After the Surfside condo collapse, the feds created some risk management using Fannie and Freddie lending which may impact your condo deals (e.g., risk management questionnaire).
Please contact SCR if you have reports of condo purchase issues related to these risk management rules (e.g., the HOA is hesitant to complete the risk management questionnaire, multistory condo issues being blanketly applied to not a multistory condo deal, providing 6 months of HOA minutes to the lender).
NAR has been working on solutions:
https://www.nar.realtor/condominiums
Washington Post story on unintended consequences of the risk management rules.
https://www.washingtonpost.com/business/2022/07/14/new-condo-lending-rules-surfside/
Posted by: Byron King on 08/31/22 (This information is only accurate as of 08/31/22. You must contact SCR for updates and changes to this information after 08/31/22 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.