Condo saga continues. Trying to buy a condo got approved for the bank based on my financials but bank will not provide financing based on buildings limited amount of insurance specifically wind insurance the building has a 2.5 million wind insurance policy and the bank. Chase wants a $43 million policy! Anyone run into these issues while purchasing a condo? Realtor advised going with a mortgage company they said they could get us a similar interest rate see ⏬

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The bank is not wrong. Wind damage is not a question of "if" but "when". $2M is nothing. That'll be some special assessment for repairs.

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Should we run while we have the chance or is it worth looking into different financing.The building already past 40 year inspection is solvent and pretty location, low HOA. Not sure how to proceed. Any advice or opinions is greatly appreciated. Thanks in advance!

Go for Better Mortgage. A little more sketchy but better rates and more lax. Trust me it’s better

It looks sketchy but it’s not. They are really good.

Go for a newer condo

The entire building has only $2m? How many units, 4?

It's a common situation in Miami Beach. My neighbor is selling his condo; he received offers, but the buyers couldn't secure financing due to conditions similar to those you mentioned.

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