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Updated over 12 years ago on . Most recent reply

User Stats

17
Posts
8
Votes
Joseph S.
  • Abington, MA
8
Votes |
17
Posts

How to Sell a Condo when on person owns more than 10% of units?

Joseph S.
  • Abington, MA
Posted

I own all 3 Condo units in a Condominium Triplex. Now that I am trying to sell the buyers are getting hit with the Fannie Mae/Freddie Mac/FHA Condo rules about one owner owning more than 10% of units or more than one units in less than 10 units Condominium.

The Portfolio loans that do not follow Fannie Mae/Freddie Mac/FHA condo rule above require a minimum of 20% down which is a challenge for most buyers.
Cash buyers are rare and will pay no more than 60-70% of market value.
LLC and Trust are out of question for me because of the "due on sale clause"

Is there a solution for my problem? Please let me know. Thank you.

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