I hope this blog finds you very well and happy.
Basics when looking at condos………
1. FHA: Entire Project Must be FHA Approved.
2. OWNERSHIP: Does any one person or entity own more than 10% of the units?
3. LITIGATION: Is there current unsettled litigation? If yes, request copy of litigation documents .
4. SETTLED LITIGATION: request copy of documentation to reflect settlement and confirm repairs completed.
5. OCCUPANCY: Are 51% or more units owner occupied or second homes?
6. HOA: Are there more than 15% owners delinquent on HOA fees?
7. AMENTITIES: does the condo project share with hotel? (condo-tels have not been lendable for several years.)