The Plight of the Condos
By Josette Skilling
(Keller Williams Capital Properties)
I recently had this breeze of a sale. We had scouted out every condo for sale in Bethesda and settled on Crescent Plaza, right in the heart of downtown Bethesda as a new investment condo. Price was fantastic. Sellers found a place to live fairly quickly. Listing agent was a dream to work with.... Enter havoc. About 10 days before settlement the lender, a Credit Union, sent a note that sent chills down my spine. Unwarrantable condo. Investor ratios are off, self managed and not enough in reserves. We had already asked these questions to ensure that the investor ratios would work for the lender! The buyer's first choice of lender would only go to a 30% investor ratio and I already knew they were under 50%, but just... So before even going down that route, I had asked the condo associatio...