$64,000 $500,000 Question: Can You Finance It?
Apparently, there are now a number of Downtown Minneapolis condo’s on the market listed at “too good to be true” prices.
They’re in buildings with checkered histories, making financing more difficult if not impossible.
Specifically, the list of stumbling blocks include:
–Buildings with pending litigation due to defects;
–Condo associations with insufficient reserves;
–Condo associations with delinquent dues, often attributable to short sales or foreclosures in the building.
To be sure, a small fraction of the condo’s on the market suffer from these impediments.
And there are some genuine steals to be had.
But before Buyers get too invested in a listed property, it would be wise to have their Realtor get the building’s back story.