Short Sale Buyer Can't Get Financing Due To Condo Assoc. More Than 15% Units Past Due

I have a file where I successfully obtained short sale approval.  Now, the problem is with the buyer obtaining a mortgage.  The condo association has more than 15% of their units behind in dues.  Apparently, FHA guidelines have poured over into the conventional with regard to this matter.  I am attempting to contact the short sale lender, BOA, to see if they will lend.  I may not have the correct contact for such.  Does anyone have a name and number for someone at BOA that can comprehend this ordeal and offer a solution?The buyer was going to get an FHA loan, but also have 20% and willing to get a conventional loan.  This short sale is behind almost $3K and will be paid at closing.  What a shame for this to be the deal breaker and add to the halt of selling any more condos in this association, except for cash of course.

 

Thank you!

Kristy

Short Sale Coordinator

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Permalink Reply by Kimberley Kelly on September 11, 2011 at 1:13am

Condo financing:  Have a Lender in your pocket that can immediately answer your question, "Can this condo qualify for financing?"  If they are in the know, they will be able to tell you..and you can let the Buyer's know.  Hard to get condo financing in hard hit developments..although there are plenty here in Palm Springs, CA that DO qualify for loans..

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