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Monday, March 30, 2009
SHORT SALES & FORECLOSURES IN EMPTY BUILDINGS – WHAT YOU NEED TO KNOW
Yes, you can get a real good bargain.BUT – if there are a lot of empty units in the building, residents may be getting a hefty HOA raise to cover ongoing costs such as maintaining landscaping, keeping building insurance policy, maintaining air conditioning, pool and other amenities.There are rules for lenders and buyers… a condo building cannot have more than 15% HOA fees delinquencies to qualify a buyer for a Fannie Mae loan.