Thanks for the feedback. I haven’t heard any hint of building defects or litigation. How can one find out for sure? What should I look for when reviewing the HOA documentation supplied by the listing agent?
It’s just a conjecture that the complex is cash-only, because lenders have minimum owner-occupied percentages, etc. What is the best way to find out? How/when do lenders come back to being willing to finance in a complex where they are not willing?
One recent sale in the complex was on the courthouse steps (now remodeled and on the MLS as a regular listing), another was at a very low price after the listing expired, and the unit I’m looking at is advertised as cash only, short sale, bank wants to close in ten days.
The complex has been turning over from older residents to younger people, I think a lot of them renters. At least one unit is advertised on a weekly basis on vrbo.com. I know the HOA is trying to stop that, but I don’t know with how much energy or success.
When I asked an HOA officer if the complex was cash only, she would only say that I’d have to ask lenders.
