hello everyone in my AR family. I have a question? We recently closed on a home that was a $550K condo. the lender required the buyer to jump through many hoops due to the price of the condo.....and the buyer was willing to do this. Because on a condo you~the buyer have to provide insurance on the contents inside the home, and the HOA has to have the insurance on the building itself. Now, there is a Propery Management company that usually runs the financials for the community. There is a law that states that the Property Management and the HOA must have what is called a FIDELITY BOND. The property management company has the bond and the HOA did NOT. The lender would not get it, then they finally did after about 5 or so days of going back and forth.
The lender states that the every Condo will be required to have this BOND. We made sure that the other condo community has it and they do.
We were wondering if anyone else in Indiana or other states have experienced this problem.
thank you
We are putting a seminar together for the First Time Home Buyers!
We will be answering questions that the First Time Home Buyers may have, including the questions about the Tax Credit up to $8,000. We will be hosting this seminar/meeting in Greenwood, Indiana area, if you are interested in attending please let us know. We would be happy to let you know when and where it will be held. We are in the beginning planning stages and have a few locations in mind. It is going to depend on the number of attendees...
We will be talking about the $8,000 Tax Credit, the benefits and how it is different than the Tax Credit from 2008 ($7,500).
Please let us know if you have any specific questions and we will be sure to address them. If you are unable to attend and still have a question, let us know and we will answer it for you.
Thank you and we look forward to assisting you in your Real Estate needs.
Team Pfender are three licensed agents that have been Real Estate Professionals for many years. We focus on the Marion and Johnson County area.
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