am trying to close my first deal. It's a town home with the hoa under litigation. The litigation is non structural. We still put a financing contingency. Worked thru mortgage broker and got a conditional approval within 3d. Submitted all the paperwork requested in conditional approval. No big issues.
We have till tmrw to remove the contingency. Now bro ker informed me that underwriter never requested hoa questionaire which would have detailed the litigation. He said he was surprised too but never followed up. He claims the loam processor told him as long as appraisal didn't trigger hoa questionaire then no issue. He said he will get approval from quality control person and if there is no issue there as well we can remove it
However what i think I know is that Fannie always requires questionaire
A. Do I trust my broker that is qc person says okay we are cool
B. When do u remove contingency typically. Conditional approval or fina approval or some other stage
C. Shall I just walk away after all this effort
Thanks so much. I listed urgent since I don't have much time.
No do not trust your broker. Get the necessary questionaire completed.
Get it just to be safe. But what was the final verdict?
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