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Waterfront condo

Discussion in 'General Appraisal Discussion' started by John Marshall, Jun 30, 2011.

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  1. John Marshall

    John Marshall Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    I had earlier requested some information on a condo unit my son was buying in New Smyrna Beach, FL, and received very welcome advice.
    Now that they have purchased it they are having difficulty in financing - not because of their situation as they are putting down about 20-25% and have excellent credit ratings. Apparently the complex is predominately investor-owned and they advertise rentals on a weekly basis as well. That takes it out of FHA, Fannie Mae and Freddy Mac. Apparently the only option is a mortgage company or investment arm that keeps its own paper.
    Anyone down in the Florida waterfront areas have any suggestions?
    Thanks all.
     
  2. Restrain

    Restrain Elite Member

    41
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Credit union, local bank that will hold its own notes. Check with a local mortgage lender in that area. There's a lot of condos that will not fly on the secondary market for all sorts of reasons.

    Good luck
     
  3. John Marshall

    John Marshall Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    Thanks but just found out that it is a condo-hotel. Apparently the definition is renting weekly and having an on-site manager. A devil to mortgage but ironically it is a 4-star building according to the hotel industry. I wonder if we called Donald.......
     
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