Description

Episode 119 - Condos: The Silent Change for 2022

The tragic events of the Florida condo complex in 2021set the stage for some big changes from Fannie Mae regarding requirements for condominium properties. If you are an agent, lender, or appraiser, you should start asking questions and recognize the liability the changes will have to your practice and transactions.

SHOW NOTES

• 03:07 – June 2021 tragic event with the condo collapse started the changes.
• 04:35 – Concerns with deferred maintenance, structural problems, and property damage.
• 06:10 – Fannie Mae will not buy loans if the property has significant issues.
• 07:32 – If there are defects in the community, it could affect a single unit owner.
• 08:35 – Special assessments by condo management.
• 10:50 – Form 1076 (in the show links below) is an 8-page disclosure document.
• 12:05 – Disclosure and legal responsibilities are now more prevalent for owners and agents.

SHOW LINKS

• Fannie Mae Disclosure Form - https://singlefamily.fanniemae.com/media/15656/display

BETWEEN THE LINES LINKS

Email

brian@brianclee.com

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