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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

    7
    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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