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All Forum Posts by: Account Closed

Account Closed has started 1 posts and replied 4 times.

Post: Condo Questionnaire + Financing

Account ClosedPosted
  • Florida
  • Posts 6
  • Votes 1

@Diana Muresan This is through a mortgage broker referred to by a friend; SWBC Mortgage. I see what you're saying about the warrantable or non-warrantable status of the building. From what I'm gathering from the talks I've had today, I might have to seek out a portfolio lender instead of a conventional lender. 

Post: Condo Questionnaire + Financing

Account ClosedPosted
  • Florida
  • Posts 6
  • Votes 1

@Nicholas Covington I see!

I'll have to make sure that the condo is warrantable before going through with the purchase and signing. Would I need to get all that squared away with each property that I look into before getting pre-approved? 

The sellers are refusing to speak with me unless I can show proof of financing through a pre-approval, so I'm not sure what comes first, getting the information from the seller about if the condo is warrantable, or first getting a pre-approval from my mortgage broker.

My mortgage broker has already ran my credit and I've provided him with my background, income, statements, etc., but came back asking me about the condo questionnaire, master insurance policy, and current budget.  

Post: Condo Questionnaire + Financing

Account ClosedPosted
  • Florida
  • Posts 6
  • Votes 1

@Roman M. Thank you! I figured that was the case and wasn't sure why the mortgage broker was giving me a hard time about it. I'll look for another mortgage broker. 

Post: Condo Questionnaire + Financing

Account ClosedPosted
  • Florida
  • Posts 6
  • Votes 1

Hi BP!

My apologies for the newbie questions, I'm just starting out. I've found a condo property that I am passionate about and the numbers work out, however, the seller is not interested in speaking with me unless I have a pre-approval from a lender or proof of cash. I'm going through my lender and they're requesting a condo questionnaire, a copy of the current budget, and a master insurance policy. The property is a 1B1B first floor condo in North Fort Lauderdale, FL at $59k with rent in the area of about ~1100/month. 

My questions are, 

How does one complete a condo questionnaire, is it the buyer's responsibility, real estate agent, or seller's responsibility?

Do I need to find an insurance policy before I even secure financing or own the property?

Any advice would be appreciate! Thank you so much.