Condo board - credit checks.
Started by artfldgr
over 15 years ago
Posts: 3
Member since: Jun 2010
Discussion about
What exactly do condo boards look for when requiring a credit report as part of a board package, assuming you are paying cash for a condo. Is it to determine creditworthiness, or mostly to just verify that you are who you say you are (by cross-checking your SSN and dob). I ask because I have quite a few black marks on my credit report due to about 6yrs of medical problems which caused me to run up medical bills up the wazoo while being unable to work. However I have accumulated significant wealth in the prior year and have paid off all outstanding bills (my credit report reflects this) and thus have the buying power to live in a nice building and no debt, but a pretty bad financial history. Can anyone offer me some insight as to how a condo board would view this? Thanks!
the only thing a condo do is "RIGHT OF FIRST REFUSAL". that means that the condo building will have to buy the apartment for the negotiated price. do you really think they'll do that???
no, the management company should have a purchase qualification package and process and can refuse you based on a fear of inability to pay common charges, presumably. I was astounded to learn this when I moved from coop ownership to condo ownership... now I scratch my head and say, whats the f'in difference?
glad to hear your medical/financial health has improved--since the two are so linked these days if one isnt seriously wealthy
Board might possibly want X number of months common charges put into escrow.
if that's the case, then we have come to a point where condos and coops are more or less the same and the only difference is the higher closing costs on condos.
Write a cover letter on top of your board application explaining your situation just as you've explained it to us.
ali r.
DG Neary Realty
There is absolutely no reason why a condo "board" should be authorized to run any kind of credit check on you. You legally do NOT have to provide your SSN to anyone but the Social Security Administration and prospective employers only for Social Security withholding purposes.
There is no reason for the condo "board" to have your SSN, your driver's license number, or any other information other than your name, current address, and contact telephone number.