09/29/2025
🏡Just SOLD!🏡
✨Magnolia Ridge in Weymouth✨
3 level townhouse
There have been some big changes in today’s lending environment. Some banks have implemented far more stringent requirements when financing the purchase of condo units. Lenders don’t just evaluate the buyer’s financial qualifications, they are also scrutinizing the financial health and management practices of the condominium association itself.
In this case, the buyer was borrowing from a large, nationally well known bank. The condo questionnaire had some complex questions that were difficult for the condo association to answer and required an extraordinary level of detail.
The takeaway - If you are buying a condo be sure to ask your lender about their vetting process. Make sure that you and your agent are in communication with the lender to ensure that the loan is being processed in a timely manner to avoid any closing delays.
Being prepared and having the right team in place will get you to the finish line! Got this one done with attorney Stephen Kenny !
If you are interested in buying or selling…get in touch:
📲618-549-5739
📧[email protected]
