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Originally Posted by CondoGuru
Because I do know that if a builder hasn't yet provided the Declaration and HUD reports, they cannot sign contracts period.
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Thats a good point. PA law says a buyer has a right to review condo docs before closing. While they certainly can sign a AOS, they could easily get out of it pending review of the Decs and Covts.
Quote:
Originally Posted by CondoGuru
in new construction lenders extend mortgage committments all the time. They typically offer committments with "rate-locks"
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True, when I deal with these McMansions out here in sprawl-ville the mortgage lenders will issue a committment w/ a rate lock, however the committment itself will be contingent upon "seller (builder) providing U+O" or something to the effect. this protects the lender from lending against a million dollar hole in the ground. But in the price range of 1706 Ritt, you very well could be dealing with a buyer that can pay cash anyways.
I think what started this discussion is according to what is currently listed as active and avaliable on the MLS is most likely wrong (assuming they have "
sold" some units)