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condo living rights (condo conversion)

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  • condo living rights (condo conversion)

    Ohio.

    We are trying to buying a condo. Because we only wanted to put 5% down, the bank, who has told us our loan is approved, but needs Fannie Mae to sign off on it, has taken over 3 months. The bank has assured us, that we are approved for the loan. We are now about to loose a great deal of money we have already put into the condo and our home (the condo). Long story, short, the condo developer allowed us to move our belongings in on April 2, with hope that we would close on the condo shortly thereafter. The bank (aka Fannie Mae) is still not finalizing everything. We have moved in and set up house, but are not living there, all with permission from the condo folks. There was also no deadline date set by the condo developer. We are now in the final hour and the condo folks are now wanting to meet with us (today), to discuss our options, of which, leasing, is not one of them. We now, have a 10% cash payment for the condo and are hopeful this will be resolved today. However, I would like to know what our rights are at this point. Essentially, we are squatters in our own home, with permission from the condo folks.

  • #2
    Re: condo living rights (condo conversion)

    I wish to inform you that your present status is of a tenant who does not pay rent. Presently, the condo developer is the owner of the home and you are only staying in the premises with the permission of the condo owner. If the deal does not mature then you may be evicted from the premises. On the other hand, the bank has approved your loan with a condition that Fannie May will sign off on it. The approval is conditional. If Fannie May does not sign off on the loan then the approval will lapse. In the circumstances you may lose money.

    AFF

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    • #3
      Re: condo living rights (condo conversion)

      Originally posted by donnab View Post
      Ohio.

      We are trying to buying a condo. Because we only wanted to put 5% down, the bank, who has told us our loan is approved, but needs Fannie Mae to sign off on it, has taken over 3 months. The bank has assured us, that we are approved for the loan. We are now about to loose a great deal of money we have already put into the condo and our home (the condo). Long story, short, the condo developer allowed us to move our belongings in on April 2, with hope that we would close on the condo shortly thereafter. The bank (aka Fannie Mae) is still not finalizing everything. We have moved in and set up house, but are not living there, all with permission from the condo folks. There was also no deadline date set by the condo developer. We are now in the final hour and the condo folks are now wanting to meet with us (today), to discuss our options, of which, leasing, is not one of them. We now, have a 10% cash payment for the condo and are hopeful this will be resolved today. However, I would like to know what our rights are at this point. Essentially, we are squatters in our own home, with permission from the condo folks.
      The earnest money agreement you signed will control your deal. Time is of the essence in all real estate transactions. All deals have a closing deadline date -- so your will have to be extended. And your deal rewritten to reflect the larger down payment.

      References to the 'condo folks' is confusing, for your primary contract is with the developer and this is who you need to deal with to get everything settled up and your rights legally protected.

      You really should have a real estate attorney reviewing your contract so you don't end up with more exposure, financially, than you want.

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