Fannie Mae, Freddie Mac change landscape for condominium sales

Realty Check

By Erica Minchella

Erica Crohn Minchella, is the head of the boutique real estate firm of Minchella & Associates, Ltd., handling residential and commercial real estate transactions and litigation such as foreclosure defense, quiet title, and partition actions. erica@ecminchellalaw.com

Posted August 18, 2022 11:09 AM

The collapse of the Champlain Towers South Condominiums in Florida, known colloquially as the Surfside Condos, which took 98 lives, has forever changed the way we look at condominium developments — especially since it could have been prevented.The Surfside condo association knew there were problems with the structure, but all its efforts to raise dues and call for a special assessment were thwarted by owners who were concerned about the cost of maintaining the affordability of their units. The reserves were at less than 7 …

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