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Monday, April 5th, 2010 at 7:35pm.192 Views, 0 Comments.
I had not realized the impact of Fannie Maes new condo guidelines until last week. I had been taking out a couple who were both doctors and their 10 month old baby. They were looking for a townhouse in the Newton/ Brookline area. The couple had a letter of preapproval. They found a townhouse that was in a cluster of six. I added a contingency to the Offer to Purchase stating that if an entity owned more than one unit, than the buyers could void the Offer to Purchase if they found it caused a problem obtaining a mortgage.
I am so happy I put in that contingency clause. Countless mortgage companies refused to give them a mortgage for that reason. Anyone who sold their mortgage to Fannie Mae refused them a mortgage. The mortgage broker I always deal with…
Monday, April 5th, 2010 at 3:42pm.322 Views, 0 Comments.
Effective 4/5/2010
On April 5, 2010 a new law comes into affect which applies to all residences with 5 or less residential units built prior to the building code January 1975.
If the building has undergone renovation, addition or modification after 1/1/1975, the date of the building permit determines the smoke detector requirements.