Buying a Home Question

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This topic contains 1 reply, has 1 voice, and was last updated by  Anonymous 7 years, 11 months ago.



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  • #414447

    Anonymous

    Cyrese, the issue you’re bumping into is whether or not the property is “warrantable” — in other words, can the mortgage company giving you the loan guarantee to Fannie Mae that the condo project — not just the unit you’re buying — meets their guidelines.

    Search for non-warrantable condo lenders. My favorite one is AmTrust (they bought Ohio Savings Bank, which had the best non-warrantable program around) — but not all mortgage brokers have access to AmTrust’s programs.



  • #199440

    Anonymous

    So we put our home on the market simultaneously to putting an offer on a Short Sale..Fast Forward 90 days and the short sale was approved by the bank (for $80k less than last sold comp which was an REO) and limited to no activity on our home.

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    Wanted an opinion on realistically how long one can ‘stall’ starting going into escrow and/or esrow itself. We do not necessarily have to close escrow simultaneously, but we absolutely want to go into escrow on a new place, having interest in our house and realtors looking at it, if not an offer..Without interest in our house, we are inclined to back out of this home..Pull our home off the market and wait another year, or leave it on (albeit I think listings are dull at 90 days?) and try to sell, then go find another home to buy.

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    Thanks!

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