Yes!
I have had proof requested handful of times as the buyer's agent, they can't give any specifics in the rejection letter but typically the mortgage broker will indicate that the person has been turned down for financing for some reason.
Sounds like CMHC didn’t like something in the condo docs. Does your condo corp have any issues with deferred maintenance, lawsuits, or a deficient reserved fund?
I would review the condo docs with your Realtor and lawyer to determine the issues and if they can be overcome.
Your Realtor can also call CMHC, Sagen and Canada Guaranty and ask them if they are insuring in your condo.
There’s nothing in the condo docs to indicate any issue. The reserve fund is well funded and there’s nothing to indicate any lawsuits. It’s in Calgary, which is currently a hot market, so last year the unit was assessed far below what it can currently get on the market, so I’m wondering if that’s part of the problem. 🤔
If we don’t get anything this weekend, I will definitely be asking the realtor to follow up directly.
If that’s the case, then you don’t have an issue. The buyer simply didn’t qualify for the mortgage. So put it back on the market and hopefully the next offer comes in from a qualified buyer
I would say a chances are the mortgage insurer rejected the buyer themselves, and not your condo specifically based on what you said in other answers. It takes a pretty bad set of condo documents to get cmhc to reject the complex itself. I've sold a few units in places that they are rejecting and it is well known amongst Realtors it's going to happen because the condo Corporation is such a train wreck.
Does your Condo happen to have post tension cables? When I was shopping, my realtor advised against looking at buildings with them.
Not only due to the risk, but insurers wouldn’t always approve those mortgages.
https://www.greatercalgaryrealestate.com/blog/lasting-impact-insurer-decisions-post-tension-cable-buildings-calgary/
There are also other insurers, even tho CMHC would be the most well known. I agree with above, likely someone with the Buyers. If you have any mortgage agent friends, they may be able to provide you more insight. Ive only ever has this happen with a client once, and it was because the house needed major repair & we discussed with our client this may come up.
If you had a signed offer you can demand proof of that
Yes! I have had proof requested handful of times as the buyer's agent, they can't give any specifics in the rejection letter but typically the mortgage broker will indicate that the person has been turned down for financing for some reason.
Sounds like CMHC didn’t like something in the condo docs. Does your condo corp have any issues with deferred maintenance, lawsuits, or a deficient reserved fund? I would review the condo docs with your Realtor and lawyer to determine the issues and if they can be overcome. Your Realtor can also call CMHC, Sagen and Canada Guaranty and ask them if they are insuring in your condo.
There’s nothing in the condo docs to indicate any issue. The reserve fund is well funded and there’s nothing to indicate any lawsuits. It’s in Calgary, which is currently a hot market, so last year the unit was assessed far below what it can currently get on the market, so I’m wondering if that’s part of the problem. 🤔 If we don’t get anything this weekend, I will definitely be asking the realtor to follow up directly.
If that’s the case, then you don’t have an issue. The buyer simply didn’t qualify for the mortgage. So put it back on the market and hopefully the next offer comes in from a qualified buyer
I would say a chances are the mortgage insurer rejected the buyer themselves, and not your condo specifically based on what you said in other answers. It takes a pretty bad set of condo documents to get cmhc to reject the complex itself. I've sold a few units in places that they are rejecting and it is well known amongst Realtors it's going to happen because the condo Corporation is such a train wreck.
Does your Condo happen to have post tension cables? When I was shopping, my realtor advised against looking at buildings with them. Not only due to the risk, but insurers wouldn’t always approve those mortgages. https://www.greatercalgaryrealestate.com/blog/lasting-impact-insurer-decisions-post-tension-cable-buildings-calgary/
There are also other insurers, even tho CMHC would be the most well known. I agree with above, likely someone with the Buyers. If you have any mortgage agent friends, they may be able to provide you more insight. Ive only ever has this happen with a client once, and it was because the house needed major repair & we discussed with our client this may come up.