I own a condo at the Villas of Westador for 4 miserable years. I got my finnacing through Fannie Mae. - I had good credit and put 10% down payment with Mortgage Insuranace. When my tennat was trying to buy the condo I looked on the Harris count appraisal District and became suspious about the owner occupancy of the building. Keep in mine conventional lenders - those that are left require at least 60 to 70 %^ owner occupancy and not one entity to own more then 10%.
I had an annouymous person have them fill out the Home Owners Certificate. This is required by all mortgage companies - this determines if the condo meets the standards for Conventional Financing ie Fannie Mae or Freddie Mac. They did not disclose the true occupancy of 19% but put 54% nor did they disclose that 3 entities owned more then 10% of the total number of condos. This would make them non-warrantable condos - Also, ineligible for finaning. The funny thing was that acknowledged one entity that owned about 9%. (really 10%)
I know that there were 2 others and 1 of them they are in a pending lawsuit who owns more than 14 units - When I confronted them about it they acted dumb and told me I needed to put it in writing. The best way to determine a units owner occupancy is to go to the Local Harris County Appraisal District website and count the number of people who filed a Homestead Expemtion. Take the total number on Homestead Expemtions and divide this by the total number on unit in the building you get your percentage. When I went back to when I purchased the condo it was 26% - no way could I have gotten financing.
I started review other condo units they own such as Westbury Gardens - Realtors advertised this property with 70% even FHA approved - the real occupancy was was 34% 5condo owners who got conventional finaning after me and they were also duped. When I placed a review on Yellow pages - I had another person note that they too were duped and that they purchased at Kenswick courts. They stated " I think there was something fishy when I did financing too.
First I wasn't able to get the loan because of the owner/renter % then a few days later it magiclly became 70% to qualify. I know there are others - Look at your appraisals - or call your mortgage company - it will state the number of renters - then cross check with the Harris county appraisal district -Everybody is complaining of there horrible management and how they scam fees for dues and falsify bids etc.
What we all don't know is that most of us just own 4 walls of concrete and if nobody can get financing for them -in order to sell you have to get some one to right a check. I my research all the realtors confirmed they recieved their information from Jeff Douglas the owner of the company. The company also has an unsatisfactory record witht he BBB. They are being sued by everyone about lack of repairs and conditions of properties. That's the least of our problems -FYI -Mr. Douglas is so bold after I personally called him out on his major infraction - I think it's called mortgage fraud - I checked with a few realtors the other day about my condo and some others - He's corrected to 34% -still lying
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