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pattys@awnow.com
15 Posts |
 Posted - 05/19/2008 : 3:54:51 PM
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| Does anyone know of a lender that does not require an HOA cert? I don't care if it's retail, I have to get this guy financed one way or the other. Anybody??? |
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katbunk
2393 Posts |
Posted - 05/19/2008 : 4:03:07 PM
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| AS far as I know, even if they do not require a cert, they will still require the appraiser to state whether or not the H.O.A is in litigation and number of non-owner vs owner occupied. What is it you're trying to avoid? |
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pattys@awnow.com
15 Posts |
Posted - 05/19/2008 : 4:03:59 PM
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| The dreaded "L" word. |
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katbunk
2393 Posts |
Posted - 05/19/2008 : 4:06:29 PM
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| what's the litigation for? Structural? Sometimes you can still get them done. |
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pattys@awnow.com
15 Posts |
Posted - 05/19/2008 : 4:07:47 PM
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| Contractor thinks they owe him money so he is suing the HOA. |
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katbunk
2393 Posts |
Posted - 05/19/2008 : 4:09:42 PM
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| I'd try and get this through if I were you instead of giving it up to retail, you may be ok, if H.O.A has enough insurance coverage, etc., usually you'll only have a problem if it's due to damage to the units. Get a copy of the lawsuit. |
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pattys@awnow.com
15 Posts |
Posted - 05/19/2008 : 4:11:55 PM
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| About the appraisal issue, I don't see a spot for HOA litigation on the condo appraisal form. Is that just something they are required to comment on if they know about it? |
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katbunk
2393 Posts |
Posted - 05/19/2008 : 4:13:27 PM
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| yes, most lender will require a comment. |
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rtrefflich
3935 Posts |
Posted - 05/19/2008 : 4:19:59 PM
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There is one here in SD that I was going to write an offer on, the lawsuit is something like a contractor as well and the LO for the bank (it is bank owned) says you need 20% down and it will fly, it is owned by CW, don't know if they will do it wholesale though.
Told the clients its in litigation and turned them off quickly. |
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Hopland
2135 Posts |
Posted - 05/19/2008 : 5:00:48 PM
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For HOA's the Fannie Mae protocol, when the developer is no longer in control of the HOA, is to just report the association fees. The rest of the HOA section can be left blank. Number of rentals and litigation issues are only for condo's.
Although if there was some signficant litigation issues I would not hesitate to report what I knew about them for any assignment. |
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Pat
657 Posts |
Posted - 05/19/2008 : 5:06:59 PM
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| I've gotten a few through with some pending litigation. One was a "slip and fall" and the other was an issue like you have. Each time I just needed a statement from the HOA (one of those wanted a statement from the lawyer) stating the potential amount of their exposure and if there was insurance in place to help cover it. |
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