FHA Condo Loan Falls Apart Over Association Questionaire
By steveclay on May 28th, 2009Selling Cape Cod Real Estate
We recently had the sale of a condo at Sea Oaks in Mashpee, MA fall apart over the condo association’s refusal to answer four questions that required an opinion or judgement.
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The mortgage provider had sent a form to the association’s management company, American Properties Team of Woburn, MA. American Properties provided a comprehensive form of their own that provided in-depth information but failed to answer four questions. Neither the lender nor APT would budge.
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There are several questions that I am attempting to get answered:
1. Can a condo be purchased with an FHA backed loan at a property managed by APT or any association whose attorneys refuse to allow them to answer questions requiring an opinion? (i.e. Is the maintenance reserve adequate?)
2. Do all lenders use the same form?
3. Which lenders will accept the pre-prepared form provided by the association?
I will keep you updated.
Until next time,
Steve
clearly in control and will stay in control until there are three consecutive months with more Cape Cod residences being sold than come on the market. The key to selling your Cape Cod condo in this market is to 
