I am a condo owner at the Balboa Biltmore, 5301 Balboa Blvd, Encino, CA, 91316. I put my unit for sale in August 2013. I received a great offer on the first week (20K more then I asked). When the buyer got into the loan process the underwriter told him that he is not suitable to get the loan because the HOA will not release the correct financial statement that show 10% reserve. I went to the property manager office to ask for it. He told me that legally they don’t have to provide this document. Instead, he give me a copy of Barney & Morgan Stanley Wealth Management to show that they have more then 10% reserve invested. The lender didn’t accept it & I lost the buyer. Now my broker has to disclose it to every potential buyer and ask them to get a limited review loan. This raises a flag. In the time been I moved to the home I purchased m condo is back on the market and more potential buyers can’t get a limited review loan. The market has soften we are in the holiday/winter time. I can no longer get that price and on top of it, I have to continue my mortgage payment every month + pay the HOA dues. Please advice.
