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Old 03-13-2010, 09:04 PM
 
Location: Hockley, TX
784 posts, read 3,121,358 times
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I've just seen a very cute looking condo: 1802 Stoney Brook Dr 12, Houston, TX 77063 - HAR.com

It looks like it might flood a lot. Does anyone know?
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Old 03-13-2010, 09:20 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,201,105 times
Reputation: 15226
Quote:
Originally Posted by CaroleF View Post
I've just seen a very cute looking condo: 1802 Stoney Brook Dr 12, Houston, TX 77063 - HAR.com

It looks like it might flood a lot. Does anyone know?
Carole,

The short answer is no one I know has had a problem there. However, there has been some issues with financing condos over the last 60 days. No one wants to do the loan - because Florida and Nevada's condo world crashed and burned. There, people are living in communities where the foreclosure rate is high, association fees are not being adequately collected, and the communities are falling into disrepair due to lack of money. How does this affect Houston? It shouldn't, but banks paint everything with a broad brush now. I have a listing in that community under contract, but we have just moved the buyer to their 5th lender! They keep coming up with a reason not to - and it appeared to be a moving target. The loan officer now is great and will probably get it done. Condos have to be approved as a community for even conventional loans now - and the backlog is serious. The buyer's agent and myself just got this community re-approved through FHA (previously it was, but as of mid February FHA has to re-approve everything). I know that the re-approval process sounds like a lender job as opposed to a realtor job - and it is - but we could not get them to do it. I think this is the only condo community that has the new approval in that zip, from what I understand. This has been going on about 60 days. I like the community. If you buy in there and don't have a problem because it has the new approval - you owe me a glass of wine (along with that other agent)! Just pick your lender well, especially since you are crowding the deadline for the new homebuyer tax credit.
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Old 03-13-2010, 09:21 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,201,105 times
Reputation: 15226
BTW, townhomes do not have this problem.
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