08/18/2026
🏢 Buying or Selling a Condo? There’s some IMPORTANT changes you need to know about!
Condo financing has gotten more complicated, and it’s becoming increasingly important to look at the financial health of the entire condominium association, not just the individual unit.
As a Realtor, this is something I want my condo buyers and sellers to be aware of before we’re already in the middle of a transaction.
Before listing or making an offer on a condo, here are four things worth asking about:
1. Litigation
Is the condo association involved in any current or pending lawsuits?
2. Reserves
Does the association have adequate reserves set aside for future repairs and improvements?
3. Insurance
Does the master insurance policy meet current lending requirements?
4. Special Assessments & Major Repairs
Are there current or upcoming assessments, significant repairs, deferred maintenance or major projects planned?
Whenever possible, I recommend gathering the condo documents early, including the current budget, reserve information, insurance details, assessment information and any documentation regarding major repairs or litigation.
Why does this matter?
A condo can be beautifully updated, priced correctly and otherwise a great property, but buyers may still run into financing issues if the condo development itself doesn’t meet lender guidelines.
For sellers, discovering that after accepting an offer can mean delays, a smaller pool of qualified buyers or even a transaction falling apart.
For buyers, it’s another reason why doing the right due diligence before getting too far into the process is so important.
I’m working with local lending professionals to better understand which condo developments may have financing concerns so we can identify potential issues as early as possible.
If you’re thinking about buying or selling a condo in Rockland County, feel free to reach out. I’m happy to help you understand what questions to ask which lenders can help!
Jennifer Sirkowa
NYS Licensed Associate Real Estate Broker
R2M Realty, Inc.