HOW TO GET A CONDO APPROVED?

Today is Wednesday, which means it’s time for my next class which is part of the course I’ve created in order to share with you some of the best practices of buying, selling and refinancing condominiums. Today, we are going to touch upon some intricacies one may face at the point of selling a condo.

Before a condominium can be sold and if a buyer requires a mortgage, the listing agent needs to get the disclosure package from HOA. This should include a Lender Questionnaire. If the project has balconies, it additionally needs to have a Building Assessment Report (see the document by clicking the highlighted link above).

If the report indicates any technical problems, they need to be fixed and a Certificate of Completion has to be issued. All of that obviously requires time during which condo can only be sold for cash.

For you to understand better what it takes to get a condo approval, I highly recommend watching a presentation by Suzie De Leon from Angel Oak Mortgage Solutions, recently recorded in our office. You can find the video on my YouTube Channel featured as part of my educational course, “Condos with Manny Kagan: Classes by a Mortgage Broker.”

To be continued next Wednesday, February 5, 2025

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Need help? Call me: (415) 225-7920

Best wishes,

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630