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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.
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.
Rising Star
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.