Is Your Condo Blacklisted By Lenders?

[TheSheep]

Good info. I'm in the business 80 hours per week and this is the first time I have been able to verify such lists. There was a wealth of info when I searched non-permissable and variations.

It sounds anti-competitive to me to generate a black list without regard to a loan to value evaluation on a case by case basis. There will be lawsuits generated via Strategic Foreclosure case theories and Quantum Merit to be sure. Thanks

Many lenders will either deny or disregard any mention of such lists. The ones that I have been so fortuitously forwarded are PDF's that are 1,000s of pages long.......each. There are very well known entries in the unwarrantables/ineligbles...e.g. the Brickell's Vue, Jade and their sister tower Mark.

http://tinyurl.com/3zjz8n

 

[SHELLY]

Ms. Shelly must feel left out being behind the yellow tape hardhatless yelling instructions to the carpenters.

The housing bubble websites have been babbling about this for some time--the fact that there's a mortgage blacklist for Florida condos is old news:
http://www.bizjournals.com/southflorida/stories/2008/02/11/daily22.html
http://housingpanic.blogspot.com/2008/02/have-you-heard-about-super-secret-miami.html

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[AAbsolute]

The housing bubble websites have been babbling about this for some time--the fact that there's a mortgage blacklist for Florida condos is old news:
http://www.bizjournals.com/southflorida/stories/2008/02/11/daily22.html
http://housingpanic.blogspot.com/2008/02/have-you-heard-about-super-secret-miami.html

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I don't mind a blacklist a bit. I just don't think it's American to not publish them or save them for insiders.

 

[TheSheep]

The housing bubble websites have been babbling about this for some time--the fact that there's a mortgage blacklist for Florida condos is old news:
http://www.bizjournals.com/southflorida/stories/2008/02/11/daily22.html
http://housingpanic.blogspot.com/2008/02/have-you-heard-about-super-secret-miami.html.

As I said, the news is old (Feb 08?), let's say aged, shelly we? having the lists, now that is the trick. For within the lists lists lists of goodies

Why they are unwarrantable
Who determined they were
When they became so
Who is under scrutiny (to become unwarrantable)
Who has been released from unwarrantablenessness
What lending levels are acceptable (for those semi-warrantable)
What types and/or floorplans within a building are unwarrantable
Projects per state, by % of all projects, total numbers of projects
If DME is required, ATIS # and...



Sorry, that was an airport ILS report.

My bad.

Back to the thread at hoof....

 

[SHELLY]

I don't mind a blacklist a bit. I just don't think it's American to not publish them or save them for insiders.

Let me help you out...buying Florida condos sucks as an investment.

There.

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[TheSheep]

Let me help you out...buying Florida condos sucks as an investment.

There.

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Perhaps in SoWal but I can attest that the condominium market, which is often localized by position on a street, much less by an entire state, can be a cool beans, Madame.

 

[JoshMclean]

Let me help you out...buying Florida condos sucks as an investment.

There.

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Depends at what price you're buying them Shelly Buffet. ;-)

 

[SHELLY]

Depends at what price you're buying them Shelly Buffet. ;-)

I give you that...but we're nowhere near that yet. As long as sellers are married to these "in your dreams" asking prices; taxes, insurance and HOA fees continue to rise; and the recession chugs its way through the economy, it looks to be quite a while until the tide turns.

People who are interested and who have pristine credit and cash in the bank can sit comfortably on the fence. It's not a buyer's market until the buyer says it is.

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[JoshMclean]

I have buyers starting to say it is to be honest with you. Most are beating the banks over the head on their foreclosures though.

 

[SHELLY]

I have buyers starting to say it is to be honest with you. Most are beating the banks over the head on their foreclosures though.

So it's a "Foreclosure-Buyers-If-They-Can-Beat-The-Bank's-Price-Down-To-What-They're-Willing-To-Pay-Market" I wonder how the NAR will work that little gem into their next Rah-Rah Real Estate Media Blitz.

Seriously, Josh--I'm glad you're able to be making some coin these days.

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