Deferred maintenance and under-funded reserves are two of the biggest worries facing HOA communities today. Fannie Mae apparently agrees.
A recent article in the Boston Globe shed light on a confidential blacklist Fannie Mae keeps on condo developments that they deem too risky to underwrite due to deferred maintenance related issues. Fannie Mae and Freddie Mac support 70 percent of the mortgage market, according to the National Association of Realtors. What that means is that if have a condo that Fannie Mae won’t touch, your perspective buyer will be paying a lot more for a mortgage.
Put another way, your valuable real estate asset is suddenly quite a bit less valuable.
Eliminating unplanned HOA assessments and underfunded reserves really doesn’t need to be that hard. HealthyReserves can help.