?
“Don’t you find strange that people who bought units already have to be here daily pumping the market and their buildings? Why is that?”
-Maybe they’re happy about their new condos and want to gloat a little a spread the word on their building, which if they bought in, they obviously like.
Regarding the HOA delinquency and owner-occupied threshholds, the appraiser is not responsible for supplying those figures as Enzo #7 claimed. Nor does the lender ask the buyer to supply those figures as owneratinfinity #6 claimed. Lenders (via their counsel or title agent) request that info from the condo board in the form of a “condo questionnaire” that asks for specific occupancy and financial info for the association.
In my experience, there is rampant fraud in the representations made by the condo board officers on these documents as they are trying to get buyers approved so they can move in the condo. The board officer knows that answering in a certain way can result in an automatic denial so they play with the #’s and fraudulently represent the health of the building and association. If the condo meets the HOA delinquency/occupancy standards, the bank will approve.
So if you’re buying a condo in an unhealthy building make sure the condo board prez or VP is willing to lie to the bank in order to get your loan approved.
I would love to know the delinquency and owner/renter ratio at Marina Blue. Btw – Hi DJ – Do you know the situation in your building? Also wondering if you have had any problems with the 79 street bridge yet. i know a couple of years ago it was getting stuck in the raised position and stranding cars there for an hour or more.
“So if you’re buying a condo in an unhealthy building make sure the condo board prez or VP is willing to lie to the bank in order to get your loan approved.”
We’re in Miami, OF COURSE they will lie for you, why would you think otherwise… silly rabbit.
what is the monthly depreciation on a 250K condo?
Kramer,
There was a board meeting the other day and the developer covered a few stats. There are 164 total units in the building, and of those, he has 13 left to sell that are empty. He personally rents out approximately 40 units. Other than that I don’t know the exact figure on how many units are rented by owners, but I don’t believe it’s very high.
Another thing that I’ve found reasuring is that there is no problem with delinquecies in my building. Actually, that’s related to the topic of the most recent board meeting…..it was to approve a new rule to the condo docs, whereby if a unit owner is renting their unit, the lease would need to be approved by the board and include an addendum whereby maintenance will be taken directly out of the rent payments if the owner falls delinquent in HOA dues. Obviously this rule was passed unaninously. All in all, the building is run surprising well, and that’s my honest opinion, and not just because I live/own there.
No problems with the bridge on 79th street yet, other than when it’s up ocassionally to let boats pass, but that’s really only happnened about two or three times since I moved in. Of course Murphy’s Law kicked in, and everytime the bridge has been up was when I was rushing home to use the bathroom or something, lol.
Just an observation. It seems that the buildings in Brickell – Downtown – Park West/Pace – that went up last ironically may end being the healthiest of the bunch. For example One Miami was the first up – and seems to have an inordinate or un- healthy delinquency and owner/renter ratios as prices came down. I am guessing now that Icon – as an example of the last building to go up may end up more healthy because of this. As Icon fills up over the next year or two with buyers who are purchasing at reduced prices there will be less delinquencies – aren’t these owners much more stable financially and less likely to BK or short sale their unit and thus the HOA is in much better shape than the first buildings up like One Miami who had to and still do Flush out the weak buyers (financially speaking). I suppose even owneratinfinity can make this claim and will apply to Paramount near Pace Park when ever they start selling units at discounted prices. Comments……..
Drew, 100% correct. I have seen condo associations cook the books on the number of rental/empty units when asked by banks because they need to get those units sold. Do you really think the banks are going investigate to verify those numbers given by the condo assoc?
Enzo,
Not sure how I am pumping my building since I did not give the name of my building. I was pointing out you can get financing (since you kept insisting you could not) but the criteria is much different now – no more free credit – you actually have to have skin in the game (20% or higher down payment), excellent credit and a well paying job. For my work I spend a considerable amount of time outside the USA and enjoy my time when I am in Miami. I could live anywhere but I have chosen Miami because I enjoy the atmosphere. Another consideration is that Florida does not have a state income tax. I am living well within my means. I am guessing you do not have the means. Reading some of the posts on this website I am guessing you are not alone.
gee, I was hoping someone would have posted a response to my question re: post #42.
since we have so many people here doing rent/buy calculations.
Enzo, :
you siad,
One more thing, owneratinfinity, even though you said that units at your building were sold pre-construction, you should also inform that previous buyers have 20 days to block purchases of new buyers. For example, if you try to buy an unit at Infinity now and go through all the paperwork, finance, and mile long contract, and counter offers, etc, etc, etc…after all that time spent, which might take a couple of months, the buyers who bought pre-construction first, and haven’t show up yet for some reason or another, still have 20 days to contest your offer. That means you’ll have to wait another 20 days on top of everything else, to see if previous buyers allow you to purchase that unit. If they do, those 2 months you put on it were wasted
—>I am not sure excating what you are saying here but here is what happened …My unit was sold pre-construction to some one esle for a lot more money, before the developer could sell it to me he had to send a letter to the orginal pre-construction buyer and letter told that orginal buyer that he had 20 days to close. If they didn’t close in that time (which they didn’t) I become in first position to buy the condo (which then I bought it). I just had to wait the 20 days before I close, if was no big deal.
Hey, don’t believe me, go ahead and try the rainbow and unicorns being sold here. Don’t you find strange that people who bought units already have to be here daily pumping the market and their buildings? Why is that?
—>I have be very honest and patanice explaning myself ,mmy knowlegde about my financing and my building and condo. I am just one end user guy who bought a condo in a building that not many peolpe seem to know much about on this blog, therefore I thought it would be very good and very nice of me and very helpfull to others to explained what I learned from buying my place in infinity. I wish someone on this blog who actually bought a unit in the building as an end user like myself would of explained all this information about the infimity building and their condo financing before I bought mine. I would of helped me alot – This my shock you, but I am helpfull person (that is the why I have always been) who happens to have alot of time his hands, who has helpfully information that can help others in the same position – I know you will not believe this, but hidden agenda in explaining what I know about infinity there is nothing I want from anyone.
—-> PS I have already helped someone last week via this blog. The man was a pre-contruction buyer and he was buying the excat unit as mine. So I showed him my unit since my unit all finished floors etc and I spent some time and money to decorate it. Seeing my unit completed is helping me to decide if he wants to continue with his deal and buy the unit or cancel the deal and lose his deposit. So deal with the fact that there are still good peolpe in world.
DJ:
Your said,
-Maybe they’re happy about their new condos and want to gloat a little a spread the word on their building, which if they bought in, they obviously like.
—> thank you for understanding my honest intensions – The building is Ok, is alot like all the other new brickell middle of road buildingsl. That I like is the fact that my unit was the best value for the money of all the condos I reseached in miami and miami beach. The unit and deal I got is what I care about most, the building is secoudary
Drew,
You said,
Nor does the lender ask the buyer to supply those figures as owneratinfinity #6 claimed. Lenders (via their counsel or title agent) request that info from the condo board in the form of a “condo questionnaire” that asks for specific occupancy and financial info for the association.
—> actually I think you are right on this – the title agent who was closing all the units infinity could of all ready had a qeastionaire for the infiniity condo, however my bank of ameria processor/understand acted like a condo questionare was needed since the building was Fammie Mae approved. But who knows he and the title agent sent stuff to each other so maybe he did need it adn he got it from her. But I still think peolpe should at try to get finnaicing before they assume it not possible due to the buildings issues.
Kramer,
Just an observation. It seems that the buildings in Brickell – Downtown – Park West/Pace – that went up last ironically may end being the healthiest of the bunch.
—> you are a smart man! that is excatly what I tell everyone – my building is one of the last buildings completed in Brickell so odds are that condos in the building will sell for less then other newer building condos that closed 1-2years ago (example my buddy bought at Q on the Bay in Mid town in 8/08- his view is not as good, and his floor is lower then mine, however he paid $295 per sf and I paid $220. And he was NOT a pre-construction buyer)
—-> I would think these latest to be sold building like mind all have a lot less short sale/repos in the future, so therefore more poelpe will be paying their mainteance fees and taxes
—-> plus peolpe who are buying today (like myself) know what they are getting themselfs into – they know they need to keep the condo for 5 plus years before they are sell it –
Charles,
your to Enzo,
Not sure how I am pumping my building since I did not give the name of my building. I was pointing out you can get financing (since you kept insisting you could not) but the criteria is much different now – no more free credit – you actually have to have skin in the game (20% or higher down payment), excellent credit and a well paying job. For my work I spend a considerable amount of time outside the USA and enjoy my time when I am in Miami. I could live anywhere but I have chosen Miami because I enjoy the atmosphere. Another consideration is that Florida does not have a state income tax. I am living well within my means. I am guessing you do not have the means. Reading some of the posts on this website I am guessing you are not alone.
—-> I like miami and florida for the same reasons. I think Enzo was addressing his comment to him.