Sandy's Blog

Today one of the lenders who had originally called a condo complex a "condotel" decided to reconsider and the purchase is due to close within a week.  Thank heaven for common sense. 

Every Realtor helping condo buyers in a beach area where short-term rentals are allowed may encounter a last minute problem with the underwriters if a mortgage is involved.  Also with new Fannie Mae requirements condos anywhere in the country could have things pop-up that are unexpected.  In the past we would give our clients names of local lenders and it was up to the buyer to work out the details of getting their mortgage in place for closing.  Now it is still the buyers responsibility to obtain their mortgage but to avoid a lot of problems a buyer needs their own Realtor more then ever.