C.W. from Florida writes: Dear Mister Condo, Can a condo association demand 25% down payment on purchase? I have tenants who are living in the condo and want to buy it but they were told 25% down to buy it. I think this is crazy since they’ve been living there for years. Mister Condo replies:…
Category: Mortgage
Condo Association Can Foreclose on Mortgaged Condo
S.P. from Delaware writes: Dear Mister Condo, My condo Board says they can foreclose on my condo because I have fallen behind in my common fees and haven’t been able to make a payment towards a Special Assessment levied earlier this year for a new roof. I say they can’t foreclose on my unit because…
Condo Board Typically Has Right to Know Buyer and Mortgage Details
L.K. from Will County, Illinois writes: Dear Mister Condo, Does a condo board and/or their management association have the right to see a buyer’s purchase agreement with details of amount buyer is mortgaging, the interest rate limit, closing date? Mister Condo replies: L.K., depending on state law and/or governing documents it is quite common for…
Advantages and Disadvantages of Having the Condo FHA Approved
D.K. from Connecticut writes: Dear Mister Condo, What are the advantages and disadvantages of having the condo FHA approved? The board is not interested in doing this. However, we keep getting asked to. Mister Condo replies: D.K., the arguments for and against FHA certification have long been a bone of contention in condominiums. The issue…