Downtown Miami Condo Financing

It has gotten very difficult to find a condo approved for financing in the Downtown Miami area. It's even more time consuming, due to the fact that many listing agents type in Conventional under the terms, but knowing the market I know that is not correct. Once you take your time to call the listing agent and ask "are they financing in the bldg" they all say "no", or, I don't have a clue. So what is the sense of writing Conv under terms? Why not write Other and then we all know it's cash! As a listing agent, I always make sure that I speak to the association and get all the facts before listing the property in the MLS system. I don't want other people, agents or buyers, wasting their time nor mine.

I have several buyers that are approved for conventional financing and are looking for a condo in the Downtown Miami area, unfortunately none are cash! Many of these condos are Fannie Mae approved but even if they are, what good is it? They are upside down in the association or are over the guidelines on rental units. I know that Fannie Mae will be easing up on the guidelines in the next month, but make it worthwhile, don't tease us. There is so much supply out here in Downtown Miami at such great deals that many home-buyers want to take advantage, purchase a unit and become owner occupied which will help us all. Why not give them all a chance.....

My tip for home-buyers wanting to purchase a condo unit, make sure that you are using a knowledgeable agent that knows the market, that you are interested in. Make sure they know where to do their research, interview them, ask them questions, if they don't know an answer make sure they tell you "I will find out and get back to you" and of course, make sure they do get back to you with an answer! It's plain and simple, just as a Realtor wants to make sure that their customers are qualified and ready to purchase the home-buyer also should want to know if the Realtor is qualified and ready to find them the right property at the right terms. Do not waste our time nor should we waste yours.