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Old 05-19-2018, 07:19 AM
 
1 posts, read 2,188 times
Reputation: 10

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We have been trying to buy a house that they say is a condex. There's only 2 units side by side. The people filing out paperwork to FHA, have dropped the ball several times by not getting all the required paperwork from the seller. It CDC was advertised as a single family house with no HOA association involved. We have to carry our own insurance. When we made the offer on the house none said anything about there being a problem with FHA backing We have signed and got all paperwork as for right away. We r due out of where we live tomorrow and yesterday they tell us about still needed paperwork from seller. Does anyone know how long it takes FHA to come back with a deduction? Supposedly they have set up a time on may 31 @2pm to sign paperwork. Dont know if that will happen!! No one working with us the FHA woman nor the mortgage network or realtors have any answers. I have signed paperwork legally binding me to the sale of the house. At this point I feel the sellers have broke the agreement by not giving all paperwork needed for approval. I'm going to look today for an apartment I dont have the luxury of waiting. I am disabled and dont want to be living in my car. This whole experience has been nothing but a nightmare for me.
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Old 05-20-2018, 06:13 AM
 
132 posts, read 174,141 times
Reputation: 117
I am a realtor in Massachusetts and also made a similar purchase on a home with a no condo fees but deeded as a condo. We split a overall home owners policy which covers the premises . I also carry a supplemental policy ( like a renters policy ) that covers the deductible on the home policy and my contents.
I'm going to say this is a lender problem you are having. The sellers are not the ones at fault here, unless they refused to sign requested paperwork. You would risk your deposit if you just walk away. Hopefully you have an attorney, cause this is the time for one and to let them handle it. Every single real estate transaction can be delayed, by days or longer. I hope your agent didn't lead you to believe you would positively close on time.
Push comes to shove if you cannot stay where you are , there are short term apartments available in most complexs. Please speak to your lawyer to get the best advice for your situation.
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Old 03-01-2019, 11:21 AM
 
1 posts, read 1,835 times
Reputation: 10
Default FHA & Condex

Will an FHA loan work for a condex?
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Old 03-01-2019, 01:24 PM
 
Location: Columbia SC
14,246 posts, read 14,730,320 times
Reputation: 22189
Lisa

You basically will have a two owner HOA like it or not. Last piece of property was a two family in Waltham that was turned into a two owner condo and they have had nothing but problems. They cannot agree on anything so little gets done. Personally, I would not touch a two owner HOA Association.
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Old 03-01-2019, 10:36 PM
 
6,570 posts, read 6,736,019 times
Reputation: 8783
Quote:
Originally Posted by johngolf View Post
Lisa

You basically will have a two owner HOA like it or not. Last piece of property was a two family in Waltham that was turned into a two owner condo and they have had nothing but problems. They cannot agree on anything so little gets done. Personally, I would not touch a two owner HOA Association.
People need to understand when purchasing a 2 family condo you are entering a business deal with strangers. It can work, but when the situation goes bad, man it goes bad
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