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Will I be able to get financing to buy unit in delinquent HOA?

Posted on Tue, Mar 01, 2011 @ 08:47 AM
  
  
  
  
  
I am a buyer in California interested in purchasing a condo with delinquent HOA. The condo complex consists of both residential and retail units. The original builder (who still owns the retail units) filed for bankruptcy in 2009, so all the retail units' HOA remained unpaid. First of all, I am not an expert in bankruptcy law, so I don't know how long it will take and what would happen if those units stay delinquent for a long time. What would be the risk for me as a buyer? And would I be able to get a lender who is willing to lend in this situation?

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COMMENTS

I too was in the same situation last year in NJ and found that no bank would help me with excellent credit. I did find a small local bank that did my financing. It has to be a bank that holds their own note and dosen't sell the mortgage off to Fannie Mae and Freddie Mac. I did have to put more down but after searching for almost a year for a bank, that was fine. The whole process WILL take a long time but if you Know for sure you are making a GREAT investment then go for it. All of the units in my building were in foreclosure and I just had to pick up the slack on the insurance, and now 1 year later we have a new association and all units sold! And now all of that $ and hard work paid off beacuse I made a GREAT investment. I'm no pro but I hope this helps you. Good luck

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