So I’ve finally recovered to the point where I can conduct business as usual. It felt so great to be able to go to the mall and wander around…a favorite childhood past time of mine. I’m still working on buying a place. The condo I had fell out of escrow, as apparently the banks won’t do loans on condos where there are too many rental units.
Its a great time to buy they say. Well, it would be a good time to buy if you are paying in cash maybe, but the reality is most of the places that are good deals are impossible to get a loan for because they are not at least 50% owner occupied or have other issues. The worst part is that it’s a catch 22. Since banks won’t do loans on these condos, that leaves only cash investors who are going to rent them out, thus further reducing the number of owner occupied units while at the same time “ghettoizing” the complexes with rental tenants.
As long as the HOA is financially sound, and the grounds are well maintained, who really cares who is living there?
I think one thing I have really come to dislike about real estate is that almost nothing seems to be done on a “case by case” basis or with any sort of objective human analysis. The whole process seems to be mostly just numbers run through computers and examined by the uncritical eye.
However, I do have a couple other places lined up so it’s only a matter of time.
Tags: fashion square, non warrantable loans, unwarrantable condos
