Saturday, April 18, 2009

Associations may not approve you

I recently had a buyer for a $47,900 condo foreclosure. It was a cash deal, but their credit report was pulled. They filled out a condo association application, but they did not have to state their earnings. The association turned them down on the basis of their credit scores. She had an Experian score of 520 and the husband's score was 568. Together they make $135,000 a year. They were both college graduates and under 30. They had messed up their credit when they were younger and were disputing some of the charges in the report. The association would not even interview them.

So, the motto of this story is: associations are so afraid of foreclosures and the resulting unpaid maintenance fees that they are scrutinizing buyers very carefully.

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