Condo BLACKLIST
Yes! It's for real....
The BLACKLIST was created by Fannie Mae to flag condominiums with a variety of issues for which they will refuse to underwrite loans. At least 4,885 condos & co-ops are now on list with more than 1,400 in Florida.
Age, inspections and reserves...
all can contribute to condo units being placed on the BLACKLIST. These include:
- Significant deferred maintenance
- Structural problems
- Litigation or pre-litigation
- Reserve study requirements
- Special assessments
Insurance is a major driver....
To save on costs, associations are raising deductibles. However, per Fannie Mae, “the maximum allowable deductible for all required property insurance perils is 5% of the master property insurance coverage amount.”
Is your building on the list?
You can check it with the required information at ... https://condoblacklist.com/
Of course you can still sell your property....
But, your buyer may not be able to obtain a mortgage, which greatly reduces the pool of those prospective individuals who can purchase it.
Expert Advice
We are knowledgeable and experienced, with a deep understanding of the local real estate market. Let us provide you with expert advice, guidance and/or connect you with a knowledgeable mortgage lender.