Tag: financing

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Dear Corey: Navigating the Nonwarrantable Condo Loft Nook

Dear Corey,

Ah, the urban jungle of nonwarrantable condos! Joel has dropped into our virtual mailroom, eyes gleaming with the spark of potential loft ownership. It’s no secret that diving into the world of lofts, particularly those elusive unwarrantable ones in the heart of downtown, can feel more like navigating a labyrinth designed by M.C. Escher than a straightforward path to home ownership. Some loft and condo buildings have various issues that some mortgage companies and banks are not comfortable or familiar with. For purchase or refinance, there’s fortunately a lender for every loft.

Your email shines like a beacon of hope for our dear friend Joel. Who else but Corey Chambers, the loft king himself, could compile such a compelling list of specialized lenders? It’s like having a VIP pass to the hottest, most exclusive financial advisors in town.

First on the list, we have the “unwarrantable condo specialists.” With a title like that, one can only imagine a hero donning a cape, swooping in to save the day when a tricky condo deal threatens to unravel. With his expertise, those unruly lofts that defy typical lending criteria are no match.

Next up, another loft lender, who must surely keep a magic calculator that conjures favorable rates and terms from thin air. And let’s not forget another super experienced mortgage, navigating the financial waters with the ease of a seasoned captain. With contacts like these, Joel’s journey might just be smoother than expected.

And there’s a heartwarming twist in your newsletter, Corey! The noble quest of raising $25,000 for the extraordinary kids at Children’s Hospital Los Angeles through your home sales donations adds a layer of heroism to your real estate ventures. It’s not just about properties; it’s about purpose.

So, dear readers, if you or someone you know is venturing into the world of nonwarrantable condos, or any real estate adventure for that matter, remember that referrals don’t just lead to successful sales—they help the kids, too. Let’s help Corey help the kids by spreading the word, because every referral brings us closer to that admirable $25,000 goal.

Wishing Joel all the best in his loft conquest, and to you, Corey, keep being the guiding light in the real estate galaxy!

Warm regards,

L.A. Loft Blog

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Copyright © This free information provided courtesy Entar.com with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 888-240-2500 or visit WeSellCal.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

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FNMA Secret Blacklist: Understanding Fannie Mae’s Covert Condo Clampdown

REAL ESTATE NEWS (Los Angeles, CA) — In the labyrinthine world of real estate and mortgage financing, a clandestine maneuver by a government-sponsored entity is causing ripples of confusion and frustration. Fannie Mae, the Federal National Mortgage Association, has been discreetly compiling a blacklist of condominium properties nationwide – a list that is not only growing but also shrouded in mystery. This article dives deep into this perplexing development, unraveling its implications for condo sellers, buyers, and the real estate market at large.

Unveiling the Secret

The existence of this blacklist came to light through investigative journalism, particularly a detailed article in the Boston Globe. The piece, a meticulous work by correspondents Jim Morrison and Larry Edelman, uncovers the clandestine practices of Fannie Mae in maintaining a list of condo developments deemed ineligible for mortgage purchases.

The Blacklist: A Growing Concern

As of October 2023, the blacklist included over 2,300 condo developments across the United States, with a notable presence in states like Massachusetts, Florida, and California. The rationale behind this secretive list stems from various factors, including deferred maintenance, legal entanglements, and financial irregularities within condo developments.

A Domino Effect on the Real Estate Market

The blacklist’s existence poses significant challenges for condo owners and potential buyers. Since Fannie Mae and Freddie Mac dominate the mortgage market, being on this list means fewer financing options for buyers, leading to failed sales and reduced property values.

The Surfside Tragedy: A Catalyst for Change

The list’s expansion is partly attributed to the catastrophic collapse of Champlain Towers South in Surfside, Florida, in 2021. This tragedy prompted Fannie Mae to tighten its eligibility requirements, emphasizing the need to address aging infrastructure and maintenance issues.

Transparency and Accountability: The Core Issues

The secrecy surrounding the blacklist raises questions about transparency and accountability in the housing finance sector. Unlike the Department of Housing and Urban Development, which makes its denial lists public, Fannie Mae’s approach leaves many in the dark, including homeowners and potential buyers.

The Impact on Communities and Individuals

The blacklist not only affects large-scale real estate dynamics but also has a profound impact on individual lives and communities. For instance, Susan Evans, president of the Brook Village condo association in Boxborough, Massachusetts, was unaware of her complex’s presence on the list until informed by the Globe. The inclusion was due to groundwater contamination issues, highlighting how environmental factors can inadvertently entangle properties in this secretive web.

Looking Ahead: The Path to Resolution

Removing a property from the blacklist is a complex process, requiring sufficient documentation and resolution of the issues that led to its inclusion. This process is often arduous and not well understood by many affected parties. It calls for greater transparency and communication from Fannie Mae to ensure that properties have a fair chance to rectify their situations.

The Call for Change

As the real estate market grapples with this covert practice, there’s a growing demand for transparency and fairness in the handling of the blacklist. Legal experts, property managers, and homeowners are calling for a more open approach that balances the need for risk management with the rights and needs of property owners and buyers.

A Complex Puzzle with Many Pieces

Fannie Mae’s secret condo blacklist represents a complex interplay of real estate, finance, and governance. As the list continues to grow and affect more properties and individuals, the need for clarity and fairness becomes increasingly apparent. It’s a situation that calls for careful consideration and action from all stakeholders involved in the housing market, from government entities to individual homeowners.

In this ever-evolving landscape, staying informed and proactive is crucial for anyone involved in the condo market. Whether you’re a seller, buyer, or industry professional, understanding the dynamics of Fannie Mae’s blacklist is key to navigating these challenging waters. | MORE

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.