Our Stories: Real Estate Problems and Solutions

PROBLEM:
I represented a client who wanted to purchase a unit within a condominium building that allowed rentals but the ratio of tenant leased units to owner occupied units was too high.

SOLUTION:
If you know or suspect there might be rental units in the building, have your agent contact the management company or the listing agent of the unit you are interested in and find out how many total units there are in the building and how many units are leased. When I represent a client, I actually send a condominium questionnaire to the management company before we even consider writing a purchase contract.  In the present credit environment, many lenders will not make purchase money mortgages if there are too many tenants leasing units.

Gary Boyson   I   314.374.5764
www.janetmcafee.com/garyboyson